The business opportunity in the era of increasing cyber policies

In recent times, the world has seen great technology momentum. India has been keeping pace with developments in information technology (IT) and an enormous boost in e-commerce. These sectors rely heavily on managing customer data, storing login information and electronic transactions. The downside of the subsequent growth is the corresponding susceptibility to cybercrime, identity frauds and financial shams.

Businesses have woken up and admitted that there is a bigger problem than just how attacks have risen with IT applications. As they adopt new technologies such as cloud computing or data analytics – it further increases the vulnerability to attacks. Obviously, we can’t turn back the winds of change. Which means enterprise are quite enthusiastic toward spending on cybersecurity. As much as it can cost, it offers a bargain next to the alternative of cutting back productivity-enhancing practices.

Undoubtedly, cybersecurity has become one of the most compelling priorities worldwide, giving rise to multiple policies and guidelines across the world by various Governments. These regulations include the European Union’s General Data Protection Regulation (GDPR), Australia’s Privacy Act, or Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA), to name a few. India too is contemplating a Personal Data Protection Bill soon to be introduced in the parliament.

These regulations are fundamentally reshaping the way in which data is being handled across every sector, from retail, healthcare to banking and beyond and bringing many opportunities for businesses. As per a report by Gartner, startups in the realm of cybersecurity are blooming and the industry is said to exceed $114 Billion in 2019.

Here are some of the most recent business opportunities worldwide: -

Customer identity and access management – Existing customer identity and management platforms are already working towards maintaining customer security and privacy. With the coming of these policies, they are in the right position to assess and provide the right set of compliance tools and services, thereby reducing the burden for enterprises on the whole. Companies dealing with online customers are now exploring such platforms to not only just stay ahead of the competition but also to adhere to cyber security laws and regulations and protect their customers

IT Security Automation – It might sound like an oxymoron but, removing the human element from a system is known to make it more efficient. Using cognitive computing, there is a business opportunity to provide a seamless and differentiated IT security experience. Embedding policy compliance from the onset will help mitigate circumstance a long way

Threat Detection – This is a growing field as companies would be eager to invest in technology that can identify breaches or compliance mistakes before they happen. Startups helping companies contextualize data better in order to prioritize and manage security incidents have a bright future ahead.

Let’s face it, the digital world is only going to expand further and so will the associated threats. We are talking internet of things (IoT), connected devices, self-driving cars, Artificial intelligence powered business models, robotics and virtual currencies. Everywhere you look, the possibility of vulnerability is endless. Therefore, instead of worrying about it, it's time to tackle it head on and tap into the opportunities provided by cyber threats and cyber policies.

By Rakesh Soni, CEO/Co-Founder, LoginRadius