The Impact of Policy and Guidelines on the APAC Cyber Security Industry

The Impact of Policy and Guidelines on the APAC Cyber Security Industry

July 2017 Edition: India and Australia

RELEASE DATE
14-Sep-2017
REGION
Asia Pacific
Research Code: P9BB-01-00-00-00
SKU: IT03475-AP-MR_20750

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Description

In June 2016, the Reserve Bank of India (RBI) released an advisory for the Cyber Security Framework in Banks. The framework poses a potential challenge to Indian banks to adhere to, hence seeking professional help will be expected. As such, business opportunities arise for the cyber security industry, especially for the Professional Security Services (PSS) and consulting firms. These provide advisory services to banks so that they adhere to the key requirements set out by the RBI in this framework.

In February 2017, the Privacy Amendment Act 2017 was passed by the Australian government. Under the amended Privacy Act, eligible data breaches faced by an entity should be reported to the commissioner, and affected individuals must be notified unless remedial actions are taken. Growth opportunities for the cyber security consulting, law and cyber insurance sectors will be expected before the official commencement of the amendments, expected to be 22 February 2018.

Table of Contents

Key Findings

India Policy/Guidelines Report Introduction

Highlights from the Notification with Interpretation

Conclusion

Other Notable Activities from Cyber Security Related Authorities in India

Reference

Australia Policy/Guidelines Report Introduction

Highlights from the Privacy Act with Interpretation

Conclusion

Other Notable Activities from Cyber Security Related Authorities in Australia

Reference

Transformation in the Cyber Security Industry Ecosystem

Growth Opportunity 1—Cyber Security Consulting for Security Operation Centers

Growth Opportunity 2—Cyber Security Training

Growth Opportunity 3—Incident Response Development

Growth Opportunity 4—Review of Cyber Security Measures

Growth Opportunity 5—Uptake of Cyber Insurance

5 Major Growth Opportunities

Strategic Imperatives for Success and Growth

Legal Disclaimer

Related Research
In June 2016, the Reserve Bank of India (RBI) released an advisory for the Cyber Security Framework in Banks. The framework poses a potential challenge to Indian banks to adhere to, hence seeking professional help will be expected. As such, business opportunities arise for the cyber security industry, especially for the Professional Security Services (PSS) and consulting firms. These provide advisory services to banks so that they adhere to the key requirements set out by the RBI in this framework. In February 2017, the Privacy Amendment Act 2017 was passed by the Australian government. Under the amended Privacy Act, eligible data breaches faced by an entity should be reported to the commissioner, and affected individuals must be notified unless remedial actions are taken. Growth opportunities for the cyber security consulting, law and cyber insurance sectors will be expected before the official commencement of the amendments, expected to be 22 February 2018.
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Table of Contents | Executive Summary~ || Key Findings~ | India Policy/Guidelines Report~ || India Policy/Guidelines Report Introduction~ || Highlights from the Notification with Interpretation~ || Conclusion~ || Other Notable Activities from Cyber Security Related Authorities in India~ || Reference~ | Australia Policy/Guidelines Report~ || Australia Policy/Guidelines Report Introduction~ || Highlights from the Privacy Act with Interpretation~ || Conclusion~ || Other Notable Activities from Cyber Security Related Authorities in Australia~ || Reference~ | Growth Opportunities and Call to Action~ || Transformation in the Cyber Security Industry Ecosystem~ || Growth Opportunity 1—Cyber Security Consulting for Security Operation Centers~ || Growth Opportunity 2—Cyber Security Training~ || Growth Opportunity 3—Incident Response Development~ || Growth Opportunity 4—Review of Cyber Security Measures~ || Growth Opportunity 5—Uptake of Cyber Insurance~ || 5 Major Growth Opportunities~ || Strategic Imperatives for Success and Growth~ || Legal Disclaimer~ | The Frost & Sullivan Story~
Author Charles Lim
Industries Information Technology
WIP Number P9BB-01-00-00-00
Is Prebook No