However, the demand-supply gap stood at 30%, projecting a major skill challenge in the industry.
“There were 40,000 jobs available as of May 2023, but the skill gap remains. There is an urgent need for upskilling the workforce and hiring qualified professionals,” Sunil Chemmankotil, Chief Executive Officer, TeamLease Digital, said.
In its latest report ‘Cybersecurity: Securing India’s Digital Frontier’, TeamLease Digital has shed light on the rapid growth and potential of the cybersecurity market in India, highlighting the mounting cyber risks faced by organizations spanning diverse sectors.
According to the study, the cybersecurity market share is projected to reach $3.5 billion, with a projected compound annual growth rate (CAGR) of 8.05% by 2027.
Global weekly cyber-attacks have increased by 7% to surpass 1,200 attacks per week, while Indian organizations experienced over 2,000 weekly attacks in Q1 2023, marking an 18% increase compared to the previous year. The healthcare industry was a prime target, with 7.7% of attacks directed towards it.To effectively combat evolving cyber threats, the study emphasizes on the importance of upskilling the workforce with a broader range of cybersecurity skills. Specializations in areas such as data privacy, cloud security, AI security, and network security are in high demand. Soft skills such as problem-solving, communication, teamwork, and collaboration are also essential in this field.
The top job roles identified in the research study includes IT auditor, Information Security analyst, Network/IT Security Engineer/Specialist, Security Testing/Penetration Tester, and Computer Forensics analyst, with a base pay ranging from 3 to 6 lakhs for 0-3 years of experience.
Moreover, senior and mid-level professionals with over 12 years of experience have the potential to earn an annual salary within the range of Rs 50-80 lakhs.
“Amidst the growing demand for cybersecurity expertise, organizations are recognizing the critical importance of upskilling and investing in training programs,” Krishna Vij, Business Head – IT Staffing, TeamLease Digital, said.
“Upskilling in domains like Networking & System Administration, Cloud Security, Blockchain Security, Ethical Hacking and other key skills are in high demand,” Vij added.
According to industry reports, few critical sectors saw major impact from cyber-attacks. India ranks 11th in list of countries where healthcare sector is vulnerable to cyber-attacks. It witnessed 1.9 million cyber-attacks in 2022. Average data breach cost in 2022 was 176 million.
Ransomware accounted for 23% of cyber-attacks on manufacturing companies. India’s share in total cyber-attacks on government agencies increased to 13.7% in 2022 from 6.3% in 2021.
Indian banks reported 248 successful data breaches; 41 cases involved public sector banks, 205 were private sector banks, and two involved overseas banks.
77% of retail organizations were hit by ransomware in 2021, up from 44% in 2020, the highest of all sectors and significantly more than the global average of 37%. The ransomware recovery cost in retail sector is $1.97 million which is above the global average $1.85 million.