Lucideus is a cybersecurity platforms company, with their product – SAFE, they help Fortune 5000 companies to understand and proactively mitigate cyber-risk. It was awarded “Best startup of the year (2018)” by the Government of India and “Emerging Cybersecurity Vendor of the Year (2018)” by Frost & Sullivan, the company is growing exponentially, across the globe.
Mr. Vidit Baxi is the co-founder of Lucideus, he is a Microsoft Certified Technology Specialist and a Microsoft Certified Professional and has a high level of expertise in handling server-side operations based on the Windows platform. With over 6 years of training experience, he has constantly been engaged in conducting workshops for corporate houses and academic institutions such as IIT’s and NIT’s and has trained more than 5000 students. A Certified Ethical Hacker, he is ideal for many young students in India who take up security as their career objective and motivation to those who see and understand IT Security and its needs.
In an interaction with Techxty, Vidit Baxi talks about the new technologies that are shaping the future of cybersecurity . Read On!
Tell us something about yourself and what does your company do?
Lucideus is a cybersecurity platforms company and with our product – SAFE, we help Fortune 5000 companies understand and proactively mitigate cyber-risk. We started our journey as a cybersecurity services company, and with our experience of working across varied sectors such as financial services, healthcare, FMCG, aviation and airports and others, we realized that risk quantification was a major challenge across the C-suite and boardroom. This led us to build SAFE, which is a real-time and objective cybersecurity platform for enterprises, helping the CEO and the boardroom have the same source of cyber information which is quantifiable, insight-driven and action-oriented. Lucideus was incubated out of IIT Bombay in 2012, and since then we have been growing steadily. Last financial year, we saw a triple-digit growth and this year too, we are on track to maintain that growth.
I am one of the Co-founders of Lucideus and have been with the organization from its very beginning.
How AI is fundamental to the future of cybersecurity?
We are in an era where data is the currency and a proliferation of data continues to expand, Artificial Intelligence and Machine Learning will be key to make sense of this data to make informed business decisions. Particularly from a cybersecurity standpoint, AI will be fundamental to be able to predict and detect cyber-attacks.
For example, our enterprise platform – SAFE is built with Artificial Intelligence from the ground up. It is the only product that helps a CEO of an organization understand cybersecurity in a de-jargonized manner. It gives the organization a cyber-health score between 0-5 at a macro level, and rates every IP address in the network/asset of the organization between 0-5 at a micro-level. With AI, our product can help detect the attacks that are happening and help organizations protect their perimeter and their cyber risk in real-time.
Today, we are an AI-first company, with an outlook to become AI only in the near future.
How big data helps avoid cybersecurity threats?
Similar to Artificial Intelligence, Big Data Analytics is today being used to thwart of cyber-attacks such as ransomware, malware attacks, etc. amongst others. With the help of Big Data, it is today possible to store huge amounts of data, which helps cybersecurity professionals to examine, observe, and detect irregularities within a network.
According to a CSO Online report, 84% of businesses use Big Data to help block these attacks. They also reported a decent decline in security breaches after introducing Big Data analytics into their operations.
It is often said that cybersecurity is a very dynamic industry and organizations have to adopt continuous, real-time and predictive tools to stay ahead in today’s digital era. Organizations with big data analytics capabilities will surely have an edge in predicting and mitigating cyber-attacks.
How the digital transformation has impacted cybersecurity?
A decade back, cybersecurity was only an IT concern, but today, that has changed drastically. Organizations today are basing their business model on technology, and when this is the case, cybersecurity has become a boardroom concern
A data breach has a multifaceted impact on an organization, starting from reputation loss to a direct impact on the balance sheet. As per the World Economic Forum this year, Cyber Security is the number one worry for CEOs around the world. We are at the epi-center of solving exactly this problem using our SAFE Platform.
The global cybersecurity market was worth $3.5 billion — and in 2017, it was expected to be worth more than $120 billion. According to Gartner, in 2019, the market is forecast to grow 8.7 percent to $124 billion. Similarly, as per Gartner reports, worldwide IT spending is projected to total $3.8 trillion in 2019, an increase of 3.2 percent from expected spending of $3.7 trillion in 2018.
When digital transformation is seeing rapid adoption, the growth of IT spending vis-a-vis the growth in cybersecurity is a clear demonstration of the opportunity and the impact that digital transformation has had on cybersecurity.