Endpoint, Servers, Cloud Are All WinMagic's Forte: COO
This year bears testimony to some of the most gruesome cyber assaults including, WannaCry, Petya/Not Petya which has brought to light how strong are the threat actor’s global command and control infrastructure. As digitization flourishes, cyber espionage and attacks will continue to increase and the call of the hour is prevention.
The India Risk Survey 2017 tags ‘Information & Cyber Insecurity’ as the biggest risk to companies in 2017, topping ‘Terrorism and Insurgency’ which has been ranked as the second biggest threat to businesses.
Cyber-security company WinMagic sees these new era threats as ever pervading and believes encryption is an elixir.
“You don’t hack the encryption, networks get hacked and once in the network, hackers can access your files if they are not encrypted, that is why file encryption in the network is critical. Encryption is a strong security, though it is not unhackable but of course incredibly difficult. What people hack is the authentication and not the encryption,” pointed out Mark Hickman, Chief Operating Officer, WinMagic.
The encryption market globally is USD 2.2 billion and is expected to go up to USD 7.2 billion by 2020, he added.
The company is completely rigged to take on these threats and plans to add Database encryption support in its portfolio in the next 12 - 18 months.
The company’s India Focus:
The company now has over 100 customers in India comprising Banks, Technology, Pharma and Insurance companies.
WinMagic is gearing up for 2018. “The encryption market in India is still not as matured as other markets like the most of Europe, America or Japan but we are seeing more and more companies opting encryption solutions in the sectors including BSFI, Healthcare & Pharma, IT/ ITES, and the Government,” informed Hickman.
Today, even though SMEs contribute majorly to the Indian economy, unfortunately, they are the worst-stung by cyber-assaults as investment in cyber-security is still a matter of confusion to them.
SMBs in India were least prepared for cyber breaches in the region, despite high cyber-security awareness among employees states a recent study.
The report highlights that Indian SMBs experienced the highest rate of cyber-security breaches (73 percent) within the past three years, the highest in the region compared to Hong Kong (61 percent), Singapore (54 percent), Thailand (53percent) and Japan (29 percent).
This could suggest that while SMBs had cyber-security measures in place, they may not be effective enough to protect the businesses from cyber attacks.
“While large Indian companies use encryption, the SMEs are yet to get there. Compliance would be critical to drive the adoption,” he said.
Server-side encryption is critical from data-security standpoint especially now when it is being explored by companies more and more, Hickman said. “We excel at delivering key management – we deploy and manage keys – for different types of encryption. We are the only company who has the ability to manage endpoint, servers in your datacenter and in the cloud - no one can do that today, some people do endpoint, some do servers and others do Cloud but we manage all of these.”
Winmagic with its global R&D is in Canada plans substantial expansion in India in the year ahead.
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