Union Budget 2024: Cybersecurity players seek digital security push for Viksit Bharat

New Delhi: With India looking to embrace artificial intelligence rapidly, cybersecurity players expect that the upcoming Union Budget will include measures to boost safety of the country's digital space through further allocation of funds and incentives.

Innefu Labs, CEO and Co-founder Tarun Wig said the global focus on AI presents a critical juncture for India.

"The AI and ML (machine learning) models can be trained to identify and prevent 'zero-day' attacks. But this will require support from the government (in) nurturing and retaining top cyber talent, and empowering companies to invest in training AI models for cybersecurity," Wig said.

He added that while other nations are busy building their AI infrastructure, India must prioritise on optimum use of AI which could include training AI and ML models for improving our defence and intelligence posture, and to reduce cyber crimes which are on the rise, to identify money laundering networks or using AI to take governance to the far flung villages of the country.

"Adding government support for research and development initiatives to proven companies in the private sector and not just academia would create a win-win situation. It would attract and retain talent while enabling companies, large and small, to innovate. This, in turn, would foster a digital environment that can support future advancements in AI and other emerging technologies," Wig said.

The government had announced a fund worth Rs 1 lakh crore for R&D in sunrise technologies in the interim budget for financial year 2024-25.

IIT Kanpur's Artificial Intelligence and Innovation-Driven Entrepreneurship Centre of Excellence (AIIDE-CoE) incubated Future Crime Research Foundation (FCRF), Co-Founder Shashank Shekhar said investment on cybersecurity is similar to insurance for digital economies.

He said India faces one of the highest number of cyber attacks globally every year.

"While the government is making an effort to digitally empower every citizen of the country, it becomes imperative to secure them as well. We request the government to consider building Indian champions in the cybersecurity space to meet the aspiration of Viksit Bharat by 2047," Shekhar said.

Futurex, South Asia-Vice President, Ruchin Kumar said it is important to increase funding for cybersecurity training programs to address the workforce skill gap.

"To achieve this, collaborations with educational institutions to develop specialized cybersecurity courses and certifications must be fostered. We strongly recommend fund allocation specifically for protecting critical infrastructure, such as power grids, transportation networks, and healthcare systems, from cyber threats," he said.

He said that the government should also mandate and fund regular security audits and vulnerability assessments for critical infrastructure sectors.

Zeron, Founder, Sanket Sarkar said the government has consistently demonstrated its commitment to this critical industry through strategic investments and supportive policies.

"Reflecting on the past years, it's clear that our digital defenses have been significantly strengthened. I am optimistic that this year's budget will further amplify this focus, with substantial allocations to enhance our cybersecurity infrastructure," he said.

Sarkar said continued prioritisation of cyber resilience and innovation is crucial for defending against evolving threats and driving economic growth. "This budget will not be merely a financial planning; it'll be a bold declaration of India's intent to become a global cybersecurity leader," he said.

Union Budget 2024 | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.