Cyber security in India may face increased threats as digital connectivity enhances following demonetization of Rs 500 and Rs 1000 notes, said BVR Mohan Reddy, former Nasscom chairman.
“With the increase in digital connectivity and with demonetisation, cyber security becomes a crucial element for India,” a statement quoting Reddy, also the Founder and Executive Chairman, Cyient Limited said today.
“There is an existing requirement of 5 lakh cyber security professionals in India, which will grow in the coming years,” Reddy said.
On the IT and ITeS industry trends and prospects in 2017, he said, skill will play a role in transforming the organization into the digital enterprise and the digital technology which grouped as SMAC (Social, Mobile, Analytics, and Cloud), contributes to 5-10 percent of the industry revenue. However, anticipated that the digital solutions would touch 60 percent in 5-10 years.
“The incoming new projects will need a combination of multiple technologies and has to be built by smaller teams in shorter cycles. The need will be for multi-skill high-performance organizations. The workforce has to be reskilled more often and requires a different approach,”.
Developing the local markets into a technology consuming market will be a key challenge, and the country is yet to be known as technology consuming country.
According to him, the IT industry went through peaks and lows during 2016 on account of volatile political, economic and technological environment globally.
In spite of all the uncertainties, India s market share continues to be at 7 percent of the global software and IT services spend, and 57 percent of global IT services outsourced to India.
The IT-BPM industry is poised to grow at 8-10 percent for the FY 2017, demonstrating sustained growth, he said.