Sri Lankan companies are concerned over data security with most still not having adequate protection, opening up opportunities for network security players, business research and consulting firm Frost & Sullivan said. A survey done by Frost & Sullivan of chief information officers in Sri Lanka, revealed that major threats for information technology (IT) security were highlighted by 85 percent of the respondents.
"They believed that virus, worms, and Trojan Horses are the major disquiet in today’s IT environment," Frost & Sullivan said in a statement.
It said 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."
Frost & Sullivan 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.
"The Internet is becoming an enabler. However, threats in the networked world are getting bigger and becoming more malicious and moving from external to internal," Girish Trivedi, Deputy Director, ICT Practice, Frost & Sullivan, South Asia and Middle East, said commenting on the overall enterprise security scenario for enterprises.
"Enterprises need to evaluate and pre-empt these threats as the gap between attacks or 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."
Frost & Sullivan, at its recently hosted summit in Colombo on “South Asia Enterprise Security Summit 2009”, unveiled a 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 Sri Lanka with most of the telecom players catering to the domestic market.
The banking, financial services and insurance (BFSI) sector stood as the second largest spender followed closely by the government sector.
"BFSI companies in Sri Lanka are attuned to the concept of having an active role in monitoring and upgrading their security strategies," Frost & Sullivan said in their statement.
"However, due to the economic slowdown, the performance of BFSI in Sri Lanka was not as impressive in 2008 as expected.
The spending by the government in Sri Lanka remained pretty strong and focused in 2008 and attained the third position."
However, Frost & Sullivan said, there are no strict guidelines or rules by the government or any other body in Sri Lanka that needs to be followed by different companies.
Sectors like manufacturing and retail traditionally are not very proactive in IT security issues.
The Frost & Sullivan report also reveals that 2009 is expected to see many global network security players entering the Sri Lankan market, which it said would make this market highly competitive in terms of pricing.
"Moreover, the companies that could provide a complete suite of UTM (unified threat management) 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."
Arun Shetty, Senior Manager - Systems Engineering, Cisco Systems - India and SAARC, one of the speakers at the summit, said that flexible new 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."
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).