The BFSI ecosystem in India has a real opportunity to embrace the digital transformation revolution, being at the right place at the right time and using the right technology. According to a report by Meticulous Research, the global Digital Transformation Market size, which was worth $695.5 billion in 2023, is projected to achieve a market size of $3,144.9 billion by 2030, growing at

a CAGR of 24.1 percent from 2024 to 2030. While this sounds like an amazing opportunity, it comes with challenges in the form of cybersecurity. The average annual cost of cybercrimes in the world is expected to increase from $8.4 trillion in 2022 to more than $23 trillion in 2027.

It’s no wonder BFSI companies are bolstering their cybersecurity budgets. According to Allied Market Research, the global cyber security in the BFSI market was valued at $39.9 billion in 2021 and is projected to reach $214.5 billion by 2031, growing at a CAGR of 18.6 percent from 2022 to 2031. In India, the scenario is hardly any different. According to reports, India-based organizations recorded the second highest number of weekly attacks per organization in Q2 2024 in the APAC region. This marked a 46 percent year-over-year increase in cyberattacks, compared to 30 percent witnessed globally. It’s a dire warning for business leaders in the country. The BFSI spending on cybersecurity in the country grew from $518 million in 2019 to $1,738 million in 2023. The government has been ramping up its efforts as well, allocating Rs.759 crore for cybersecurity projects, which is a nearly 90 percent increase from the previous financial year. This special yearly issue sheds light on BFSI and the digital transformation ecosystem in India.
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