End-user spending on security, risk management to reach $2.9 bn in India

Mumbai, Feb 27 (IANS) Indian organisations will continue to increase their security in the generative AI era and end-user spending on security and risk management (SRM) in the country is likely to reach $2.9 billion in 2024, an increase of 12.4 per cent from last year, a new report showed on Tuesday.

Indian firms will enhance their security budget owing to legacy IT modernisation using cloud technology, industry demand for digital platforms, updated regulatory environment, and continuous remote/hybrid work.

“In 2024, chief information and security officers (CISOs) in India will prioritise their spending on SRM to improve organisational resilience and compliance,” said Shailendra Upadhyay, senior principal at Gartner.

The emergence of generative AI (GenAI) has caused one of the biggest disruptions in digital and business sectors.

“Through ethical, safe and secure implementation of this technology, CISOs can improve the performance of their security functions and enhance organisational resilience,” said Abhyuday Data, director analyst.

While managing GenAI presents inevitable challenges, there are also external factors to consider, such as regulatory concerns and the rapid adoption of cloud computing, the report mentioned.

Gartner predicts that by 2025, GenAI will cause a spike in the cybersecurity resources required to secure it, causing more than a 15 per cent incremental spend on application and data security.