US, India launch 'first-ever' cybersecurity initiative to safeguard cyberspace

The US Consulate and the Mahratta Chamber of Commerce, Industries and Agriculture (MCCIA) have jointly rolled out the first-ever US-India Cyber Security Initiative that aims to strengthen the digital ties between the United States and India. It will bring together top global cybersecurity experts to create jobs and find cutting-edge solutions.

The initiative was launched at the MCCIA Pune Business International Business Summit. On the occasion, US Consul General Mike Hankey also highlighted the initiative's goal to create a mentorship model in cyberspace. This approach aims to foster connections between individuals and address the rapidly advancing world of digital technologies.

Hankey stressed the importance of a secure and stable cyberspace, emphasizing its role in the development of both public and private sectors. He said that the initiative comes at a crucial time when digital technologies are progressing faster than ever in human history.

"Cyber issues are a priority in the US-India bilateral relationship. The challenge facing the United States and India is how to minimise cybersecurity threats and ensure the digital revolution promotes global prosperity and stability," said Hankey.

The cybersecurity Initiative represents the strong collaboration between the United States and India, offering economic and social benefits globally. Hankey said that the initiative would involve working with research institutions, industry, and civil society to enhance cyber defenses and protect sensitive information.

Prashant Girbane, the Director General of MCCIA, also emphasized the strategic importance of the Initiative for citizens, businesses, and governments.
Hankey concluded by stating, "We aim to build secure and prosperous IT connections between our countries, reflecting our shared vision for a world that is open, secure, and prosperous."

As per a December report by the Data Security Council of India (DSCI), the Indian cybersecurity market is projected to represent 5% of the global market by 2028. The not-for-profit industry body, focused on data protection in India, also stated that the Indian market reached approximately $6 billion in 2023, with a compound annual growth rate (CAGR) of over 30% during the period of 2019-23. In line with Gartner's findings, global spending on Information Security and Risk Management is anticipated to rise from $169 billion in 2022 to $188 billion in 2023, reflecting an 11.3% growth rate.