Budget 2021: What IT wants from FM Nirmala Sitharaman - a Cyber Security Policy like Income Tax, GST

Budget 2021 Expectations: While the union budget is just ten days away, cyber security and audit companies have demanded from the Finance Minister Nirmala Sitharaman to announce proper Cyber Security Law like Income Tax or Goods and Services Tax (GST). The industry insiders are of the opinion that such a step from the Modi government this budget would help create a strong compliance culture for Payment Data security as well as PII security. In this budget the government must add simulation-based cybersecurity training solutions in the Skill India campaign, they added.

Speaking on his budget 2021 expectations in regard to cyber security; Ajay Kaushik, Founder & CEO at Panacea Infosec said, "After Digital India Initiative Digital Innovations are on fast track and Data became a new fuel for digital economy. Government has to ensure that data is not an asset of an organisation but it is a responsibility. So, we need a robust cyber security policy to handle this responsibility. Government should accelerate enactment of the Data Protection Act and set up a strong and effective Data Protection Authority. Few key areas where we are expecting reform is ensuring predictability, consistency and rationalization of levies and taxes to promote innovation and investments in the sector to achieve Indian Government's Digital India vision."

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On his demand from FM Sitharaman in the upcoming budget Kaushik said, "The Narendra Modi Government should give policy support for cyber security services with proactive application of policy mandates. All guidelines for data protection and Risk assessments should be enforced very strictly just like the government enforces income tax and GST filings. It will make the nation safer from a cybersecurity perspective."

Amit Dubey, a New Delhi-based cyber security expert said, "The Modi Government was about to propose a proper cyber security draft but due to the COVID-19 induced lockdown, the proposal is still in limbo and the draft committee is trying to address the new challenges that have emerged during the lockdown. Most probably, the new and final draft will be ready in a quarter and hence we are expecting that Finance Minister Nirmala Sitharaman may make an announcement on the cyber security policy in the upcoming budget."