The CISOs were queried on the rates at which information security budgets are increasing among BFSI companies. Gupta maintained that the growth in the 10%20% range per annum. The components that rise at the fasted rate, according to him are technology, service and ATS and frequent hardware, operating system and software upgrades.
Sen of Bandhan Bank and Mishra of IDBI Federal General Insurance too felt the growth is at 10% to 20% level and technology is the major component that contributes to the increasing expenses. The CISO from the unnamed public sector bank said he expects the rate of increase is 20%-30% per annum and salary, technology and service were the components that contribute most to the increase.