Investors now Eyeing Cyber Security Startups
The Indian startup ecosystem is already at its peak with the country housing around 7,200 startups and the startup funding round seeing a growth of 108 per cent last year. The cybersecurity sector has specifically seen an exponential rise in the funding with the mark touching $100 million in 2017.With the rapid digitisation, almost all companies suffer from the problem of data security and want to keep their data safe from the cyberbullies. Moreover, the high-end technology has made it easier for unauthorised people to hack into our systems and steal information which makes it more important for companies to employ a team that can help them beat cyber-attacks.
Keeping these things in mind, many of the venture capital firms are now moving their focus to cybersecurity startups and investing a large amount of money in the same.
Living in an environment which is prone to cyber-attacks, VCs are backing up the cybersecurity startups as they believe that data protection is the future. The growth of the cybersecurity sector can also be majorly attributed to the increased risk of cyber-attacks in the country.
According to data provided by Tracxn, the number of cybersecurity startups in the country has gone up by 50 per cent till 2016. Many industry bodies like the Data Security Council of India (DSCI) have also backed up data privacy. Furthermore, with the new data protection law that is to set to be introduced, VCs are showing great interest in cybersecurity startups.
India is the second-worst affected country by cyber-attacks globally with 76 per cent of the firms being attacked alone in 2018. The data breaches in the system affect not only an individual organisation but also has an impact on the economy as a whole. Previously, the financial and banking sector has been deeply hit by the malware. Many of the organisations are coming forward and employing infrastructure to safeguard themselves from online attacks.
In a recent development, two of the Indian cybersecurity startups have also acquired funding from Singapore based organisation and have set up offices there. Investors like these are helping broaden the cybersecurity space and aiding the country in fighting cyber scams like WannaCry ransomware, which recently affected the services sector of the country.
According to data provided by Tracxn, the number of cybersecurity startups in the country has gone up by 50 per cent till 2016. Many industry bodies like the Data Security Council of India (DSCI) have also backed up data privacy. Furthermore, with the new data protection law that is to set to be introduced, VCs are showing great interest in cybersecurity startups.
India is the second-worst affected country by cyber-attacks globally with 76 per cent of the firms being attacked alone in 2018. The data breaches in the system affect not only an individual organisation but also has an impact on the economy as a whole. Previously, the financial and banking sector has been deeply hit by the malware. Many of the organisations are coming forward and employing infrastructure to safeguard themselves from online attacks.
In a recent development, two of the Indian cybersecurity startups have also acquired funding from Singapore based organisation and have set up offices there. Investors like these are helping broaden the cybersecurity space and aiding the country in fighting cyber scams like WannaCry ransomware, which recently affected the services sector of the country.
