BharatPe Appoints ‘Nehul Malhotra’ As The New Head- Consumer Lending

* Ex Paytm / Russell Reynolds/ McKinsey senior executive joins BharatPe’s core leadership team

BharatPe, India’s fastest growing Fintech company, today announced the appointment of Nehul Malhotra as Head- Consumer Lending. Nehul will work closely with the CEO, Suhail Sameer, to scale up the consumer focussed lending products at BharatPe. Nehul’s appointment is the 5th senior level appointment for BharatPe in the year 2021. The company had earlier announced the appointment of Parth Joshi (CMO), Amit Jain (CRO), Gautam Kaushik (Group President) and Sumeet Singh (General Counsel and Head- Corporate Affairs and Corporate Strategy). Nehul is a post graduate from IIM Ahmedabad and an engineer from Netaji Subhash Institute of Technology (NSIT), New Delhi.

Nehul is a seasoned leader with diverse experience across industries- including fintech, leadership advisory and search, and consulting. Prior to joining BharatPe, Nehul was Executive Director at Russell Reynolds Associates. He has an in-depth understanding of fintech, having spent 4.5 years at Paytm. During his stint at Paytm, Nehul held multiple roles including Head –Customer Service, Head- Payments Merchant Management and Head- Seller Onboarding for Paytm Mall. Nehul started his career with McKinsey where he worked on projects across sectors, including BFSI. Nehul has been an entrepreneur and had co-founded Learnmicros, a startup dealing in electronic DIY projects in the field of embedded systems, in 2009.

Commenting on the appointment, Ashneer Grover, Co-Founder and Managing Director, BharatPe said, “BharatPe, while being merchant centric business, is also a trusted consumer brand as our QR codes are all consumer facing. Our next focus area is consumer credit. Nehul will drive BharatPe’s BNPL offering to be launched in October and also strategize on how to evolve PAYBACK into a consumer lending product from a consumer loyalty one today. We continue to hire aggressively to grow our business and Nehul will be a valuable addition to the CXO group.”

Added Nehul, “Fintech is a fast evolving industry that is rewriting the rules of banking and financial services in the country. In just 3 years, BharatPe has emerged as a pioneer in India’s fintech industry. It has been one of the flagbearers of UPI adoption in the country and has also emerged as the trusted partner for millions of offline merchants and kirana store owners in the country. If we look at consumer fintech- it has undergone a huge transformation, owing to events like demonetization and the pandemic last year.  I believe that there is a huge opportunity ahead of us to build innovative credit products for consumers as digital payments and other financial services gain acceptance across the country. I am looking forward to this exciting role and building fintech products for the consumers of India as well as Bharat.”

IIM Sambalpur Celebrates Its “7th Foundation Day” Embracing The Diverse Cultural Heritage Of India

* Awards merit scholarship of INR 1,00,000 each to top seven students based on their performance

The Indian Institute of Management, Sambalpur was established by MHRD, Government of India in 2015 and was declared as an Institute of National Importance as per the IIM 2017 Act. Since then, the institute has been regarded as one of the coveted Business schools of the country. IIM Sambalpur celebrated its 7th Foundation Day today with much fervour while strictly following COVID protocols. The ceremony held in the blended mode was graced by Chief Guest, Shri. Dharmendra Pradhan, Hon'ble Minister of Education, Govt. of India, Guest of Honour, Shri. Subroto Bagchi, Chairman, Odisha Skill Development Authority, Keynote Speaker, Shri. Rajneesh Kumar, Chief Corporate, Affairs Officer, Flipkart and Prof Mahadeo Jaiswal, Director, IIM Sambalpur. The ceremony was also attended by the students, faculty member, staff of IIM Sambalpur along with members of the media. The commemorative program had a formal ceremony followed by a cultural program. 

In his addressal, Chief Guest, Shri. Dharmendra Pradhan, Hon'ble Minister of Education, Govt. of India, said, “At the outset let me congratulate the entire family of IIM Sambalpur for completing 7 years. Your passionate contribution in building this institution with utmost sincerity and dedication. I am sure Maa Sambaleswari’s blessing will take this institution to greater heights in the years to come. As you all know, Sambalpur is one of the fastest growing cities of Odisha and a land enriched with rich cultural heritage, where you have freedom fighters like Veer Surendra Sai, globally renowned poets like Swabhaba kabi Gangadhar Meher and saint like Bhima Bhoi has emerged. As students, you must take inspiration from their lives and must leave an indelible mark in the field of education. Sambalpur is the cultural capital of the Western Odisha, a cradle for Sambalpuri Handloom, dance and music which is revered worldwide. IIM Sambalpur has been the fusion of a long-cherished dream of having a management institute of national importance in Odisha, the seeds of this institution were sown during the tenure of Late Shri Arun Jaitley. As students of IIM Sambalpur as you embark on your life’s journey, you will not only become responsible citizens of the country but also leaders of tomorrow. You must work towards bringing a synergy of modern knowledge and traditional values to ensure that you represent yourselves as the true brand ambassadors of India. Under the visionary leadership of our Hon’ble Prime Minister Shri Narendra Modi ji, the National Education Policy 2020 aims to update, upgrade and upskill our youth. The policy is based on the foundation of accessibility, affordability, equity and quality, needless to say it aims to transform our education system with the emerging dynamics of the 21st century. NEP is an important step towards an Aatmanirbhar Bharat, I assure you that we are relentlessly working towards making this policy a success. A healthy workforce is only possible when we have a competent workforce of skilled management professionals and I am sure IIM Sambalpur will act as a catalyst to fulfill this dream and help excel in nation building to the best of their potential.” 

Guest of Honour, Shri. Subroto Bagchi, Chairman, Odisha Skill Development Authority, added, “I am delighted to be a part of this foundation day. Education is the most important ingredient for nation building, it cannot be trivialized. IIM Sambalpur has been on the trajectory to nurture responsible leaders for future with an entrepreneurial mindset. An educational institute must stand on strong values and IIM Sambalpur has been a defining factor in earning that trust. When we talk about Innovation, Integrity and Inclusiveness, Prof. Mahadeo Jaiswal embodies all those attributes. An educational institution must have a physical as well as digital infrastructure intertwined. Then there is a need for intellectual infrastructure to prepare the students for future, lastly, and importantly it must have an emotional infrastructure. The duty to build emotional infrastructure lies with the students. I am sure IIM Sambalpur will become one of the most memorable institutions in years to come.” 

Speaking on the occasion, Prof Mahadeo Jaiswal, Director, IIM Sambalpur, said, “The theme of the 7th Foundation Day of our Institute is “Indian Culture” which has great diversity but is very Innovative, Inclusive and with high Integrity. Our values are very much aligned with the Indian culture. IIM Sambalpur was established in the year 2015 with 49 students in the first batch of MBA and currently 6th and 7th Batch of MBA strength is 328, 3 batches of PhD is 15 students, and 2 batches of Exe PhD with 22 students and 1st batch of Exe MBA with 54 executives. The Institute outscored most other top Institutes in terms of highest gender diversity in MBA (2019-21) batch with 49% girls' students and 43% girls in MBA (2020-22) and 46 percent in the current year (2021-22). In intellectual capital we started with a faculty strength of 3 in 2017 to 17 full time faculty members in the current academic year. IIM Sambalpur was also decisive in initiating international partnership with a leading 6 Business Schools of Europe and Asia during the year. Albeit being the youngest IIM of the country, IIM Sambalpur, this is yet another glorious feat. For collaborative work, IIM Sambalpur has signed three MoUs and partnered with the Ministry MSME, Flipkart, India SME Forum, JSW, Vedanta Ltd., MCL, IOCL, and The Institute of Company Secretaries of India (ICSI), Delhi. We have also set up Incubation Centre and currently 7 startups are being incubated at IIM Sambalpur.” 

He further added, “Most notable during the year has been the significant milestones achieved by the Institute in infrastructural development. 2021 has been a revolutionary start for the Indian Institute of Management, Sambalpur. Hon'ble Prime Minister of India, Shri Narendra Modi, laid the foundation stone of the permanent campus of IIM Sambalpur on 2nd January 2021. Work on our permanent campus is in rapid progress and we expect to complete the first phase of the campus by August-December 2022. IIM Sambalpur has ranked 61 in the recent NIRF ranking and amongst the third generation IIMs it stands 2nd and 1st across India and is positioned in the 'HEI of Eminence: Institution of Academic Excellence' category in the OBE Ranking 2021, by R World Institutional Ranking.” 

Addressing the audience, Keynote Speaker, Shri. Rajneesh Kumar, Chief Corporate, Affairs Officer, Flipkart stated, “This institution is spearheaded by some great minds. As a country that has emerged from the pandemic, it has changed how we perceive businesses and everything else. There have been fundamentals shifts that covid has created in our lives and businesses. It has become evident that companies can no longer operate without considering of the larger context. This impacts the way we interact with different stakeholders. We have seen companies and businesses come together and support the Government during the tough times of covid. There is a need for businesses to be more responsible and inclusive. At Flipkart, this is exactly what we are try and do – build responsible growth and businesses. We believe this is all connected and coupled with our aspirations.” He further elaborated on Flipkart’s initiative to support small businesses through Flipkart Samarth and their partnership with IIM Sambalpur.  

The Program witnessed awards and felicitations of key achievers from various fields. Indian field hockey player and member of the Olympic bronze winning Indian hockey team, Amit Rohidas and renowned Sambalpuri singer Padmashree Jitendra Haripal, famous for the super hit song Rangabati, were honoured during the program for their marvellous accomplishments. IIM Sambalpur also awarded merit scholarships worth INR  1,00,000 each to the top seven students of second year based on their academic performance in the first year. This scholarship by the institute was initiated in the academic year of 2019-2020. As an institute that works towards integrating local communities, cultures and take them to global platform, a cultural program followed. This program entailed performances by students, Indian classical, tribal and folk artists who showcased the cultural diversity of the country. From the classical Odissi to the traditional Sambalpuri dance form Dalkhai and Dhap, folk dances from Bengal, Assam and Odisha to fusion dance by the students, the evening celebrated the rich cultural heritage of India.  

OTO Partners With PURE EV In Its Mission To Accelerate Electric Vehicle Adoption

* Customers can get home test rides and buy complete range of PURE EV’s product portfolio through the OTO Platform

* Innovative financing options from OTO will make PURE EV products more accessible and affordable

OTO, the two-wheeler buying and financing innovator, today announced its partnership with PURE EV, as they endeavour to drive the future of e-mobility together. As a part of this partnership PURE EV will showcase its range of electric vehicles from scooters to e-bikes on the OTO platform and offer flexible financing options for customers to join the EV revolution. OTO and PURE EV want to offer free home test rides, affordable interest rates and the innovative Ownership Monthly Instalments (OMIs) for customers to purchase the PURE EV electric mobility products and go green.

Commenting on the partnership, Sumit Chhazed, Co-founder, OTO, said, “The Indian two-wheeler market has maintained a steady growth. While this has been driven by internal combustion vehicles, we take great pride in partnering with PURE EV in the journey of transforming the Indian market by making ownership of EV more accessible. PURE EV’s complete range of electric mobility products will be available on our platform. Through this partnership with PURE EV, one of the most entrusted EV companies with a global presence, we are looking at disrupting the market and offering a bouquet of innovative financial solutions like never before.”

Rohit Vadera, Co-founder, PURE EV said, “Electric mobility is the way of the future but as Industry players it is our duty to make its ownership accessible and affordable through an innovative approach. We recognize that OTO has developed the discovery platform and financing options that will bring PURE EV to a larger set of customers and push towards greater adoption. We believe that collaborations such as this will play a significant role towards a greener and more sustainable tomorrow.”

Started in 2018, OTO operates on an innovative financing model for 2-wheelers where the buyer pays an upfront amount like any other loan but gets up to 35% lower EMIs with an option to retain, return or upgrade at the end of the tenure. The platform works in partnership with various banks and NBFCs to provide the most hassle-free financing options to its customers. It also provides full auto lifecycle management, from credit underwriting to insurance, maintenance, and eventual resale of the vehicle.

With this partnership, PURE EV Vehicles will be made available through the OTO’s Platform across 5 cities, aiming to sell and finance 1000+ two wheelers together by December and further plans to expand pan India. OTO’s robust growth and collection performance garnered strong interest post-pandemic from various banks and NBFCs and got it multiple lending partners with the commitment of lending over INR 250Crs on the OTO platform for the next 12months. The company recently raised $6M in a Series A investment round led by Matrix Partners India to expand and re-imagining the 2-wheeler buying and ownership experience for millions of Indians.

About OTO:

OTO was founded in 2018 by IIT-Mumbai alumnus Sumit Chhazed and Harsh Saruparia to present a 10X simpler, faster and more convenient way for 20Mn Indians to buy and finance their 2-wheelers every year. The company is headquartered in Bengaluru, with its services also available in Hyderabad, Chennai, Pune and Mysore. OTO has created a dramatically simpler leasing-like financing model for 2-wheeler purchases where buyers pay a similar upfront payment like any other loan, pay up to 30% lower EMIs and have the option to own the 2-wheeler at the tenure end OR sell it back to OTO. Around this core of “10X better” financing model & experience, OTO has added an app-based layer to help 2-wheeler buyers to find all the top options in one place, schedule a home test drive at their convenience and then choose to finance with OTO and continue to manage it - all in one place. With its 300+ dealer partners, OTO has financed more than five thousand two-wheeler vehicles. Find more information about OTO on www.otocapital.in

About PURE EV:

PUR ENERGY acronym stands for Power Using Renewable Energy and true to its name ever since its incubation at IIT Hyderabad, the company has focused on enabling transition to sustainable energy sources and the electric scooters manufactured by the company popularly known as PURE EV has evolved as a popular brand in the country. Energy storage technology has been a key area of expertise for the company. Dr Nishanth Dongari, Assistant Professor at IIT Hyderabad is the founder and Rohit Vadera is the Co-Founder & CEO of the firm.

The firm has executed hybrid solar storage projects for many prestigious business groups, Universities, Hospitals, Residential communities, NGOs and Schools. The company management team brings significant experience from academia and energy industry. The company made foray into manufacturing of electric two-wheeler under the brand “PURE EV” and high-performance lithium batteries under the brand “PURE Lithium”. The company has been funded by visionary from pharma industry Shri V C Nannapaneni. The company has setup a dedicated 70,000 sq ft.  manufacturing unit with dedicated R&D center in IIT-HYD and has become   one of the leading EV startups of India within a short time. The company is focused on bringing out products that are accepted well by the mass. Find more information about PURE EV on www.pureev.in

HyFun Foods Makes In India - International Food Products For Global Markets - Eyes Revenue Of INR 1500 Crore

* The company will be clocking a turnover of about INR 500 crore this fiscal, while exporting over 70 per cent of its products to more than 20 countries

HyFun Foods, in just 5 years, has emerged as a leading producer & the largest exporter of French Fries & Potato Specialties from India and would clock a turnover of about INR 500 crore this fiscal year with more than 70% of the revenue coming from exports. Further, HyFun aims for 25% year-on-year growth to reach annual revenue of INR 1500 in the next 5 years, majorly driven by exporting frozen potato snacks to over 20 countries. In line with the growth plans, the company will be increasing the manufacturing capacity of processing potato to 3,50,000 tonnes resulting in finished frozen products of 2,00,000 tonnes. 

Hyfun foods started its export journey by participating in exhibitions in Russia and gradually expanded to Middle East, Thailand, and then most of Southeast Asia. Today, HyFun holds 60% of the total exports' share of French Fries from India. The company manufactures premium quality potato-based ready-to-cook frozen snacks, both internationally popular ones like French Fries, Wedges, Hashbrowns, nuggets, etc. There is also an array of popular Indian snacks like Aloo Tikki, Mumbai Aloo Vada, Vegetable patties, Sabudana patty, etc. 

HyFun operates an integrated seed-to-shelf business model. The quality of its products is ensured by sourcing the best quality potatoes by having a strong backward integration with the in-house seed multiplication program and procurement through contract farming, working closely with more than 2500 farmers. The company, backed by a workforce of about 500 employees, has invested INR 250 Crore to build a state-of-the-art processing facility (capacity: 175,000 tonnes of potato per annum) in Mehsana near Ahmedabad, Gujarat in India. Apart from establishing a strong network in the Food Service/HoReCa segment, the company supplies to QSRs like Burger King, KFC, Pizza Hut, Carl's Junior, and Café Coffee Day. In the consumer segment, the company does white label production for several reputed brands. The company has recently launched its products in the Retail segment starting with 6 cities, and is looking to expand nationally in the next few years.  

Commenting on the same, Mr. Haresh Karamchandani, MD, and CEO, Hyfun Foods, said, "We are one of the largest manufacturers and exporters of French fries (capacity: over 65,000 tonnes) in the country and are looking to clock a turnover of about INR 500 crore during this fiscal year. We aim to produce products for the world while helping India grow. More than 2,500 farmers spread across North Gujarat are growing potatoes for us in around 13000 acres of land under our contract farming model, resulting in assured incomes for our growers. We have adopted the best available technology in the world in our processing plant, which is AA grade BRC certified. Exports will continue to be an integral part of our business strategy, and we are extensively working to further expand our footprint in the global markets"

HyFun takes pride in its best-in-class infrastructure, where complete automation ensures that the final products are untouched by hand. The manufacturing practices and hygienic excellence match global standards, leading to the acceptance of HyFun products by customers across the globe.

HyFun has been instrumental in opening the doors of opportunity and create recognition for India as a reliable supplier of frozen French Fries and Potato specialties. The brand's acceptance in the export markets as a global standard product has unlocked a massive potential for India to become an export hub to cater to entire Asia. The company is looking to capitalize on this opportunity and plans to expand the processing capacity from 125000 MT to 350000 MT per annum with a fresh investment of about INR 350 crore.

About HyFun

HyFun is a unit of M/s. Asandas & Sons Private Limited, a success story traversing over six decades in potato trading, based in Mehsana (near Ahmedabad), Gujarat. Today it is one of the largest producers and exporters of premium-quality frozen potato products. Established in 2015, HyFun Foods excels in offering a wide variety of delicious and convenient snacking solutions, comprising a range of globally cherished French Fries and delicious potato specialties.

The other delicacies from HyFun include different types of patties, hash brown, wedges, nuggets, and much more. Within five years, the company has made pan India presence and exports to more than 20 countries, with a firm hold in the South-East Asian region. 

HyFun works on the seed-to-shelf model. From seed multiplication to contract farming, storing, processing potatoes, and finally delivering the best ready-to-cook snacks to the last mile, HyFun does it with its own supply chain model. The company has contracts with over 2500 farmers and procures potatoes directly from farmers through their contract farming model. This model ensures a reliable supply of quality raw material, and in return, the farmers are benefitted through assured income. The Government of India's dossier 'Putting Farmers First,' released in December 2020, also recognized HyFun's contribution to increasing farmers' income.

IIFL Finance To Raise Upto Rs. 1,000 Crore Via Secured Bonds, Offers Upto 8.75% Yield

IIFL Finance, one of India’s largest Non-Banking Financial Companies, will open a public issue of secured bonds on September 27, 2021, to raise up to Rs. 1,000 crore, for the purpose of business growth and capital augmentation. The bonds offer up to 8.75% yield and high degree of safety. 

The Fairfax -backed IIFL Finance will issue secured redeemable non-convertible debentures (NCDs), aggregating to Rs 100 crore, with a green-shoe option to retain over-subscription up to Rs 900 crore (aggregating to a total of Rs 1,000 crore).

The IIFL bonds offer highest effective yield of 8.75% per annum for tenor of 60 months. The company will also offer an incentive of 0.25% p.a for existing bond or equity share holders of the company. The NCD is available in tenors of 24 months, 36 months and 60 months. The frequency of interest payment is available on monthly, annual and at maturity basis for 60 months tenor, while for other tenors it is available on annually and at maturity basis.

The credit rating has been AA/Stable by Crisil and AA+/negative by Brickwork, which indicates that the instruments are considered to have a high degree of safety for timely servicing of financial obligations and carry very low credit risk.

Rajesh Rajak, CFO, IIFL Finance said, “Through a strong physical presence of over 2500 branches across India and a well-diversified retail portfolio, IIFL Finance caters to the credit need of underserved population. The funds raised will be used to meet credit need of more such customers and accelerate our digital process transformation to enable a frictionless experience.”

He added, “IIFL has an impeccable track record of more than 25 years and all the bond issues and the debt obligations have always been paid on time.”

IIFL Finance is one of India’s largest retail-focused financial services companies. IIFL Finance’s Loan Assets under Management is Rs 43,160 crore as on June 30, 2021. Most importantly, 93% of the book is retail - which is focused on small ticket loans.

IIFL Finance has consistently maintained low level of NPAs over the years of operations and continues to focus on good quality of assets with gross NPA of 2.21% and Net NPA of 1.02%.  As on June 30, about 86% of the company’s consolidated loan book is secured with adequate collaterals which helps to mitigate risks further.

In Q1 FY22, IIFL Finance reported a profit after tax of Rs 266 crore, up 735% on year with a robust return on equity of 19.7%. It has strong relationship with multiple banks and financial institutions.

The lead managers to the issue are Edelweiss Financial Services Limited, IIFL Securities Limited and Equirus Capital Private Limited. The NCDs will be listed on the BSE Limited and National Stock Exchange of India Limited (NSE), to provide liquidity to investors. The IIFL Bonds would be issued at face value of Rs 1,000 and the minimum application size is Rs 10,000 across all categories. The public issue opens on September 27, 2021 and closes on October 18, 2021, with an option of early closure. The allotment will be made on first come first served basis.

About IIFL Finance

IIFL Finance Ltd is one of the leading retail focused diversified NBFC in India, engaged in the business of loans and mortgages along with its subsidiaries - IIFL Home Finance Limited and Samasta Microfinance Limited. IIFL Finance, through its subsidiaries, offers a wide spectrum of products such as Home loan, Gold loan, Business loan, Microfinance, Capital Market finance and Developer & Construction finance to a vast customer base of over 6 million customers. IIFL Finance has widened its pan-India reach through extensive network of branches spread across the country and various digital channels.

ExxonMobil Expands Its Synthetic Engine Oil Range; Launches Mobil SuperTM SUV Pro For Sport Utility Vehicles

* The full synthetic engine oil delivers All-in-One Protection for every terrain

ExxonMobil Lubricants Pvt Ltd, a wholly-owned affiliate of ExxonMobil Corporation, today announced the launch of Mobil SuperTM All-in-One Protection SUV Pro synthetic engine oil. The launch comes at a time when sales of sport utility vehicles have grown from strength to strength, accounting for about one-third of new passenger vehicle sales.

“People are turning to SUVs to more easily manoeuvre through dense traffic, handle bad weather conditions, and drive over rugged terrain.  To meet the needs of SUV owners, we are introducing Mobil Super SUV Pro which is specially formulated with active ingredients for SUV engines.  Whether you use your SUV for daily commute or weekend drives, our new Mobil Super SUV Pro is packed with features to deliver All-in-One Protection for every terrain, making it easier for all SUV owners to care for their cars,” said Deepankar Banerjee, Chief Executive Officer (CEO), ExxonMobil Lubricants Pvt Ltd.

The full synthetic Mobil SuperTM SUV Pro delivers:

79% better engine wear protection^

Outstanding Low Speed Pre-ignition protection to prevent internal engine damage

Enhanced protection for stop-and-go traffic to help conserve fuel on daily commutes

All-weather protection for longer engine life

Heat activated anti-wear protection

^ Based on ASTM D6891 (Seq. IVA) test results versus API SN engine test requirement

The Mobil Super SUV Pro is backed by over 150 years of experience in lubricant technology, delivering proven protection for a smoother, more comfortable drive for daily commutes and weekend adventures at wallet friendly prices.

Coming from the makers of Mobil 1, Mobil Super SUV Pro is suitable for both diesel and petrol engines and meets American Petroleum Institute (API) SN Plus and European Automobile Manufacturers' Association (ACEA) A3/B4 Standards. The engine oil is suitable for use across SUV models from leading automakers in India.              

Mobil lubricants have continuously kept millions of vehicles performing at their very best as the product formulations are based on proven technologies meeting the unique requirements of various driving styles and conditions.

Mobil Super SUV Pro is available in 1, 3.5, and 5-litre pack sizes at Mobil Authorized Retail stores, Mobil Car Care stores and Amazon.

About ExxonMobil in India

ExxonMobil’s downstream business engages in the distribution, sales and marketing of Mobil branded lubricants and specialties. The chemicals business provides market development support, analytical and reporting services. It also conducts chemical product application support services and product testing support at its technology center in Bengaluru. The upstream business provides consulting and LNG market development support services for other ExxonMobil upstream affiliates. The Global Business Center/Technical Center provides a range of support services for ExxonMobil’s operations around the globe. ExxonMobil contributes to programs in India that support education, health and the community. 

71% Of Indian Organizations Attribute Damaging Cyberattacks To Vulnerabilities In Technology Put In Place During Pandemic

* Study reveals 80% of organizations plan to have employees working from home, but security strategies lag behind

Tenable®, Inc, the Cyber Exposure company, published a global study that revealed 71% of organizations in India attribute recent business-impacting cyberattacks  to vulnerabilities in technology put in place in response to the pandemic. The data is drawn from ‘Beyond Boundaries: The Future of Cybersecurity in the New World of Work,’ a commissioned study of more than 1,300 security leaders, business executives and remote employees worldwide, including 92 responses in India, conducted by Forrester Consulting on behalf of Tenable.

The study found a stark contrast between Indian organizations’ plans for a hybrid work model and the reality of securing it. Eighty percent of Indian organizations plan to have employees working from home at least once a week in the next 12-24 months, while 63% plan to make a permanent move to remote work over the next two years. But, an alarming 53% of security and business leaders expressed concerns that their organizations are only somewhat or not prepared at all to secure their workforce strategy.

Specific challenges about supporting a remote workforce include the lack of employee awareness to secure home networks and personal devices (53%) and visibility into employee security practices (56%). To further compound matters, a meagre 29% felt that they have enough staff to adequately monitor the attack surface. It’s clear that organizations need to eliminate blindspots by shoring up their defenses to support the next phase of their workforce model.

Impact of an atomised attack surface

The study also found that the fast deployment of new technologies to facilitate remote work heightened the level of risk for Indian businesses. In the past year, a staggering 88% of Indian organizations experienced a business-impacting cyberattack, with 56% of respondents indicating that the attacks targeted remote workers. It comes as no surprise that, as organizations adopted new technologies to embrace remote work, their software supply chain expanded. Sixty-three percent of security leaders attributed recent attacks to a third-party software vendor compromise – underscoring the need for greater visibility into the atomised attack surface.

“The future of work is without perimeters and organizations must be prepared to secure their new reality,” said Kartik Shahani, country manager at Tenable India. “It’s more important than ever for business and security leaders to lock arms and weave cybersecurity into the fabric of their organizations’ digital infrastructure. Organizations must rethink their approach to understanding and managing cyber risk in the new world of work.”

Hybrid work models and a digital-first economy have brought cybersecurity front and centre as a critical investment that can make or break short- and long-term business strategies. To address this demand, Indian security leaders plan to increase cybersecurity investments in vulnerability management (92%), cloud infrastructure and platforms (84%) and identity access management (66%).

●      Forrester conducted an online survey of 426 security leaders, 422 business executives, and 479 remote workers, as well as in-depth telephonic interviews with six business and security executives, to examine cybersecurity strategies and practices at large enterprises in the US, the UK, Germany, France, Australia, Mexico, India, Brazil, Japan, and Saudi Arabia. The study was fielded in April 2021.

●      “Business-impacting” relates to a cyberattack or compromise that results in a loss of customer, employee, or other confidential data; interruption of day-to-day operations; ransomware payout; financial loss or theft; and/or theft of intellectual property.

About Tenable

Tenable®, Inc. is the Cyber Exposure company. Over 30,000 organizations around the globe rely on Tenable to understand and reduce cyber risk. As the creator of Nessus®, Tenable extended its expertise in vulnerabilities to deliver the world’s first platform to see and secure any digital asset on any computing platform. Tenable customers include more than 50 percent of the Fortune 500, more than 30 percent of the Global 2000 and large government agencies.