We live in an era of heightened cybersecurity threats. The threat perception has multiplied even more after the Covid-19 pandemic, with Work-From-Home (WFH) and Internet of Things (IoT) becoming the accepted norms across the globe.
This is where end-to-end cybersecurity solutions and services assume more significance than ever before. Mumbai-headquartered Vinca Cybertech is one such service provider that offers comprehensive services to bolster enterprise cybersecurity. More importantly, it sensitizes stakeholders through education to mitigate the prevalent security challenges, including cyber threats, lack of adequate skilled resources, and evolving IT infrastructure requirements.
Vinca’s Singapore Entry
The company has recently forayed into Singapore, a vantage point in the Asia-Pacific cybersecurity market. “Singapore is a fast-growing cybersecurity market. The APAC cybersecurity market was valued at $30.45 billion in 2019, and it is expected to register a CAGR of 18.3 percent, during the period of 2020-2025,” observes Vinca Cyber’s Chief Executive Officer Shreekumar Nair, elaborating on the company’s decision to enter the market.
Singapore’s cybersecurity market is expected to continue to grow at a faster pace than the broader IT market, at around 9.3 percent per annum over the next five years. “The cybersecurity market in Singapore is expected to hit the US $2.4 billion by 2030. To cater to this growing market, we now have our registered office in Singapore. We are presently executing few projects for our Singapore customers through our local business partners.” Vinca will be focusing on key industry verticals, such as BFSI and government organizations, apart from catering to the information security requirements of corporates and enterprises in Singapore.
Riding the Pandemic Wave
At the same time, the Corona outbreak has thrown a spanner in the works of global IT service providers, who are facing testing times. “It’s true that the pandemic has created an enormous challenge for businesses worldwide to continue operating despite massive shutdowns of offices and other facilities,” agrees Mr Nair, further explaining, “The information technology backbone on which they have long depended – their data centers, cloud systems, departmental servers, and the digital devices; their now-remote employees used to stay connected to each other and to the company’s data – becomes even more vital in this regard. Therefore, the demands placed on the digital infrastructure have skyrocketed almost overnight.”
So, this situation also means more opportunities being thrown up for the cybersecurity players. According to Mr Nair, “In just a single month – March 2020 – the world became far more digitally connected, and vulnerable, place than ever. The surge in communications and the paradigm shift to operate businesses online have increased the risk of cyber attacks manifold.”
Rising Risk Perception
He goes on to add that the current practices in place have also introduced a wide range of new risks. “The perimeter security of organizations is at risk of being breached. They need perpetual surveillance and real-time risk analysis against breaches at both physical and digital entry points.” That said, the pandemic has certainly come as a curse for Indian cybersecurity, laments Mr Nair, as there is a surge in cyberattacks across the country. “Our National Cyber Security Coordinator Lt Gen. (retd), Dr Rajesh Pant, has acknowledged that cyber attacks have shot through the roof and every day, four lakh pieces of malware are found and 375 cyber-attacks are witnessed,” he cites. With the risk increasing by the day, there have been several high profile cases of cybersecurity breaches in India.
Mr Nair quotes: “Recently, grocery delivery platform, BigBasket, faced a data breach, wherein over 2 crore user data was compromised. Cyble earlier reported a data breach on PM Modi’s official website. Haldiram’s also witnessed a ransomware attack on its servers by unidentified hackers, who have allegedly stolen crucial data and demanded a ransom of $7,50,000. Earlier in May 2020, it was reported that the data of 4.75 crore Truecaller Indian users was found to be up for sale on the Dark Web.”
Securing with Unity
The current scenario has prompted Vinca Cyber to launch initiatives to further strengthen its teams and keep them motivated. “In this pandemic period, we hired two senior industry resources as our regional sales heads for west and south India. Also, we have recruited 12 new employees in the last eight months, “ says Mr Nair, “We conduct internal hackathons and various competitions for team building. We also have many opportunities in terms of training and certifications with rewards and recognition. Vinca also celebrates the birthdays and anniversaries through virtual meetings.”
The company had many big acquisitions over the last 8-9 months, reveals Mr Nair, adding, “A large ITES company with over 30,000 employees chose us as their cloud and web security partner. We conducted six webinars on various technologies in collaboration with our principals / OEMs. We collaborated with OEMs in cybersecurity-related virtual events as well.”
As for Vinca Cyber’s expansion plans in India, Mr Nair says that they will set up an office in Delhi office in the near future. “Our SOC is now getting ready with ISO 27001 certification. Campus promotions and recruitments for training are also on the cards.”
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