Seizing the cyber security opportunity – in conversation with Mr. Sandip Kumar Panda, CEO, Co-founder, InstaSafe
1. While the Cyber Security market is growing tremendously (expected to grow to US$ 248 billion), some of the major players like IBM, Microsoft, Oracle, McAfee, Symantec, Cisco are also operating in this space. What is the opportunity for SMEs and how do you compete against the big names?
What has happened, is, we are left with the perception that, large players like IBM, Symantec, Mcafee, Cisco are major players in the cybersecurity market, which is indeed true from a revenue point of view. But the reality is, these players have built their portfolio, acquiring startups and grapple with the problems of technical integration for years to come. So while the technical integration takes years, the threat landscape changes and you end up again catching up with the newer technologies.
Startups, on the other hand, solve specific problems, without the overheads of complex integration, or heavy-handed legal bounded complex licensing fees, just concentrating on offering new, innovative and superior customer experiences to large markets, regardless of how competitive the sector already is or how successful the founders have been before.
If I talk about InstaSafe, our main aim of is to make the internet safe, open and connected, by eliminating the gaps in the traditional network and security tools. We believe in making things simple, by navigating through the complexities involved in making the route a simple sail. As companies adopt mobile and cloud technologies, the perimeter is becoming increasingly difficult to enforce bringing to one of the biggest disruptions since the invention of the firewall. This is where we exist enabling dynamic encrypted application access, in the cloud or on-premises, after authorizing users and their associated devices based on the principles of Zero Trust Security which believes in trusting no one until they are authenticated.
2. North America is expected to hold the largest share of the cybersecurity market whereas APAC is expected to grow at the highest CAGR. Where is the opportunity? What are your focus markets and what is sales strategy for the same?
While North America is the largest market, APAC, is growing at the fastest rate. A Frost & Sullivan study commissioned by Microsoft revealed that the potential economic loss across the Asia Pacific due to cybersecurity incidents can hit a staggering US$1.745 trillion. This is more than seven percent of the region’s total GDP of US$24.3 trillion
North America is a mature market but with the evolution of compliance, in emerging markets of APAC, as per industry reports, as well as from a practical perspective we have observed that APAC countries might be a victim of future cybersecurity attacks because of their approach towards cybersecurity which involves security being an afterthought and not a strategic business enabler.
In mature markets like North America, we are in talks with a couple of industry veterans wherein they work closely with InstaSafe business development team to build and set up entire partner ecosystem as well customer footprints for North American markets. In emerging and fast pace markets like those of APAC countries, we had decent success in the past with few channels and customer wins and will continue to invest and build strong partner and distributor ecosystem for APAC Markets. We have now also become the AWS Advanced Technology Partner and we plan to leverage our relations with partners like IBM etc and public clouds like AWS and Azure to build a wide network across all markets.
Yes, ABM Knowledgeware with such good market entry hold has definitely helped us immensely. Foreseeing the necessity of software-defined perimeter solutions for the Indian government, ABM’s inroads in multiple urban utilities and experience in e-governance vertical, allows InstaSafe’s customer success team to leverage ABM‘s strength and experience thus resulting in the formation of a separate government vertical inside InstaSafe for strategic projects.
Presently India is in the cusp of technology and digital transformation involving compliance and privacy as the most essential and important aspects. I believe the government sector is gearing up for imbibing the cloud first solutions and we are ready to win and lead when the time arrives.
4. What are the key strategic themes for FY 2019-20 for InstaSafe?
The Year 2017-2018 has gone superbly well for InstaSafe with we achieving great heights and also coming under Deloitte Fast 50 Tech APAC Companies. Keeping the highs and lows of the previous years as our guiding parameters we plan to build a great network of channel partners across the globe. Our presence in the International Market has started well and we plan to expand throughout countries with our technology of Software Defined Perimeter also termed as Zero Trust Network Concept. We plan to leverage our relations with the various Cloud Service Providers and partners across the world and plan on expanding InstaSafe internationally.
Our plan includes spreading the concept of bug-bounty platform among the masses in India. Being the industry first in this field in the region, with SafeHats, we plan to evangelize the concept of leveraging the power of crowdsourced ethical hackers to keep enterprise applications secure against malicious/ bad intention hackers. We want to help enterprises connect with hundreds of highly skilled ethical hackers, each with their unique skill set, trying to recreate the same kind of environment to conduct offensive application security testing and reporting their findings through our platform in lieu of bounty amounts offered.