Cybersecurity is becoming a big issue globally with new data breaches emerging. The threat has been affecting India enterprises as they’re rapidly digitising their services. These companies have been witnessing a rise in data breaches and exposure of confidential information.
IBM is trying to turn this into a business opportunity. The New York-based tech giant has started providing its artificial intelligence (AI) platform Watson to detect, assess and resolve issues of data threats without relying on the physical workforce.
Vaidyanathan Iyer, security software leader of IBM India, said India is digitising at breakneck speed because of faster digitisation. Therefore facing more security threats.
“The average total cost of a data breach in India is INR 13 Cr, which represents an increase of 7.29% from the prior year,” he added.
The technology is said to be an effective tool replacing the team of tech experts with just one AI. IBM, also known as the Big Blue, has been working with various small and medium businesses and enterprises in the country to install Watson embedded products and services for end-to-end cybersecurity management.
What Makes Up The Market For IBM’s Security Services?
IBM has been growing in double digits in India and expects to maintain the same pace over the next few years. There has been a 50% year-on-year (YoY) increase in the adaptation of this security software solution in the first half of 2019, said the company.
IBM’s core demand is coming from various sectors like banking, financial services, insurance, government, defence and manufacturing. India’s flagship markets exchange, the Bombay Stock Exchange Ltd, is one of the customers of the company.
IBM has been working with BSE to design, build and manage cybersecurity operations centre (SOC) to safeguard the company’s assets and protect stakeholders’ data. Such centres will enable around-the-clock security event monitoring, event handling, security analysis and incident management and response.
Shivkumar Pandey, CISO of BSE, said, “The end-to-end security solutions, services and global expertise from IBM will help BSE consolidate and fortify best practices under one umbrella.”
IBM is also providing its products to SMBs for extensive endpoint security. One of the biggest reasons for the installation of Watson is due to the shortage of “skilled security teams” within their organisation to assess threats.