As per a study done by NASSCOM-DSCI, there are approximate 100 Indian security start-ups operating currently in the country. Some of the new areas where these start-ups are innovating include – Threat Intelligence, identity and access management (IAM) and cloud access security solutions. In last 2-3 years, market has also witnessed few acquisitions by global conglomerates and IPO launched by one of the leading security products providers.
“Cybersecurity is IP-rich & Technology-driven domain that needs minimum investment but serious attention from key stakeholders. While we have been funding companies in various verticals, we are now committing to strengthen this ecosystem along with other players to accelerate the growth of cybersecurity start-ups in the country,” said Dr. Bindu Dey, Secretary, Technology Development Board.
“Promoting Indian cybersecurity innovation & entrepreneurship is one of the imperatives to build robust capabilities for strengthening cybersecurity posture of the country. Though Indian cybersecurity industry is at a nascent stage, we have seen some success stories of our entrepreneurs winning in global markets. As cybersecurity start-ups continue to face challenges in marketing and market access, it is important that government and investors come forward to support them at different stages of their lifecycles,” said Rama Vedashree, CEO – DSCI.
“In the line with our Honourable Prime Minister’s vision to make India a hub of cybersecurity products and services, last year NASSCOM-DSCI Cybersecurity Task Force (CSTF) had launched the roadmap for building the cybersecurity products and services industry to USD35 billion by 2025. We are currently working with the industry and government to meet this ambitious target,” she added.
In a meeting held by the TDB and DSCI with the aim to provide stakeholders an overview of the current cybersecurity ecosystem, demonstration by few start-ups on their capabilities was also organised. In addition to the discussions on building roadmap for cybersecurity product development and commercialization, avenues were explored for leveraging TDB as one of the funding platforms. Various funding models favourable for these companies at different stages of their lifecycle were explored and opportunities were provided to be part of the future evaluation process for funding from TDB.
The TDB has been funding upscaling, manuafacturing and commercialization of domestic and imported technologies in various sectors in the country. Over the last two decades it has signed 400 agreements to support companies in different sectors. This workshop planned to engage key stakeholders, is an affirmative step towards bringing focus to cyber security ecosystem development.