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TWTW Weekly Wrap Up: 16-22 Oct

"Building and investing on a strong cybersecurity infrastructure will play a pivotal role for the sustainability and security of enterprises of the future." — Jagdish Mitra, Chief Strategy Officer & Head of Growth, Tech Mahindra

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Last Week’s Latest

  • Broadcom to Acquire VMware for Approximately USD 61 billion, seeks early European Union antitrust approval.
  • Global spending on information security and risk management services and products predicted to grow 11.3 per cent by 2023, reaching more than USD 188.3 billion, according to a Gartner Report.
  • Health tech firm Indegene acquires CultHealth, gets funded in part by investment firms Carlyle Group and Brighton Park Capital.
  • Mastercard expands partnership with Paxos Trust, launches a new program to help financial institutions offer secure crypto trading capabilities and services to their customers.
  • AI-powered eye screening platform Eyenuk secures USD 26 Million Series A funding, aims to accelerate global access to AI-powered eye-screening technology.
  • Roche Pharma, world's largest biotech corporation has set up its Global Analytics and Technology Centers of Excellence (GATE) in Hyderabad.
  • AI spending in Indian healthcare predicted to reach USD 11.78 billion by 2025, adding USD 1 trillion to the Indian economy by 2035, says WEF Report.
  • The Ministry of Electronics and Information Technology (MeitY) approves Google Cloud to adopt cloud technology to tackle complicated problems for government organisations.
  • Drone industry to boost India’s GDP by USD 100 billion, expected to create 5 lakh jobs, says WEF Report.
  • IIT-Madras introduces ‘iTad’ (interactive Touch Active Display), a touchscreen technology enabling users to feel the textures of objects on the display.
Focused Story Of The Week #1: Cybersecurity Today: The Way Forward For Enterprises

As organisations continue to operate in a post-pandemic world, the risks and uncertainties endured during Covid-19, such as hybrid workforce, supply chain risk, have furthermore led to an increased threat of ransomware, phishing attacks, malware and other cybersecurity breaches, for which organisations globally are estimated to spend a total of USD 188.3 billion on information security and risk management products and services by 2023, according to a Gartner analysis. The cybersecurity market is expected to reach USD 403 billion by 2027, with a CAGR of 12.5 per cent, which in return, has also spurred a global opportunity for startups to grow and prosper in the cybersecurity market, as the world becomes more reliant on technology and digital assets.

In the fight against cybercriminals, the integration of AI/ML and cloud is playing an integral role in helping to boost cybersecurity for businesses across industries and business categories. While AI assists in spotting anomalous usage patterns, ML assists computers in imbibing these patterns to effectively stop and protect against cybercriminals. On the other hand, cloud security is expected to increase security investment by 11.3 per cent in 2023.

With cybersecurity expanding and improving at a rapid pace and different solutions being provided to enterprises, it is safe to conclude that cybersecurity will soon be adopted by a growing number of organisations worldwide, heading towards greater data and infrastructure protection.

"Building and investing on a strong cybersecurity infrastructure will play a pivotal role for the sustainability and security of enterprises of the future."

Focused Story Of The Week #2: AI in Healthcare: A Potential Game Changer For The Indian Economy

AI is becoming more competent at doing what humans do, but more efficiently, swiftly and cheaply. Both AI and robots have enormous potential in healthcare and are gradually becoming a part of our healthcare eco-system.

AI spending in India is predicted to reach USD 11.78 billion by 2025 and add USD 1 trillion to the Indian economy by 2035. Realising the economic promise of AI in healthcare necessitates careful evaluation and risk reduction. AI maturity in healthcare needs significant investments in workforce capacity, data and infrastructure, governance and regulatory procedures, design and processes, partnerships and stakeholders and innovative business models. Integrating AI into healthcare systems necessitates a foundation of AI in the national curriculum for medical students. The government must also invest in and create public-private partnerships across the healthcare industry to promote coordination among academia, government, industry, NGOs and patient advocacy organisations.

The pandemic and widespread use of healthcare technology has brought about a sea of change in India and throughout the world. In India, the healthcare sector has begun to incorporate AI across the healthcare value chain, from patient care to medical management to disease prevention. And, if India can implement the above-mentioned measures, there is little question that AI in healthcare would be a trillion-dollar potential for India.

"AI is going to be the catalyst to the evolution of the healthcare industry that we have all been waiting for."