In addition, foreign cyber security firms are opening shops here or expanding their offerings in a market that is ready for development.
According to the Startup Data Intelligence Platform Tracxn, at least nine cyber security startups have raised funds since August last year. There were six seeds round and three series.
Equal, an identity management platform, the most raised in $ 10 million, followed by Protect.AI, a mobile app security platform $ 8.7 million, and Estra, a cloud-based penetrating penetrating testing platform at $ 2.7 million. Investors included high-profile firm Bloom Ventures and Besmer Venture Partners.
Munish Vaid, Vice President (Digital Transformation and Technology), Primary Partners India, said, “By 2023, Cybercity was considered a cost center as the AI space was still maturing.” “It was considered a backcroum IT function. It is no longer a case. Now it is a priority for companies.”
According to Gartner’s forecast, Indian companies are expected to spend $ 3.3 billion on network security, security services and security software this year, which is an increase of 16.4% from the year. The highest growth in spending is expected to be $ 1.6 billion on security services.
Gartner explains that two trends are likely to play out during the year: the effect of AI generated on data security, and infection to focus on cyber flexibility, admitting that cyber phenomena “when not.”
Beyond firewall
Cyber security is no longer about installing counters, firewalls and lines of malware-detecting code. It has moved to the scope of AI, where voices cloning, the construction of deepfec and manipulation is becoming more common.
Last year, Bharti Enterprises CEO Bharti Mittal pronounced at the NDTV World Summit, how the scammers raised their voice in an attempt to transfer a large amount of money to their assistant.
“New threats are emerging, new solutions, and no need to say, new investment opportunities,” Vikram Ramsubramian, Partner in Inflation Point Ventures said, who led $ 600,000. East-Seed Investment Round in Neural Defend, a Deepfeck Detection Company.
Some pick-ups in funding may be held responsible for the government’s Digital Personal Data Protection Act. While the law has been passed, the rules are being finalized and expected to be out this year.
AI partner Krishna Mehra at Elivesh Capital said, “With the very India-focused thinking of law, where there is a fundamental reconsideration of data governance and data privacy, which creates a lot of opportunities for local players.”
For these cyber security startups, competitive edge lies in the manufacture of technologies that large companies are not focusing.
A partner in Essake, Prayank Swaroop said, “Red teaming, model poisoning prevention, agent governance and more are new uses, which are AI-first use-cases that are emerging and give new categories to Indian founders to play and not necessarily compete with the existing sellers.”
The bottom line is that companies are now mainly looking to increase security for their A-LED operations because the user is hanging in data balance. For organizations, primary anxiety is ahead of malicious actors using the generative AI for fishing attacks and injecting malware in the system.
This is why, at least in India, machine learning, general AI security, and Cloud Security, a joint NASCom-Detta Security Council of India, tops the list of priorities for cyber security companies, according to the report of the Nascom-Deta Security Council of India. Why is it that Protect.Ai is constructing its own AI security forum, which is slaughtered for the launch of August-September, as Mint The report was first reported.
Enter foreigners
While Indian companies are working to increase their capabilities and enter the growing market, foreign firms have also smelled the opportunity.
Arctic Wolf, Rubric, ESET, operative AI and check point software have either announced expansion in India or deepens their partnership within the country.
Vrajesh Bhavsar, co-founder and chief executive of the US director AI, said, “What attracts us in India was initially, interaction with security leaders working for American companies outside India. But we soon realized Indian enterprises, especially in Fintech and Banking, faced similar challenges around safe AI deployment.”,
The company recently announced that it would expand operations in India.
America-Israeli Cyber security firm Czech point software, which has been in India since 2003, opened its second largest global office in Bengaluru last year that will focus on R&D, the first in the Asia-Pacific region.
Managing Director of India and South Asia Sundar Balasubramian said, “With the increasing demand for advanced cyber security solutions, India will remain an important development driver.”
American Cyber Security firm Arctic Wolf also established its global capacity center in Bengaluru last year. At that time, India GCC meant “to accelerate the development of advanced ML models and AI-operated cyber security,” said an executive officer of a company. Hindu businessArctic Wolf has now expanded its GCC operation in the country to tap talent pool.
The common market for cyber security startups and big companies is the market. Both mainly operate in banking, financial services and insurance (BFSI) sector, where attacks have the most direct and fastest impact on money.
“Our primary goals are areas where AI adoption is important for commercial performance, but data should follow the privacy mandate – such as banking, fintech, insurance and enterprise mother -in -law,” said Bhavsar K Bhavsar.
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