The Technology Business Incubator and the Centre for Cybersecurity Systems and Networks of Amrita University have joined forces to establish a startup hub focused on cybersecurity, the Times of India reported on Monday.

The initiative, which Amrita claims is the first such hub in India, will bring together research, funding and industry.

Dubbed Amrita University Cybersecurity Startup Hub, the program will focus on domestic product development, audit and compliance testing. It will focus on areas including mobile, cloud, cyber-physical systems, digital forensics, cryptography and malware analytics.

The cybersecurity sector is estimated to be worth $70bn worldwide, according to the Times report, with security breaches causing an annual loss of some $400bn that is expected to grow to $2 trillion over the next three years.

Krishnashree Achuthan, chief executive of the Technology Business Incubator, said: “There are more than 4,000 startups in the country today, but less than 100 operate in the field of cybersecurity and build related products. With wars being fought every minute across the world in cyberspace, cybersecurity has become a strategic national priority.

“India needs to tackle this challenge from both an economic and military perspective.

“Worse, 80% of all cybercrimes go unreported. Without strong software security and protection techniques, all software-based systems are vulnerable to devastating attacks from hackers and spies.”