India’s set to Spend $1 Bn on Security by 2019: ASSOCHAM-Mahindra SSG study
India’s expenditure only on security could reach $1 billion (bn) by 2019 assuming if Centre spends even 10 per cent of its budget of $1 bn allocated for AMRUT (Atal Mission for Rejuvenation and Urban Transformation) and Smart Cities Mission, according to a recent ASSOCHAM-Mahindra SSG joint study.
“India needs to at least $4 bn in public-private partnership (PPP) mode to address cybercrime related challenges at both individual and organisational levels including cyber sexual harassment, cyber bullying, information theft, defacing website, inflicting servers with viruses and others,” noted the study titled ‘New Age Crime’ conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) jointly with Mahindra SSG.
The investment amount of $4 billion could be spread across upgrading technology, training cyber professionals, counselling of victims, creating cyber cells and others.
With a view to increase the level of security across the country, India must spend at least $15 per citizen on homeland and border security on public-private partnership basis with total expenditure amounting to $15 billion (bn) by 2019, suggested the ASSOCHAM-Mahindra SSG study.
“This will compliment India’s existing scheme of insurance for every citizen, as it would be a proactive step,” it added.
United States of America (USA) had incurred losses worth $3 trillion during 9/11 attacks while Al-Qaeda had spend only about $0.5 million for executing its plan. As such, post 9/11 the US increased its expenditure on security. It had allocated $1,900 per citizen for its 318 million people with a total budget of $602 bn in 2015.
The study added that India, which has experienced similar issues in the past, would be able to evolve further if it followed in the footsteps of countries like the USA.
Highlighting the huge dearth of cyber security professionals in India, the study has suggested for moving some existing resources in technology space working for government to lead cyber security projects. “This way government projects will have some stability in this space.”
It also emphasised upon the need for a pragmatic approach for securing people, data and processes.