Cybersecurity to create 1 million jobs and $35 billion revenue, says Nasscom

The world of cybersecurity is going to create one million jobs, according to the latest report by Nasscom. In a statement released recently by the India’s top IT industry body, increasing cyber-attacks followed by data protection efforts globally are expected to fetch $35 billion revenue and employment opportunities for about a million professionals by 2025 for India.

Responding to media queries, Nasscom Chair Cyber Security Task Force – Rajendra Pawar revealed that they estimate that the revenue from cyber security will skyrocket to $2.5-3 billion by the end of 2016. Moreover, 10% of the total IT spending of $350 billion will be used to tackle cyber security by 2025. He disclosed that if this trend continues it will create a huge employment opportunity for about million people.

Nasscom, meanwhile, predicts an explosive growth of around 1,000 startups in India, which will be exclusively established to tackle the increasing cases of cyber attacks. Even though these startups will be smaller companies than big MNCs, they do have the best of technologies, manpower and is expected to generate a lot of investor interest, adds Pawar.

In 2015, Nasscom established the task force not only to position India as a global hub for providing cyber security solutions but also to develop a comprehensive cybersecurity R&D plan including development of skilled manpower to tackle emerging cyber attacks in all sectors.

Commenting on the latest revelations, Nasscom President – R. Chandrashekhar said that building the next generation of cyber security professionals is key to India’s infrastructure including combatting cybercrime and also to make the Digital India initiative successful.

The IT security arena is expected to grow at over 8% annually with the total market share of $77 billion in 2015. The IT industry body had in 2015 projected a sharp increase in the security manpower to $6 million by 2019, from $4 million in 2015.

Nasscom, in association with Data Security Council of India (DSCI) and security software firm Symantec, today launched the ‘National Occupational Standards’ for ten cyber security job roles, which is aimed to create a pool of certified cyber security professionals in the country. Moreover, Symantec has also instituted scholarships to 1,000 women undertaking the cyber security certification by SSC NASSCOM.

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