 

follows:
e¢ Consumers:

» Digital and contactless payments

> Increased smartphone adoption

> Increased internet penetration

» Growth in IoT/connected devices
e Enterprises:
IT/OT convergence
Edge computing
Cloud adoption
Assessment of quantum computing

> 5G data
Automation:
Machine learning, Al and connected devices use a large amount of crowd-sourced data and
user information from social media and apps, such as satisfaction ratings, brand preferences,
spending patterns and browsing histories, making them a preferred target for cyber
criminals. Machine learning poisoning, a method of injecting instructions into a system to
gain insights and information and even to control the outcome, is one of the modern security
breach methods targeting sophisticated systems. AI fuzzing, another tool primarily used to
detect, identify and fix cyber-attack vulnerabilities in a system, can also be used by
fraudsters to control and automate attacks.

vvvyv

 

The Gol has initiated various projects under the Digital India initiative, which will push the
use of technology to connect and empower people in areas relating to health, education,
labor and employment, commerce and others. The initiative comprises several projects,
which will focus on better governance, knowledge and universal phone connectivity across
the country. Surging adoption of these projects will lead to increased cyber-attacks,
resulting in the growth of the managed cybersecurity market. The high focus on

Recent countrywide digitalization is leading to growth of connected devices. Some impactful
Developments government initiatives are:

in Cloud ¢ Personal Data Protection Bill: The Personal Data Protection Bill was introduced
Services in Lok Sabha by the Minister of Electronics and Information Technology in 2019.
Market for It sets rules for how personal data should be processed and stored, and lists
Banks/Financial people’s rights with respect to their personal information. It also proposes to create
Institution an independent new Indian regulatory authority, the Data Protection Authority

(DPA), to carry out this law.

e Cyber Surakshit Bharat: The Ministry of Electronics and Information
Technology (MeitY) announced the Cyber Surakshit Bharat initiative in
association with National e-Governance Division (NeGD) and industry partners in
2018. It is an initiative to fortify the cybersecurity system in India with regard to
the Gol’s vision of a digital India.

 

 

India’s Payment Security Services Market

 

Particulars

Description

 

 

Market
Overview

 

According to the MHA, 93,000 cases of cybercrime were reported between 2016 to 2019. With
the rapid expansion of the digital payments market, security and reliability will prove to
enhance the growth prospects of the industry. The need to secure sensitive information during a
transaction, coupled with the growing incidence of data breaches, will promote the growth of
the Indian payment security industry. Alternatively, the demand of end-users of the digital
payment ecosystem such as BFSI, education, hospitality and transport, among others, to make
their online transactions more reliable and secure would ensure the growth of the security and
solutions industry.

Digital payments are expected to rise exorbitantly in the coming years with the increase in the
rate of adoption culminating in factors such as a focus on digitalization, lack of physical
movement due to the pandemic, and internet penetration and the convenience it offers. With
more and more people adapting to the new medium of transaction, there would be a need for a
proper framework in place to secure those transactions. Therefore in the coming years, the
payment security industry could witness major growth. Some of the leading players in the
Indian payment security market are CA Technologies, Symantec Technologies, Trend Micro

 

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