Sri Lanka Network Security Market, yet Untapped – `Telecom’, the Largest Spender in Adoption of Network Security Technologies, BFSI and Government Follow, Reveals Frost & Sullivan Study
– Launched at Frost & Sullivan’s South Asia Enterprise Security Summit
2009
Frost & Sullivan, at its recently hosted summit – “South Asia Enterprise
Security Summit 2009″, unveiled the report titled “Overview and Way Forward
on Sri Lanka Network Security Market”. The report states that the telecom
sector is leading the market when it comes to adopting network security
technologies in
domestic market. BFSI stood as the second largest spender.
BFSI companies in
active role in monitoring and upgrading their security strategies. However,
due to the economic slowdown, the performance of BFSI in
impressive in 2008 as expected. The spending by the Government in
remained pretty strong and focused in 2008 and attained the third position.
This also goes to show the commitment of the Sri Lankan Government in
addressing all relevant IT matters, as well as its salient role in driving
network security business and trends. This vertical is expected to show the
highest growth amongst all verticals in the forecast period 2007 – 2015.
However, as there are no strict guidelines or rules by the Government or
any other body in
verticals like manufacturing and retail, which traditionally are not very
proactive in IT security issues, are still not very IT-complaint in
The report also reveals that 2009 is expected to see many global network
security players entering the Sri Lankan market, which would make this market
highly competitive in terms of pricing. Moreover, the companies that could
provide a complete suite of UTM capabilities and integrate all vital
technologies into one appliance and make it easy and reliable for the
customer can be expected to be able to fulfill the market need of security
combined with affordability.
Besides the study, Frost & Sullivan also conducted a CIO Survey in
Lanka
percent of the respondents who believed that Virus, Worms, and Trojan Horses
are the major disquiet in today’s IT environment. 55 percent respondents felt
that data security was one of the major concerns for them and that they would
take appropriate measures against them. Downtime and physical security were
also some of the other security concerns for CIOs.
It was also noted that adoption of IT regulations and guidelines amongst
most organizations remained quite dismal, with only 36 percent companies
following some IT guidelines laid down by various bodies, purely based on
their business needs.
Commenting on the overall enterprise security scenario for enterprises,
and
threats in the networked world are getting bigger and becoming more malicious
and moving from external to internal. Enterprises need to evaluate and
preempt these threats as the gap between attacks / attempt made, to detection
is abysmally low. As most attacks go undetected or unreported, enterprises
maintain the misconception that they are safe, and the consequences
(resulting from a security breach) can be anything from losing reputation,
customers, and competitive advantage, to legal issues, leading to
considerable financial loss.”
Mr.
technologies delivering revolutionary forms of collaboration and
communication are transforming the way businesses interact, both internally
and externally. Mobile devices and virtual platforms have torn down the
already wavering notion of a “network perimeter”; this has led to newer
threats and risks, and as these have evolved, so have our responses to them.
Cisco with the approach of Comprehensive Threat Intelligence, End-to-End
security solution and Business-enabling Services provide a rich, highly
secure Collaborative experience using Network as the Platform.”
The Summit, through presentations and discussions, covered some of the
key areas like the Evolving Role of the Chief Information Security Officer,
Collaborating with Confidence, Best Practices in Security Implementation,
Establishing Trustworthy Computing in an Enterprise, and Managing Security on
a Limited Budget.
The keynote was addressed by Mr.Aditya Sapru, Senior Vice President
(Strategic Alliances), Frost & Sullivan,
included Mr.
-
Mr.
Officer, John Keells Holdings Limited, Mr.
Dialog Broadband, and Mr.
Technologies, Cisco Systems,
The Summit was supported by Cisco as the Platinum Sponsor and Dialog
Broadband as the Silver Sponsor. The National Media Partners were Lanka
Business Online and Lanka Business Report (part of ETV). International media
partners were BenefIT, CIOl.com, and Express Computers.
About Frost & Sullivan – “We Accelerate Growth”
Frost & Sullivan, the Growth Partnership Company, enables clients to
accelerate growth and achieve best in class positions in growth, innovation,
and leadership. The company’s Growth Partnership Service provides the CEO and
the CEO’s Growth Team with disciplined research and best practice models to
drive the generation, evaluation, and implementation of powerful growth
strategies. Frost & Sullivan leverages over 45 years of experience in
partnering with Global 1000 companies, emerging businesses, and the
investment community from more than 35 offices in six continents. To join our
Growth Partnership, please visit http://www.frost.com
For more information on Frost & Sullivan Report OR Survey,
contact:
Caroline Lewis
Corporate Communications - South Asia
P: +91-22-4001-3438
F: +91-22-2832-4713
E: caroline.lewis@frost.com
Nimisha Iyer
Corporate Communications - South Asia and Middle East
P: +91-22-4001-3404
F: +91-22-2832-4713
E: niyer@frost.com
SOURCE Frost & Sullivan (