Ransomware Is A Major Concern Of Indian CIOs

by Priyanka Pugaokar    Sep 07, 2016

Nilesh Jain

The targeted and custom malware attacks are steadily on the rise worldwide. According to the latest report of security solution provider, Trend Micro, Ransomware, which is also known as Business Email Compromise (BEC), globally caused companies a loss of USD 3 billion. The report reveals that 79 new ransomware families were identified in the first six months of this year, which surpasses the total number of new families found in all of 2015. Both new and old variants caused a total of USD 209 million in monetary losses so far to enterprises globally. This highlights the gravity of the issue and need for robust security mechanism. Though establishment are increasingly becoming aware about the complex security landscape, there is still a lot of scope for enterprises on the security front. 

In a candid interaction with CXO Today, Nilesh Jain, Country Manager- (India and SAARC), Trend Micro highlights latest trends in the cyber security domain and also talks about new growth areas for the security vendor in the highly contested security market in India. 

What are the latest trends in the cyber security domain? What are the factors driving the security business? 

We saw a lot of targeted attacks by organized criminals in the last few years and India is one of the top countries which has seen highest attacks in recent months. Earlier the attacks were majorly targeted towards the SOHO segment, but in the last few years we have seen that the enterprise vertical is increasingly falling victim to ransomware attackers. Ransomware in India is evolving and is one of the major concerns for the CISO and CIOs. Trend Micro is quite an innovation driven organization and we are always ahead in terms of the security landscape. We have come out with a solution having an anti ransomware technology. We have protected a number of large organizations who have probably hit by ransomware or attempts were made to steal the data. But they were able to avert these attempts because Trend Micro was up and running in these enterprises.

India is one of the country which witnessed highest targeted attacks. However, the security preparedness of enterprises is still not upto the mark. How do you see Preparedness of Indian enterprises?

Today, most of the organizations are trying to embrace new technologies to stay ahead in the competition. When try to adopt the technologies like Cloud, Mobility and Big Data Analytics, they do not have time to catch up with the security. It is not that CIOs and CISOs do not want security, but unfortunately either they do not have time or they do not have complete awareness about security infrastructure they need to deploy within the organization. This is the reason why the preparedness is not upto the mark. As a prominent security vendor, we engage with customers and ensure that security is considered well before the project takes off. 

Also Read: Are CIOs Ready For Cybersecurity Preparedness?

Android devices were largely targeted in 2015-16 making it the fasted growing business segment for security vendors? What trends and market prospects do you see in this space? 

Android devices are the biggest targets of hackers. We have seen a large number of Android devices being compromised in 2015. We have also seen some of the attacks happening on the IOS devices as well. Mobile is now getting integrated with the enterprise area network because of it. Today, most of the enterprises are allowed to run enterprise applications on mobile platform. Mobile security is a core part of our enterprise security offering. We have mobile security which caters to latest mobile threats and which also runs on leading operating systems. We also have a unique offering in the mobility security space called Mobile App Reputation service, which gives users reputation of particular application before its installation. 

How has been Trend Micro’s growth in India? What are your key thrust areas in India in 2016 onwards? 

The last one year was very exciting for us. We had tremendous growth in our business coming from the large enterprise accounts and from SMBs. Our major business comes from very large enterprise customers and SMB customers. When we look at the market, we do not have big plans for the consumer business in India. Of course, there is some amount of business we are getting from the customer line of products. We have recently appointed Pune based NNR IT Solutions as a national distributor of the consumer business. 

As mentioned earlier, enterprise and SMB are the verticals we are heavily focusing on. Apart from that we have a special emphasis on the government vertical. In fact, we are one of the largest and serious player in the government segment.We are working with consultant agencies who are helping the government bodies to design RFPs. Government is a big focus for Trend Micro and we have formed a big team who is addressing the government business. 

Also read: Is Indian Govt Ready For Ransomware Attacks?

What is your security forecast for the fiscal 2016-17? 

In the current security scenario, it is very difficult to forecast. One thing I can say that security is the biggest concern today as most of the customers are adopting the new technologies to be competitive in the market. Due to surge in cybercrimes and custom attacks, enterprises are looking at big security investments. This is fueling the growth of the security market in double digit. There are defined market opportunities for vendors like us in two ways. Firstly, OVMs are going to work with Cloud service providers and enable customers to safely move to Cloud and that is a big market for security vendors like us. Secondly, as ransomware and big custom attacks coming in we have a big market where we are working hand in hand with our channel partners to make sure that those customers are well protected proactively to tackle advance cyber threats. This is an opportunity in for us in the enterprise as well as SMB space in India.