The cyber security market is expected to reach $3.5 billion by 2027, at a CAGR of 8.05%. There are 40,000 cyber security jobs in India as of May 2023. Cybersecurity skills in demand include data protection, cloud security, AI security and network security. Soft skills such as problem solving, communication, teamwork and collaboration were also in high demand. The most in-demand jobs include IT auditor, information security analyst, network IT security engineer/specialist, security auditor/penetration tester and computer forensics analyst, according to the report by TeamLease Digital, a subsidiary of Teamlease Servcies.

According to a report, despite the 40,000 vacancies for cyber security professionals in India, there is a significant shortage of skilled workers. Surprisingly, around 30% of these vacancies could not be filled due to lack of qualified people. This skills gap highlights the need for increased cybersecurity education efforts, training programmes and skill development initiatives to bridge the gap between employment opportunities and availability of skilled professionals. It highlights the importance of investing in cybersecurity education to meet the growing demand for talent in this fast-growing sector.

Sharing his views, Mr Sunil Chemmankotil, Chief Executive Officer, TeamLease Digital, said “As India Inc. embraces digital infrastructures, the heightened vulnerability to cyber threats necessitates proactive measures. The prevalence of malware attacks, social engineering tactics, and other sophisticated cyber threats demands a comprehensive approach to safeguarding our digital frontiers.”

The study also shows that weekly cyber attacks globally increased by 7% to over 1,200 attacks per week, while Indian organisations experienced over 2,000 weekly attacks in the first quarter of 2023, an increase of 18% year-on-year. The healthcare industry was a prime target, accounting for 7.7% of attacks.

Sharing his views, Mr Sunil Chemmankotil, Chief Executive Officer, TeamLease Digital, said “As India Inc. embraces digital infrastructures, the heightened vulnerability to cyber threats necessitates proactive measures. The prevalence of malware attacks, social engineering tactics, and other sophisticated cyber threats demands a comprehensive approach to safeguarding our digital frontiers.”

To effectively combat evolving cyber threats, the study highlights the importance of equipping the workforce with a broader range of cyber security skills. Specializations in areas such as data protection, 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 jobs identified in the study include IT auditor, Information Security analyst, Network/ IT Security Engineer/Specialist, Security Testing/Penetration Tester and Computer Forensics analyst, with a base salary between 3 and 6 lakhs for 0-3 years of experience. In addition, senior and mid-level professionals with more than 12 years of experience have the potential to earn an annual salary in the range of 50-80 lakhs.

Mr Sunil further added , “By staying vigilant and resilient against emerging challenges such as AI-based attacks, IoT vulnerabilities, and metaverse cyber threats, we can fortify our digital landscape and pave the way for a secure and prosperous digital transformation. 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.”

The research study reveals that the rapid expansion of digital transformation has increased vulnerability to cyber-attacks such as data theft and financial losses resulting from various use cases. It also addresses the challenges faced by India Inc. due to the shortage of skilled professionals in the field. It is also emphasized that India has the capability to take a leading role in developing cutting-edge cybersecurity solutions by leveraging its robust and skilled workforce.

-SURESH RATHOD

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“National Voters Day is an occasion to appreciate the remarkable contribution of the EC to strengthen our democratic fabric and ensure smooth conduct of elections. This is also a day to spread awareness on the need of ensuring voter registration, particularly among the youth”, the Prime Minister said.

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The Reserve Bank of India (RBI) has asked HDFC to temporarily stop all launches of its upcoming digital business-generating activities and sourcing of new credit card customers after outage at its data center which impacted operations last month.

“RBI has issued an order dated December 2, 2020, to HDFC Bank Ltd with regard to certain incidents of outages in the internet banking/ mobile banking/ payment utilities of the bank over the past two years, including the recent outages in the bank’s internet banking and payment system on November 21, 2020, due to a power failure in the primary data centre,” HDFC Bank said in a regulatory filing.

HDFC Bank said the RBI order “has advised the bank to temporarily stop all launches of the digital business-generating activities planned under its program Digital 2.0 and other proposed business generating IT applications and sourcing of new credit card customers”.

In addition, the order has directed the bank board to examine the lapses and fixes accountability, HDFC Bank added.

The lender said the above measures shall be considered for lifting upon satisfactory compliance with the major critical observations as identified by the RBI.

HDFC Bank said “over the last two years, it has taken several measures to fortify its IT systems and will continue to work swiftly to close out the balance and would continue to engage with the regulator in this regard.

“The bank has been taking conscious, concrete steps to remedy the recent outages on its digital banking channels and assures its customers that it expects the current supervisory actions will have no impact on its existing credit cards, digital banking channels and existing operations. The bank believes that these measures will not materially impact its overall business,” it added

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