The latest budget reflects the dedication, nearly doubling the cybersecurity funding from Rs. 400 crores in the previous fiscal year to Rs. 759 crores for the current year.
On February 1, 2024, FM Nirmala Sitharaman delivered the Interim Budget to the Lok Sabha. The Union Cabinet convened earlier in the morning and approved the budget.
“The cybersecurity challenges have expanded at an unparalleled rate, witnessing a 68% surge in the detection of unique cyber threats over the last 5 years, according to FortiGuard Labs. Addressing this threat requires a unified approach, leveraging strong partnerships and collaborative efforts across both the public and private sectors, as well as various industries. Understanding the gravity of these concerns, the government has significantly elevated its commitment to safeguarding our nation’s critical infrastructure and digital assets. The latest budget reflects this dedication, nearly doubling the cybersecurity funding from Rs. 400 crores in the previous fiscal year to Rs. 759 crores for the current year. This significant increase in investment towards cybersecurity initiatives arrives at a crucial moment, as we face an expanded threat landscape fuelled by the rapid proliferation of IoT devices and the merging of operational technology (OT) and information technology (IT) networks.” Vishak Raman, VP of Sales, India, SAARC, SEAHK & ANZ at Fortinet
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