Spend on security and risk management in India to rise 12% in 2024, Gartner sees maximum spike in cloud security spending – Industry News

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Given the growing need for cloud security, Gartner Forecasts Security and Risk Management Spending in India to Grow 12% year-on-year in 2024. This was released at the Gartner Security & Risk Management Summit held in Mumbai. End-user spending on security and risk management (SRM) in India is forecast to total $2.9 billion in 2024, an increase of 12.4% from 2023.

According to Gartner, Indian organizations will continue to increase their security spending through 2024 due to legacy IT modernization using cloud technology, industry demand for digital platforms, updated regulatory environment, and continuous remote/hybrid work.

“In 2024, chief information and security officers (CISOs) in India will prioritize their spending on SRM to improve organizational resilience and compliance,” said Shailendra Upadhyay, Sr Principal at Gartner. “With the introduction of stringent government measures mandating security breach reporting and digital data protection, CISOs are facing heightened responsibility in safeguarding critical assets against evolving cyber threats.”

In fact the forecast highlights how In 2024, cloud security spending in India is projected to record the highest year-on-year…

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