A push towards digital economy (otherwise known as demonetization) by the Indian government is changing the way businesses and governments are run in the country. However, at the same time, these recent changes are creating vulnerabilities by moving processes online, resulting in an increased incidence of cyber-attacks among enterprises in India. Further contributing to the problem is a lack of understanding among most of the people on how dangerous hacking can be to the reputation of an enterprise.
According to Data Security Council of India (DSCI), an industry body on data protection, India’s cyber security market is expected to grow nine-fold to $35 billion by 2025, from about $4 billion now. This would mainly be driven by an ecosystem to promote the growth of indigenous security product and services start-up companies. The DSCI has incubated 80 cyber security start-ups in the past two years. It is predicted that startups in this space will provide the much-needed support to Indian firms in terms of enterprise security.
The year 2016 saw 3.2 million debit cards getting hacked in India as the banking system relies on obsolete software and security solutions. Understanding the magnitude of the problem, enterprises in India are now prioritizing cyber security, which now occupies 30-40% of most overall IT budgets. Even industry veterans have seen the landscape change in the past four to five years. While businesses like banks, telecom companies, and insurance firms have always been mandated to have cyber protection in place, now new-age companies (like e-commerce companies or online food portals), with their increasing online presence, also have little choice left.
Envisioning to safeguard India from cyber attacks and making a safer place for enterprises to function, Nispana strongly believes that the time is now for organizations to act upon their security infrastructure hence Nispana is pleased to announce the “Cyber Security for Financial Services – Exchange” which is scheduled on 11th – 13th October 2017 in Goa.
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