Gartner Predicts 12% Growth in Security and Risk Management Expenditure in India for 2024

Gartner Predicts 12% Growth in Security and Risk Management Spending in India for 2024 As GenAI Becomes More Prevalent, Changes in Security Practices and User Monitoring Are Vital

MUMBAI, India, February 27, 2024 — According to Gartner, Inc., end-user spending on security and risk management (SRM) in India is expected to reach $2.9 billion in 2024, marking a 12.4% increase from 2023. This growth is attributed to various factors including the modernization of legacy IT systems, increased demand for digital platforms, updated regulations, and ongoing remote or hybrid work arrangements.

Shailendra Upadhyay, Senior Principal at Gartner, highlighted the focus of Indian organizations on improving resilience and compliance through SRM spending. He emphasized the importance of safeguarding critical assets against evolving cyber threats, especially with the introduction of stricter government regulations.

The Gartner Security & Risk Management Summit in Mumbai is currently discussing strategies to enhance business resilience, emphasizing the need for improved threat visibility and response planning.

Cloud security spending is expected to see the highest growth, reflecting the challenges posed by the adoption of cloud and multi-cloud environments.

Regarding cybersecurity trends, Abhyuday Data, Director Analyst at Gartner, pointed out the significant impact of generative AI (GenAI) on the cybersecurity landscape. GenAI-driven attacks require adjustments to application and data security practices, as well as enhanced user monitoring. Gartner predicts a considerable increase in spending on application and data security by 2025 due to GenAI.

To effectively manage GenAI and enhance cybersecurity, organizations are advised to conduct proof of concepts and establish policies for its introduction into their cybersecurity programs.

Additionally, bridging the communication gap with cybersecurity outcome-driven metrics (ODMs) is crucial. ODMs provide a clear expression of risk appetite and enable organizations to convey the value of cybersecurity investments beyond regulatory compliance.

By prioritizing these trends, Indian CISOs can navigate the evolving cybersecurity landscape and bolster their organization’s security posture effectively.