SINGAPORE, 17 MAY 2010 - Cyber power could be as destructive to world economies as military might, according to managed risk and information security services provider e-Cop, a subsidiary of Certis CISCO.
e-Cop predicts that in the coming years, the requirements of cyber monitoring and response will become more and more important for countries.
The forecast was given last week by e-Cop chairman Noel Hon, at an address in Singapore to mark the company's 10th anniversary.
Hon said e-Cop handled 2.5 billion security incidents in 2009, a 24 times increase over the past eight years.
ln the coming years, the requirements for cyber monitoring and response will become more and more important as the world discovers that cyber power may be as destructive as military might in the damage that they can do to an economy, Hon said.
This has been borne out in Estonia, Georgia, and the recent exchanges between North Korea, South Korea and the US.
Expansion in managed security market
eCop has announced plans to expand its operations to get a bigger slice of the targeted US$4 billion managed security services (MSS) market in the Asia Pacific. MSS is a type of network-based security service that has been outsourced to a service provider, which oversees the network and information system security for other companies.
The MSS market is growing rapidly as more businesses are using it to resolve their business security issues. Outsourcing MSS is seen as an efficient way for them to trim IT budgets while focusing on their core applications, without worrying about constant updating and protection from evolving cyber threats.
The trend is also for companies to outsource the responsibilities of monitoring their lT infrastructure to security specialist like e-Cop, Hon said. This is because cyber security is a highly specialised field and the availability of expertise remains scarce.
e-Cop says it plans to increase its turnover by 300 per cent in five years, as part of its expansion push as it scales up its service offerings to enhance its margins.
The company intends to expand its footprint to more markets in the region such as Vietnam, Indonesia, the Philippines and the Middle East. It currently operates in Singapore, Malaysia, Hong Kong, Thailand and India, and will also venture into partnerships with strategic global vendors to provide an extensive suite of security and compliance services.
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