Today’s cybercriminals are skilled enough and sufficiently resourced to have the persistence and patience to carry out highly successful attacks on consumers, businesses and governments around the world. Their efforts have turned cybercrime into big business with private information being stolen on an epic scale. A report by cybersecurity firm Norton reveals that in 2015 an estimated 113 million Indians lost about R16,558 on an average to cybercrime, in addition to the emotional stress caused by personal financial data breach; the global average stood at R23,878 ($358).
With a view to stop advanced attacks, cybersecurity firm Symantec is revving up its act to curb this growing menace.
It has announced plans to beef up its Cyber Security Services business globally with an investment of more than $50 million. A portion of this investment has been leveraged to build a new dedicated Security Operations Centre (SOC) in Singapore, doubling Symantec’s Cyber Security Services expertise in the Asia-Pacific region.
Now more than ever, businesses require a deeper security understanding and strong proactive security measures to gain the upper hand on adversaries. Symantec’s SOCs analyse 30 billion logs worldwide each day to provide enterprise-wide protection to help enterprises strengthen their defenses and respond to new threats as they emerge 24 hours a day, 7 days a week, 365 days a year.
With a new Security Operations Centre in Singapore, businesses will have access to intelligence, accurate threat detection and proactive notification of emerging threats to ensure their most sensitive data is protected. “The new SOC will also enable businesses to shorten the time between detection and response, reduce operational costs and proactively counter emerging threats,” said Samir Kapuria, senior vice-president and general manager of Cyber Security Services at Symantec.
“Today, technology alone may not stop advanced threats. Organisations need security experts on hand to interpret and prioritise the critical events that need action. By investing in people and security IQ in Singapore and the Asia-Pacific, Symantec is expanding its visibility into the region, enabling us to bolster customers’ security operations capabilities, and protect their critical information and assets,” said the Symantec SVP and GM.
“The Asia-Pacific region is incredibly diverse and multi-cultural. This allows us to attract highly educated multilingual security professionals who bring expertise and experience from many vertical industries and global security organisations and are well-versed in the security landscape,” added Kapuria. The investment will enable the company to expand its Chennai SOC as well as the Tokyo SOC. The next phase of the company’s SOC expansion will take place in Europe, with more facilities expected to open within the next 12 months. Once complete, Symantec will have eight SOCs worldwide, extending their current team of 500-plus certified cybersecurity professionals to address every stage of the cyber-attack lifecycle.
Symantec has also invested significantly in its cyber services-enabling technology, including big data analytics and distributed computing. With an increasing demand to manage customers’ security environments with security-as-a-service, Symantec Cyber Security Services offers a strong portfolio, including Managed Security Services and Security Simulation training.
Globally, industry analysts feel that the security landscape is changing very rapidly. The Norton report found that 60% of people worry about experiencing cybercrime. Interestingly, 54% of Indians believe it’s more likely their credit card information will be stolen online than from their wallet and one in two Indians have either personally experienced credit card fraud or know someone who has. Despite stepping up their information security measures, businesses in India continue to be an attractive target for cybercriminals. In fact in 2014, 60% of targeted attacks were aimed at large enterprises in India clearly indicating the need for enterprises to take notice.
Last year Symantec’s team of cyber professionals protected businesses from more than half a million web attacks per day, according to the company’s 2015 Internet Security Threat Report.
Without doubt, with growing concern about cybercrime, cybersecurity is going to play a vital role in years to come.
The writer was in Singapore at the invitation of Symantec