Cybersecurity: How COVID Changed The World of Your Digital Lock And Key

You are currently viewing Cybersecurity: How COVID Changed The World of Your Digital Lock And Key

The COVID pandemic led to crises that impacted businesses the world over. It changed many things: our free movement across the globe, the way we holidayed freely, the way our kids studied in schools, and, more importantly, the way we ran our businesses and
the way employees worked. The challenges respected to us forced many businesses to change their operating model in which employees were working from home and anywhere across the globe became a “new normal.” This forced many businesses to fast
track their digitization agenda and clod replaced many physical offices until we were all stuck behind closed doors.

Nilesh Maurya
Corporate Development
Advisor RS Metrics

To look this in numbers, according to a report published by leading security company VMware, 76% of global cybersecurity professionals said attacks increased due to employees working remotely. But on the hindside, this also increased the scare of cyber attacks, viruses, and malware as employees spend more and more time on their computers and, in many cases sharing the devices with their family members and their naïve children. This number is just expected to go up, and according to Packetlabs, by the end of 2021, cybercrime is expected to cost
the world $6 trillion, and by 2025, this figure will climb to $10.5 trillion.

India Is An Emerging Cybersecurity Hub

The Cyber Threat Landscape

With changing time and increased technology usage for daily work, the cyber landscape has also widened over lengths and breathes.
From phishing calls to privacy breaches, hackers and malicious actors have become more vigilant, and newer ways of cyberattacking are emerging before regulators, security companies, and consumers can figure them out.

The diversity and spectrum of cyber attacks can be covered under

  • Employees working from home are primarily using their own devices, especially in small businesses, and have less supervision and fewer technical controls becomes easy catches for the attackers
  • With accelerated migration towards cloud infrastructure and applications, human errors from employees in terms of using these cloud-based applications may sometimes expose them to security threat
  • Unsecured collaborative tools, outdated cyber policies, and non existed reporting mechanisms also leave the simple issues unaddressed, ultimately leading to exposed vulnerability to the whole enterprise

Global Focus on security startups and funding

With changing times, a lot of money from Venture capitalists is moving towards cyber security companies. While the whole startup funding space has exploded, cybersecurity has got special attention. Only halfway through the year, 2021 already has surpassed the record-breaking $7.8 billion raised by security companies last year.

According to Crunchbase data, $9 billion has flooded into the sector in 309 deals in the first six months of the year — more than double the $4.4 billion the industry realized in the first half of 2020. The second quarter alone saw $5.2 billion — compared to less than $2 billion for the same quarter last year.

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India: An emerging cybersecurity hub While cybersecurity startups across the globe have been growing and sweeping venture capital, the Indian cybersecurity space is getting equally vibrant. According to the report Indian Cybersecurity Product Landscape 2.0—An Emerging Next-gen Cybersecurity Product Hub released by the Data Security Council of India’s (DSCI), The number of Indian cybersecurity product startups in 2020 has grown to over 225 from over 175 in 2018, while revenue doubled to over $1 billion in 2020 from $475 million in 2018. The report also mentioned that India accounted for 63% of the revenue for these startups, followed by North America (16%). Banking, financial services and insurance (BFSI), and IT were the key contributors to their revenue, while growth in healthcare, e-commerce, and manufacturing has been robust. In terms of funding, while the global robustness is still a little away, the report found that 78% of funding for these startups was generated domestically. In comparison, 22% received funding from US investors. Venture capitalists (VCs) are the primary funding source, accounting for 75% of all funds. While the pandemic did keep the funding muted towards Indian cyber security space, with the growth that the Indian companies have organically shown, sooner or later, that ecosystem will become a hotbed for investment. And even as most of the people return to offices with the rise in vaccinations, the use of cyber security is expected to be on the rise.