The rapid advancement of technology, the rapid growth in internet penetration rates, and the world’s digital transformation have had various consequences:
- Several businesses are moving their online operations, and the proportion of internet-only businesses is rapidly growing.
- Businesses are adopting the digital revolution and IT tools for their internal functions.
- The gig economy is booming, and the number of remote employees is rising.
- People are using the internet more now that mobile data is cheaper and capacity is expanding.
As a result, every year, individuals and corporations produce many quadrillions of data. Data became the new oil as cyber-attackers attempted to employ technologies to find new and inventive ways to enter the network, attack systems, and obtain data. Data breaches and cyber security attacks have a high financial and psychological cost.
There will be a drop in brand awareness, goodwill, and sales. Global digital firms like Yahoo and Facebook, as well as big businesses like Marriott, Panera Bakery, Exactis, and others, have had significant data breaches. While larger companies have the economic, technical, infrastructural, and legal means to recover swiftly from such attacks, many smaller companies are forced to shut down due to a lack of resources to restore their infrastructure or regain user trust.
As a result, businesses are more aware of the need for proactive and robust cyber security solutions, as well as sound techniques for preventing or drastically reducing the impact of cyberattacks. As a result, there is an increasing input of cash into this industry, as well as a rapidly expanding quantity of cyber security companies around the world. Over 3000 cybersecurity organizations are now active throughout the world, all aiming to change the way companies of all kinds and types think about cyber security.
India’s cyber security landscape
In India, the number of online security organizations and the amount of money spent on them has grown at an exponential rate over the previous 5-6 years. There were 15 startups/enterprises in 2012 with a total investment of USD 1 million; by 2017, there were over 20 businesses with a total investment of USD 100 million. The firm will soon be worth billions of dollars in India. Two early Indian startups in this industry, Innefu Laboratories and Indusface, both launched in 2011, have grown into global giants with a diverse client base. One of the main reasons for the exponential growth of startups and investments in the country is the availability and growing base of IT, security, and technical capabilities.
Top 10 cyber security startups
Lucideus
Saket Modi, Rahul Tyagi, and Vidit Baxi founded Lucideus in 2012 at IIT Bombay. They offer cutting-edge computer security services and AI-ML-enabled platforms to companies all over the world, enabling them to proactively protect, monitor, and effectively respond to cyber threats and mitigate cyber-attacks. They enable business executives to prioritize cyber security and make well-informed security decisions.
Lucideus presently has over 150 clients across five continents in 16 countries. Angel investors Rajan Anandan, Kulmeet Bawa, Govind Rajan, Jonathan Boutelle, and others have contributed to the startup. In 2018, JC2 Venture Firms invested USD 5 million in it.
Securitybulls
Securitybulls, a startup founded in Indore in 2016 by Geet Vaishnav and Prateek Sharma, offers encyclopedic pen-testing, IT security assessments, and connectivity security services to analyze a client company’s digital assets from the standpoint of cyber-attackers, analyze their security risk posture, and provide a remediation template to assist their clients in improving their cyber security methods It combines the power of digitalization with the experience and skill of security experts in its bespoke solutions.
Securitybulls has grown from strength to strength despite the challenges of establishing and growing in a Tier I city. They work with global giants like Google, Microsoft, Adobe, and Twitter and service clients from all over the world, including the Americas, Asia, and Europe. For the Blockchain industry, this startup is working on an AI-powered cryptographic protocol code review system, as well as an AI-powered online vulnerability check that can discover business logic flaws.
Sequretek
Sequretek, a cyber security startup founded in 2013 in Bombay by Anand Naik and Pankit Desai, aims to make enterprise security easier by equipping them with Ai/machine learning-driven security tools and solutions, as well as full enterprise visibility, so they can be prepared for any threats – known and unknown. Financial institutions, e-commerce, retail, healthcare, healthcare, entertainment, and manufacturing are among the industries in which they have worked.
Sequretek now has over 60 customers and has secured USD 4 million in a bridge round from previous investors Gujarat Innovation Finance Ltd. and Unicorns India Ventures. It will hold a Series A investment round in the next months. Sequretek just started business in the United States and intends to expand.
Seconize
Seconize is a Bangalore-based cyber defense startup launched in 2017 by Sashank Dara and Chethan Anand that offers organizations adopting digitization cloud-based, AI/ML-enabled, automated solutions. These solutions help enterprises to de-risk themselves in a uniform, continuous, and consistent manner through proactive risk analysis, identification, remediation, and administration across all IT assets with real-time risk postures and zero human error.
Their method automates the analysis of legal and regulatory gaps at the regional and international levels.
The startup is seeking to transform and disrupt the enterprise IT risk assessment market. It is backed by NASSCOM 10,000 Startups, CYLON labs, and the Singapore-based ICE71 accelerator program. Seconize is growing its activities in the Asia Pacific, and it has built an office in Singapore with the help of Singtel (a well-known Singapore telecommunications company) and NUS Enterprise.
Cybersecurity Labs Lakshya
Lakshya Cybersecurity Labs was founded in 2017 in Coimbatore by Premchand and Pradeep Menon. This next-generation corporation, founded by seasoned scientists and academics, works with forward-thinking companies to provide customized security solutions and programs. Clients can take advantage of consulting, security research, outsourcing, and instructional services. Lakshya Cybersecurity Labs strives to prevent cyber-attacks by identifying and detecting them before they happen, as well as protecting all of their digital assets with trademark protection.
Zacco, a Danish copyright corporation, recently bought Lakshya Cybersecurity Labs to integrate into its R&D facility in India. The acquisition was based on the startup’s expertise in domains such as banking, banking, healthcare, aviation, manufacturing, government, and others, as well as its expertise in IP, compliance, and cyber security. The startup, which is backed by Zacco, has big plans to change the way businesses think about cyber security.
Benefits of cyber security for startups include:
Data-driven businesses are becoming increasingly exposed to cyber threats as the Australian startup sector grows, revealing vulnerabilities for small and larger organizations. As more firms understand how to protect their enterprises from such threats, knowledge is pouring and founders are learning.
Strong cybersecurity contributes to the value of a company
How can cybersecurity “add value” if it isn’t something that the company sells directly to its customers? Although cyber security cannot be measured in dollars, it does provide a solid platform for a firm to protect, organize, and process customer data without endangering its validity or safety.
Strong Terms of Service and Privacy Policies come through at the end
Many startups have been prevented from losing not only consumer trust but also money because of this often unread template of the company’s terms of use and privacy policy. While the customer is king, many businesses are caught by surprise when customers take advantage of technology weaknesses to harm or profit from the company’s reputation. Strong terms of service and a transparent privacy policy form the foundation for a clear contract between the organization and its clients.
Startups that put effort and care into building this blueprint receive a lot of benefits from letting it run on its own afterward, knowing that these parameters will protect both the firm and the interests of its customers. These agreements could be drafted in partnership with a company that specializes in IT solutions and cyber security.
The importance of reputation cannot be emphasized
as a result of all the noise on the internet, startups suffocate in a fog of competitive chaos. The old-school and conventional phrase reign supreme when it comes to organic growth. Despite the fact that social media is growing increasingly popular, effective internet marketing demands a distinct voice and marketing strategy. Despite popular opinion, not all startups are born on social media sites. Consider a company that has experienced regular and long-term failures for its web platforms and tools, or one that has had at least one client affected by improper data handling. A bad reputation spreads quickly, making it impossible for a company to profit from it.
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