GlobeX Data Ltd (OTCQB:SWISF) (CSE:SWIS) announced Tuesday that it has signed a distribution agreement with ValueData Technologies Pvt Ltd of India for all its cybersecurity, data backup, secure communications and Internet-privacy solutions.
ValueData, based in Mumbai, has already received several requests for GlobeX's suite of data protection and secure communications and is embarking on a national roll-out of all GlobeX's solutions - DigitalSafe, PrivaTalk Messenger, PrivaTalk and Custodia.
"We are very happy to penetrate the vast and fast-growing cybersecurity market of India,” said GlobeX CEO Alain Ghiai in a statement. “Internet privacy and data security in India has become a prime concern with government organizations, businesses, and wealthy individuals looking at protecting their privacy and their valuable financial information.”
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Ghiai noted a recent study that found that 1-in-3 Indian companies have suffered huge financial losses from hacking and that around 50,000 cyber-frauds were reported between 2018 and 2019.
“GlobeX is just starting in this fast-growing giant market, and we are happy to hear that we are the only company in the country offering the range of products we offer with the level of security and privacy we bring to the table,” he said.
Meanwhile, the coronavirus (COVID-19) pandemic has put global businesses under pressure to provide secure remote business management tools for their employees, and has created an increased awareness for secure cloud business services such as GlobeX's, Ghiai noted.
“We believe that this trend will only continue moving forward, and India is no exception; on the contrary, it is the fastest-growing market with some of the weakest security and vulnerability to cyber hacking,” he said.
GlobeX said that the business potential in India is massive. The country has more than 560 million internet users, the world’s second-largest online market ranked only behind China. It is estimated that by 2023, there will be over 650 million internet users in the country.
The company, based in both New York and Toronto, designs and develops Swiss hosted cybersecurity and Internet privacy solutions for secure data management and secure communications.
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