In the last month, within the span of a few weeks, two major Indian pharmaceutical companies were hit by ransomware attacks ransomware attacks Ransomware attack Attackers install malicious software—known as a trojan—that looks like a legitimate file but one that ends up encrypting systems. . The companies affected—Mumbai-based Lupin Limited and Hyderabad-headquartered Dr Reddy’s laboratories—had access to their data cut off, and had to pay a ransom to regain access to it.
While Lupin’s core systems and operations weren’t hit, Dr Reddy’s had to pause its worldwide operations.
With nearly every aspect of our lives moving online, India has seen a rising number rising number Inc42 Rising Cyber Attacks Cost INR 1.25 Lakh Cr For Indian IT Companies In 2019 Read more of cyber attacks, including ransomware, over the past few years. And if data is valuable, projected to add projected to add Nasscom Unlocking Value from Data and AI – The India Opportunity Read more nearly $450-500 billion to India’s GDP by 2025, so too is the industry tasked with its protection.
India’s cybersecurity market is expected to be worth about $3 billion $3 billion The Economic Times India's cybersecurity market to touch USD 3 bn by 2022: PwC-DSCI report Read more by 2023, according to a report by professional services firm PricewaterhouseCoopers and the Data Security Council of India. And 12-year-old cloud data protection firm Druva Inc. is perfectly positioned to crest this wave.
Its flagship product Druva Insync runs in the background of the devices used by a company’s employees, encrypting and backing up all data to the cloud. This minimises the risk of a data breach on one employee’s device which could lead to a catastrophic breach of the entire company’s systems.
Hypothetically, if Druva were running on Dr Reddy’s systems, their data would have been backed up and back online in minutes. The data corrupted by the ransomware could just be deleted and there would be no loss of data.
The Indian market, however, is a relatively small one for the cyber security company despite its inception in Pune, Maharashtra. Nearly 70-80% of Druva’s revenue comes from North America, according to former employees that The Ken spoke to.
