As large businesses in India ramp up their investments in cybersecurity, ESET has achieved robust double-digit growth in the local market. This success can be attributed to the increasing emphasis placed by enterprises and small businesses alike on endpoint detection and response (EDR). ESET remains at the forefront of this trend, driving forward with determination and earning accolades from esteemed analyst firms such as Canalys. In an exclusive conversation with DT, Pamela Ong, Sales Director for the Asia-Pacific region at ESET, sheds light on the company's strategic initiatives tailored for the local market.
DT: How did ESET perform in the CY 2023?
Pamela: ESET experienced significant growth across APAC last year, with the enterprise segment in India demonstrating one of the strongest performances. In India, we saw over 35% Year over Year (YoY) growth as large businesses continued to invest in cybersecurity to stay protected against increasingly sophisticated threats.
We have seen substantial uptake towards higher-tiered levels of security products with a focus on endpoint detection and response (EDR), which has become crucial not only for enterprise-grade businesses but also for small and medium businesses (SMBs).
This is a good sign, as it means that companies have become more aware of the importance of good cybersecurity hygiene.
DT: What are your expectations from 2024?
Pamela: India is a key market for ESET and we have plans to expand our team here to support growing business plans. In addition to increasing our team and expanding our presence, we are expecting a growth of over 50% this year.
These plans come at the back of exciting times as the Indian market gears up for exponential growth in 2024: Revenue in the cybersecurity market is projected to reach US$2.90bn in 2024 and cybersecurity solutions dominate the market with a projected market volume of US$1.51bn in 2024. Looking forward, revenue is expected to show an annual growth rate (CAGR 2024-2028) of 13.31%, resulting in a market volume of US$4.78bn by 2028.
DT: What is your current channel strength and how are you planning to strengthen your partner network in 2024?
Pamela: ESET offers channel partners access to its partner portal, where they can find resources and tools to grow their business with ESET. Our commitment to helping our partners develop their cybersecurity businesses has been recognised by analyst firms such as Canalys, a leading global technology market analyst firm providing an overall assessment of the leading cybersecurity vendors with established channel programs. ESET attained the champion status for the fifth consecutive year in the latest Cybersecurity Leadership Matrix from Canalys.
In 2024 we are planning to implement the following programmes to strengthen our partner network:
Enhanced Training and Education Programs: Offer comprehensive training and education programs to empower our channel partners with the knowledge and skills needed to effectively bring our products to market.
Expansion of Partner Ecosystem: Expand our partner ecosystem by identifying and recruiting new channel partners that complement our existing network, and target new markets or customer segments.
DT: How the emerging technologies like 5G, IoT, and cloud computing will shape the cybersecurity landscape in 2024?
Pamela: While emerging technologies bring about exciting new possibilities, they also give rise to significant cybersecurity risks. In the case of rapidly advancing genAI, malicious actors could potentially manipulate media content for deceptive purposes, such as spreading misinformation, impersonation, and identity theft. The proliferation of IoT devices will also amplify cybersecurity risks due to the expanded attack surface, and increased connectivity augmented by 5G. Smart devices can easily be exploited to create large Distributed Denial-of-Service (DDoS) networks and anonymisation networks, or be used for targeted tracking of VIP users.
To combat these threats, investing in advanced cybersecurity tools is essential. AI’s role in threat detection, investigation, and response (TDIR) will be a paradigm shift in cybersecurity. TDIR is a risk-based strategy for effectively mitigating cybersecurity threats and enhancing the efficiency of threat detection. These tools, powered by AI, offer strong threat intelligence and human expertise, providing a robust defence mechanism against a wide array of cyber threats. Ultimately, they can detect and neutralise sophisticated attacks before they cause harm, thereby enhancing an organisation's security posture. Access controls can also be implemented to restrict and prevent sensitive data from being input into GenAI models.
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