Tech Mahindra expects 30-40% growth in cyber security business in next 3 years; to focus on Indian market initially

New Delhi: IT company Tech Mahindra expects its cybersecurity business to grow in the range of 30-40 percent, at least for the next three years, according to a senior company official. “We are doing a very humble start even if we grow 30-40 per annum in our business of security. It is a fair estimate of what we can put on the ground,” Rajiv Singh, Senior VP & Global Head of cybersecurity unit of Tech Mahindra, told PTI. He was replying to query on growth and business opportunity that company sees in cybersecurity business. Singh said that the growth is expected in cybersecurity division of Tech Mahindra every year over a period of next three years. “You have to look at the CAGR, that can only go up when you have strong alliances. When I am talking about growth, I am talking about accelerating in the next three years. (In) the next three years, (it) has to be accelerated,” he added. [caption id=“attachment_2264826” align=“alignleft” width=“380”]  Representative image. Reuters[/caption] The company recently signed partnership pact with security arm of Israel government-run Israel Aerospace Industries (IAI) to provide and develop a technical security solution for utility firms and critical infrastructure. Under the partnership, Tech Mahindra plans to develop an internal capability to handle cybersecurity solution and further train people to grow business. “We want to first focus on that there is the right level of capability to handle cybersecurity challenge. We will focus on skilling. We may start, let’s say with about 100 people internally and then they will go out and train the trainers,” Singh said. According to an IAI representative, global cyber security market is growing 14-18 percent per annum and cybersecurity is now allocated 10-15 percent of total IT budget of a company. Globally, the cybersecurity business opportunity is likely to grow to $96 billion in next four years from around $20 billion annual opportunity at present. Singh said that the company is focusing on the Indian market to start with, and then look at the business from the US, UK, Europe and Asia Pacific region from Tech Mahindra perspective. “Customers for us are in all verticals. We will be specifically looking at critical infrastructure, cyber police, defence forces and then look at IOT market. When I say IoT (internet of things) I am looking at the US because lot of technology firms come from there which have created a huge platform,” he added.