Cybersecurity hacks are on the rise and an increasing number of companies are being attacked including those charged with the task of cybersecurity. Additionally, the cybersecurity firm’s customers are finding out about it.
This is exactly what happened with Manan Shah. Manan is the founder of Avalance Global Solutions, a cybersecurity firm based in India. He received a text from a potential customer about his company getting hacked. Shah quickly scrubbed the customer success stories from the website so that none of his customers’ names were showing up in the system. His system had been hacked.
This development is not unique to Shah. The threat against cybersecurity firms can be damaging as their systems are getting hacked and customers are being notified. This was the case with Mandiant, a security firm who found out one of his analysts’ accounts was compromised after a security hack.
There has been a surge in demand for cybersecurity firms and services. The competition is stiff and companies are leaving no stone unturned to get every customer they can. If that means upending their competition by hacking their systems to showcase their assumed weakness in the market, that’s what they will do.
The cyber security market in India is forecast to grow by $35 billion by 2025 from its current market capitalization of $4 billion. Participating players are huge in number, whether it is small, medium, or large enterprises. The market split includes a large number of startups which is precisely why there is stiff competition. Sometimes, hacks are not reported due to fear of damaged reputation.