Cycra enters India

Cyrca Data Security Solutions, a Toronto-based IT security, privacy and compliance company has announced its entry into the Indian market. The company has decided to invest about $1 million in its Indian operations.

Cyrca will don the role of a consultant for security solutions, where it will mostly assess the readiness of an organisation to protect the data. Nearly 30 per cent of Cyrca's security solutions will relate to technical glitches in companies, while the rest is based on setting right certain company policies and procedures on security.

"We are witnessing a movement in prioritisation for IT security spending, and in the coming years we believe we will see a dramatic shift towards adapting and conforming to global security and privacy regulations," Hari Venkatacharya, president and chief executive officer, Cyrca, said.

Kumar Malavalli, famous for his achievements in SAN (storage area networks) as well as the co-founder of Brocade, is the chairman of Cyrca. Malavalli has recently announced the India entry of his company InMage.

Cyrca will focus on outsourcing, financial services and healthcare sectors as information security, it is believed, will take centrestage in these verticals.

Even as security norms in North America are getting tighter , Cyrca officials feel that Indian companies will have to follow. The size of the Indian security market for the 2003-04 is estimated to be Rs 240 crore by PWC, of which products account for Rs 150 crore. The industry is estimated to grow to nearly Rs 480 crore by 2008. India's spending on security as part of the IT budget is a mere one per cent.