India To Get National Cybersecurity Policy By January 2020

India To Get National Cybersecurity Policy By January 2020


National cybersecurity coordinator said it would help achieve the government’s goal of a $5 Tn economy

Approximately INR 25K Cr budget needed for this, said government official Ajeet Bajpai

India saw the second-highest number of cyber-attacks in 2016-2018, according to a DSCI report in May

In a move to make the internet a safer place for businesses and citizens, the Indian government will unveil an official cybersecurity strategy policy in January next year. This step will help the government achieve its goal of making India a $5 Tn economy, said Rajesh Pant, national cybersecurity coordinator on cyber policies, at an event organised by media and consulting company SKOCH on Wednesday (Aug 28), as reported by TOI.

The most important requirement for internet security is increased effective coordination between ministries that are overseeing various aspects of cybersecurity, proper critical infrastructure protection and public-private partnership, added Pant, while unveiling the national cybersecurity policy.

Pant also stressed the role of the private sector in creating safer connections online as private players are a part of the critical information infrastructure.

Ajeet Bajpai, director-general of the National Critical Information Infrastructure Protection Centre, said the budgetary requirements and necessities of this operation are high, and even a small country like Israel has allocated an annual budget of $20 Mn for cybersecurity, he added.

“Considering the size and scale of our nation, we need approximately Rs 25,000 crore budget for the same. The biggest question is where this money will come from? Also, there is a need to emphasise on the need to make cybersecurity mandatory as a subject at the university level for high-decibel awareness,” Bajpai said.

Ashwini Mahajan, national co-convener of the Swadeshi Jagran Manch, suggested that taxing the data mined from India can help the government generate revenues. “Data is Oil. While other countries have oil resources as a big opportunity to gain revenues, our country by taxing can use data mining as a revenue-generating avenue.”

Cybersecurity is becoming a big issue globally with new data breaches emerging. The threat keeps rising as the number of internet users is growing rapidly in the country, and more and more businesses come online. While India is in the process of finalising a data protection law, an official cybersecurity policy would help shore up defences across the board.

India saw the second-highest number of cyber-attacks between 2016 and 2018, according to a Data Security Council of India (DSCI) report from May this year. Further, the average cost for a data breach in India has risen 7.9% since 2017, with the average cost per breached record amounting to INR 4,552 ($64). The rising cyber attacks have resulted in more and more companies opting for cyber insurance policies to mitigate risks. About 350 cyber insurance policies have been sold in India till 2018, which is a 40% increase from that in 2017.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

Unlock 60% OFF
Cancel Anytime
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

India To Get National Cybersecurity Policy By January 2020-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

India To Get National Cybersecurity Policy By January 2020-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

India To Get National Cybersecurity Policy By January 2020-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

India To Get National Cybersecurity Policy By January 2020-Inc42 Media
India To Get National Cybersecurity Policy By January 2020-Inc42 Media
You’re in Good company