India’s rapid transition to a cashless economy since Prime Minister Narendra Modi’s demonetization drive has exposed new avenues for virulent cyber threats across the nation.
A company is hit by ransomware every 40 seconds somewhere in the world, thanks to the rise of ransomware-as-a-service model that is available ‘on demand’ to criminal gangs who increasingly target businesses. To date, 2017 has seen this trend play out in full force, with high-profile attacks such as Petya and WannaCry.
On March 2, 2017 Symantec announced the launch of Symantec Ventures – its latest effort to help startups by contributing capital, reducing expenses and accelerating time to market. Per the company, Symantec Ventures is the next step post its partnership with Frost Data Capital Partner in 2015. Initially while the company aimed to foster up to 10 Security and IoT Analytics startups per year, with Symantec Ventures it plans to further its investment in areas like Machine Learning and Security Analytics.