Comments
WinMagic, a Canadian company providing encryption solutions, plans to double its business in India next year as demand for data security solution is increasing multi-fold, according to Rahul Kumar, Country Manager, WinMagic.
The company has been in India for the last five years. However, first two years were spent mainly on setting up operations and last three years on acquiring clients.
WinMagic today has around 150 clients in sectors such as BFSI, healthcare, Defence and IT/ITeS. Over 1.25 lakh devices (desktops, laptops and servers) have the company’s encryption, he told Business Line . “We plan to double this number in 2018,” he said without giving any financial details. In 84 countries over eight million endpoints, including laptops, desktops and servers, use WinMagic’s encryption, which is a process of encoding a message or information in such a way that only authorised parties can access it.
Kumar said, if a device gets corrupted or crashes, “we can retrieve data in 5 minutes while competitors will take nearly 2 days,” he said. “We have won many deals giving this assurance,” he said.
Devices across the world are frequently affected by malware, ransomware or hacked. While devices have firewalls to protect hardware, WinMagic protects data that are more valuable than the device. “A client can afford to lose the device costing ₹75,000 but cannot lose data stored in device that is worth multiple times. There is dire need for securing data in expanding digital world,” he said.
Encryption marketGlobally, encryption market is $2.2 billion and expected to go $7.2 billion by 2020. Indian market for encryption is still not as matured as markets like most of Europe, America or Japan. However, with more and more Indian companies are opting encryption solutions in various sectors, including BFSI, pharma, Defence and IT/ ITeS, he said.
On the scope for company’s solutions being deployed in smart city projects, Kumar said it is in discussion with various stakeholders. However, it is at a very nascent stage.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.