New Delhi, Oct. 29 -- When British automotive manufacturer Jaguar Land Rover (JLR) was crippled by a ransomware attack earlier this year, causing losses of over Rs.22,000 crore ($2.55 billion) and a six-week production shutdown until recently, it was declared one of the most damaging cyber events not only in the U.K., but in the global business landscape. The JLR breach, as well as several other security breaches globally, including in India, sent a clear message: cybersecurity failures can trigger full-blown economic crises.
For India, where digital infrastructure powers everything from banking to public welfare, the warning could not be more relevant. As the nation's digital economy grows exponentially, its vulnerabilities are also multiplying.
The cyber threat reality
In the first half of 2024 alone, India logged nearly 600 major cyberattacks, costing over Rs.11,000 crore. High-profile breaches-from WazirX's $230 million crypto theft to leaks from government portals exposing millions of Aadhaar-linked records-have highlighted growing systemic risk. The average cost of a data breach now stands at Rs.19.5 crore, among the highest globally.
"The pace of India's digital economy is nothing short of extraordinary, and as we lead this rapid growth, the need for proactive cybersecurity has never been more urgent," said Shakeel Khan, Regional Vice President and Country Manager, Okta.
"Identity is the first and most reliable line of defence in the evolving landscape. While 80% of Indian organisations are developing autonomous AI agents, only 10% have a mature security strategy to manage them. This highlights a clear need for a more comprehensive approach," he said.
Khan added that Okta's mission in India is to "enable secure access for every user, on every device, and across every application, helping organisations protect their people, data, and systems."
From awareness to action
India's cybersecurity market, valued at Rs.140 billion in 2024, is expected to double by 2026. Yet spending alone won't stop attacks that exploit complex supply chains and human error. The interconnected nature of India's digital economy-where sectors like UPI payments, logistics, and manufacturing operate in sync-means that a single breach could paralyse multiple industries simultaneously.
"Cybersecurity Awareness Month reminds us that awareness must evolve into action, especially as India's digital economy scales at an unprecedented pace," said Anuj Khurana, Co-founder & CEO of Anaptyss.
"With over 900 million expected Internet users and nearly half of the world's real-time transactions already happening here, cybersecurity has become a core business imperative, not just a compliance goal. The rising sophistication of threats targeting financial institutions demands a proactive, intelligence-led defense framework and greater policy alignment among stakeholders."
Cybersecurity as an innovation catalyst
The traditional view of cybersecurity as a cost centre is also changing. Experts argue that cyber resilience must be built into the fabric of enterprise innovation, not treated as an afterthought.
"The businesses that will thrive in 2025 aren't those with the biggest security budgets, but those that position security as an innovation catalyst," said Sanjay Agrawal, CTO and Head of Presales, India and SAARC, Hitachi Vantara.
"Cybersecurity is the cornerstone of digital progress. Nearly 60% of small and medium enterprises experience at least one cyber incident annually, often impacting trust and growth. The ability to secure data in real time has become business critical."
Agrawal noted that Hitachi Vantara is helping enterprises strengthen cyber resilience through "AI-driven threat detection and secure hybrid cloud solutions," enabling companies to treat cybersecurity as a driver of growth rather than a defensive necessity.
Building economic cyber resilience
The security breaches in recent times revealed a painful truth: cybersecurity is no longer a purely technological concern-it's an economic one, believes Govind Rammurthy, CEO & Managing Director, eScan. "For India, the path forward lies in treating cyber resilience as national infrastructure, much like transport or energy grids," he said.
"This means creating unified standards for supply chain security, enabling rapid incident response coordination, and fostering AI-driven behavioural monitoring to detect long-term intrusions. Above all, it demands a cultural shift-where security is embedded across all levels of digital transformation," said Rammurthy.
Khan added, "As India continues its digital transformation, our focus must remain on building lasting trust in the nation's digital future."
Cybersecurity, once a backroom IT issue, is now central to India's economic resilience-and to safeguarding the prosperity of over a billion connected citizens.
Published by HT Digital Content Services with permission from TechCircle.