Cyberbit, an Israeli cybersecurity company with a major focus on big data analytics and machine learning based security solutions, is banking high on the rising demand of cybersecurity solutions in India, particularly in the banking sector. The company is eyeing the enterprise customers in the banking and managed security services space in India.
Since the Reserve Bank of India (RBI) came up with its Cyber Security Framework for the banks, there’s been a steady surge in the demand of cyber security solutions and services in the domestic market.
To adhere to this stringent new cybersecurity regulation, banking organisations are taking help of cybersecurity companies and Managed Security Service Providers (MSSPs).
“India is a bit of a follower in terms of regulations, but the recent RBI regulation is right and comprehensive regulation for the banking industry. When we saw the first draft in the mid of May 2017, we knew that if this will work, then this will be one of our main markets because the scale of the Indian market is worth to invest as much as the scale of the US market for us,” said Neri Zin, Vice President – APAC, Cyberbit Ltd. “That’s why we decided to focus on the Indian market not only for the local activities in India, but also to work with service providers that are providing services from India to international markets,” added Zin.
With the Indian government emphasizing on digital banking, more and more banks are offering digital banking services today; however, how adequate and equipped the banks’ cybersecurity mechanism is remains to be seen. Two Indian private banks, namely City Union Bank and Cosmos Co-operative Bank have suffered major cyber attacks this year. Given this scenario, India is prone to cyber attacks going ahead and this possibility can’t be ruled out according to experts.
“We do see a very a huge increase in attacks on the banking industry, particularly when banks are moving into digital payments and so the vulnerability to such attacks is much higher. We also see India in the centre of major cyber attacks globally and I think it’s because India is progressing into the digital era,” observed Zin. The Indian market, according to Zin is taking the steps gradually and now it’s reaching to maturity in terms of security.