Entersoft partners with cybersecurity firm Segasec

Entersoft, a Bengaluru-headquartered application security provider, announced a strategic partnership with Israel-based cybersecurity company Segasec.

The strategic partnership comes at a time when the Reserve Bank of India (RBI) has mandated that all Indian banks should put in place a robust cybersecurity framework.

In a statement, both the companies stated that Entersoft's decision to join hands with Segasec will help the Indian financial sector access a consolidated solution for safeguarding financial institutions.

A recent research report finds that India is among the top four nations hit by phishing attacks. Phishing has seen an alarming rise worldwide, especially in India, where attacks have increased by 70% from July 1, 2018 to Sept. 30, 2018.

Consulate General of Israel to South India (Bengaluru) Consul for Trade and Economic Affairs Shai Moses said that the Entersoft and Segasec collaboration in India would strengthen the two-country alliance that has been flourishing in recent years.

"Indo-Israeli relations are strengthening in areas covering many important sectors, notably water, agriculture, tourism and cybersecurity,” said Moses.

Segasec's co-founder and CEO Elad Schulman said the company is excited to work with Entersoft. "We believe that Entersoft is offering some of the most reliable application security solutions, combined with Segasec’s approach to tackle customer-facing phishing attempts, will bring the expertise and skills that enterprise industries need today and in the coming years," said Schulman.

Entersoft co-founder & CEO Mohan Gandhi said the number of attacks via phishing and malicious emails in Asia is steadily rising. "Thirty-six percent of Indian banks have been targeted last year and more than two lakh users have been victims of phishing attacks in India alone. With Segasec's assistance, we aim to bring the incidents down and make organisations and their consumers more secure by going beyond application security," he said.

Federation of Indo-Israeli Chambers of Commerce Vice Chairman David Keynan said the chamber has been working in the cyber sector for some time. "The strong relations between the Indian and Israeli cyber companies are a great example of the value the chamber brings to members," he said.