February 1, 2021
For the third consecutive year, following the publication of Gibson Dunn’s ninth annual U.S. Cybersecurity and Data Privacy Outlook and Review on Data Privacy Day, we offer this separate International Outlook and Review.
Like many recent years, 2020 saw significant developments in the evolution of the data protection and cybersecurity landscape in the European Union (“
EU”):
CJEU” or “
Court”) struck down as legally invalid the EU-U.S. Privacy Shield, on which some companies relied to transfer personal data from the EU to the U.S. While companies are turning to other frameworks to transfer personal data, such as Standard Contract Clauses (“
PE-VC investments in cybersecurity firms plunged to 6-year low in 2020
January 27, 2021
‘Investors focused on companies with ability to break even’
The country went on a nationwide lockdown last year and many companies shifted to work-from-home practices. But this scenario made it easier for cyber criminals to attack networks with targeted malware and resulted in an increase in cyber-attacks across India, forcing organisations to strengthen their security frameworks.
However, contrary to expectations, private equity and venture capital investments in cybersecurity companies last year in India were the lowest in the last six years. As per data from Venture Intelligence, a firm that tracks private companies’ investments, financials, and valuations, PE-VC investments in the segment in India was only $14 million in 2020. While seven companies were funded last year as against six in 2019, the funding amount fell nearly 92 per cent from 2019’s figures.
Cyber security is becoming big business. Here s why
Illustration by Raj Verma
Grocery is a boring, low-margin business. But that did not prevent cyber criminals from stealing data of 20 million customers of online grocer BigBasket and selling it for a staggering $40,000 or nearly Rs 30 lakh on the dark web. And that too non-financial data such as name, email ID, PIN, contact number, address, date of birth, location, IP address.
BigBasket had thankfully not stored customers financial data such as debit/credit card details. But companies and their customers are not always so fortunate. In 2016, security of close to 3.2 million debit cards issued by major banks, including SBI, HDFC Bank, ICICI Bank, Yes Bank and Axis Bank, among others, was compromised. The breach, caused by a malware on an ATM network, resulted in not just financial loss to consumers and banks but also dented people s trust in digital banking.
Cyber Security: 64,000 jobs on offer
January 01, 2021
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Of the total open positions, about 11,000 are for cyber security product developers: DSCI chief
Cyber security professionals seem to be in huge demand in the country. As many as 64,000 cyber security jobs are on offer in different companies.
An estimate by the Data Security Council of India (DSCI), which is an association of the cyber security ecosystem players, of open positions found that about 53,000 job positions are on offer in cyber security services space.
“Of the 64,000 open positions, about 11,000 are for cyber security product developers,” Rama Vedashree, Chief Executive Officer of DSCI, told
BusinessLine.
December 24, 2020
Number of start-ups has gone up to 225 in 2020 from 175 in 2018
With opportunities opening up in the cyber security space, young entrepreneurs have set their eyes on developing niche information technology security and data protection products. That the number of start-ups in the cyber security products space has gone up to over 225 in 2020 from 175 two years ago shows the increased interest among the new breed of entrepreneurs in this sunrise sector.
Bengaluru tops the list with 49 such start-ups, followed by Maharashtra with 38, Delhi with 26, Hyderabad with 14 and Chennai with 7 start-ups.
“It is heartening to note that 63 per cent of them have integrated artificial intelligence and machine learning capabilities in their products and 78 per cent of them are cloud-ready,” Rama Vedashree, Chief Executive Officer of DSCI (Data Security Council of India), said.