- What is the importance of cybersecurity in the MarTech space? What is the amount of data MarTech players deal with on a daily/weekly/monthly/annual basis?
According to recent reports, Indian enterprises experienced an average of 1,787 cyber attacks per week in the last six months, which is nearly double the global average of 983.
Cybersecurity has become a crucial aspect of modern businesses, especially in a hybrid world. For MarTech companies, it’s imperative to protect customer data and their own. According to IDC, the world’s data will grow to 175 ZB by 2025. The outbreak of the pandemic amplified the volume of data being generated with an increase of personal app and mobile traffic by 97%.
Maintaining the trust of customers and prospects is crucial for the growth function of brands, even as the growth team focuses on business objectives. According to Deloitte, 59% of consumers state that a single data breach would negatively impact their likelihood of buying products from a company. To ensure the safety and security of customer data, it is essential to establish systems and procedures that comply with regulations like GDPR, CCPA & CPRA, and other region-specific laws that prioritize data privacy.
Given the copious amount of customer data MarTech players deal with/handle, it’s imperative for the industry to adopt solid security and privacy measures.
- Could you give us an overview of the burgeoning Indian MarTech landscape?
The Indian MarTech industry has undergone significant growth in the last few years, with NASSCOM estimating that Indian organizations’ share in the global MarTech industry could reach USD 45-55 billion by 2025. MarTech adoption has been fueled by higher internet penetration, growing number of mobile internet users, and the rise of e-commerce and other digital platforms. The sector is expected to foray into areas such as conversational AI, voice searches, customized real-time content, and create engaging omnichannel experiences for users, impacting customers’ lives across the globe.
Moreover, the pandemic has contributed to the accelerated growth of MarTech adoption, by altering consumer behavior. As a result, digital channels have become a critical means for customer acquisition, engagement, conversion, and retention. Not just that, brands are also keen to understand, deliver and track ROI, increasing the need for marketers to incorporate MarTech tools even further.
India is on the verge of surpassing Silicon Valley as the world’s SaaS and MarTech hub. SaaS will continue to grow in 2023, which will also be the year when we reintroduce technology to the marketing sector.
- What are some of the measures MarTech players take to ensure customer data is secure? Highlight CleverTap’s security practices.
While the growth team focuses on the business goals, it is also essential to gain and retain the trust of its customers and prospects by ensuring that their data is secure and safe with them.
CleverTap has launched its Trust Portal that provides a single location for all the necessary reports, scorecards, policies, and security controls adhering to different standards such as ISO 27001, SOC2 GDPR, Privacy Shield, and more. The Trust Portal ensures that customer and user data is secure and safe with CleverTap. While our product and business already embody a commitment to data privacy, security, and compliance, this portal consolidates all relevant information in one place.
CleverTap’s Trust Portal offers customers access to reports, scorecards, policies, and controls. This is in line with businesses’ efforts to build customer trust through security and privacy certifications, which involve thorough internal and third-party audits. The Trust Portal serves as a centralized hub, providing all the necessary data auditors require, making it a convenient one-stop-shop for audit purposes.
- Please shed some light on the trends anticipated in the MarTech and SaaS space w.r.t. Cybersecurity.
In today’s fast-evolving digital landscape, business leaders need to anticipate and accordingly insulate their organizations from potential cybersecurity threats. The constantly expanding amount of data marketers handle requires MarTech players to take measures to mitigate the risks associated with data privacy and security. Additionally, the adoption of emerging technologies like AI, ML, and IoT further highlights the need for these measures to ensure the safety of customer data.
Some of the anticipated cybersecurity trends in MarTech include-
- AI-powered cybersecurity: With the increased adoption of technologies like AI/ML in MarTech, brands increasingly expect to face AI-powered cyberattacks in the coming years. It’s important for them to have in place AI-enabled measures to counter these threats and protect data and privacy.
- Zero-trust: Embracing a proactive cybersecurity strategy is crucial for MarTech players to establish more data security. One essential aspect is implementing Zero Trust, which operates on the principle for organizations to always verify. This means emphasizing cybersecurity right from the beginning, even in seemingly insignificant processes.
- Launch of 5G will make the network more vulnerable: According to GSMA’s recent report, 5G connections in India are projected to reach 88 million by 2025. While the attention is on faster data speeds and lower latency, the adoption of cloud technology exposes the 5G core to security risks. MarTech companies need to be cautious about potential large-scale attacks originating from different sources.
- Metaverse and its impact on MarTech cybersecurity: McKinsey believes that with the Metaverse’s potential to generate up to $5 trillion in value by 2030, the metaverse is too big for companies to ignore. Built to provide immersive experiences for consumers, the metaverse deals with massive amounts of data. This makes the platform more vulnerable to cyberattacks and marketers will need to find a way to protect their customers’ data and ensure safety.
- Privacy as the default setting: Privacy by design ensures that privacy features are built into systems by default. Users should not be required to take extra steps or make complex choices to protect their privacy. Privacy is the norm, and individuals must opt in for any additional data sharing or use.