Category business

February 2023: Cinépolis, the first international cinema exhibitor in India, today announced the launch of Cinépolis Pacific Mall, NSP, Pitampura. With the strategic move of opening multiplexes at prime locations, the launch of its biggest multiplex in Delhi, Cinépolis NSP in Pacific Mall, Pitampura will further strengthen its positioning among its customers and associates in the premium luxury multiplex industry.

The launch of this biggest multiplex will create an unmissable and exhilarating cinematic experience for the patrons of New Delhi with its completely new architectural design look in Black and Golden. With its unmatched technology and comfortable ambiance, it will certainly be the favorite spot for movie lovers. Cinépolis Pacific Mall is the biggest theatre by Cinepolis in Delhi with 9 screens and a luxury last row in all auditoriums with premium recliners. In addition, the multiplex will also have a full-service Coffee Tree (gourmet café), DOLBY Atmos audio, Harkness Screens, and RealD 3D technology, giving excellent premium ambiance and experience to patrons.

Speaking on this occasion Mr. Devang Sampat, CEO, of Cinépolis India, said “Cinépolis has always aimed at offering an unmatched experience to movie patrons, the opening of Cinépolis Pacific Mall, NSP, Pitampura has endorsed our commitment towards them. This is our flagship property, our biggest multiplex in Delhi with 9 screens which will take the entertainment value to the next level. We are expecting a huge footfall at the multiplex and are sure that patrons will be amazed by the experience at Cinépolis. Our cutting-edge technology combined with quality and distinctively comfortable ambiance sets us apart and we are committed to providing the same world-class cinema viewing experience to our discerning patrons across India. I would like to thank Mr. Abhishek Bansal for giving Cinepolis an opportunity to develop our multiplex in Pacific Mall. His team has been very successful in developing and running high-footfall malls and I’m sure they will continue to build upon the same in the future as well.”

He further added, “The opening of Cinépolis Pacific Mall, NSP, Pitampura is of significant strategic value that further strengthens our position in India. Looking forward and expanding our wings, the focus now is to open more multiplexes in prime locations in metros and mini-metros. India is an important market for us and the strategic importance of the market is underscored by the fact that Cinépolis’ expansion plans have been steadfast even through the pandemic wherein Cinépolis added 42 screens. It is our constant endeavor to upgrade the cinematic experience by bringing the latest technology and customer engagement into the industry.”

Abhishek Bansal, Executive Director, Pacific Development Corporation Ltd said, “We are happy to have an iconic and world-class cinema chain – Cinépolis now being part of Pacific Mall, Pitampura. The mall is situated in the most premium location in North Delhi and we associate with the best of the brands in the business. We hope that Cinépolis in its new version will complement the mall and we look forward to an entertaining journey ahead.”

With the opening of the Cinépolis Pacific Mall, NSP, Pitampura with 9 screens, Cinépolis total screen count now stands at 436 screens with 97 multiplexes across India. The newly inaugurated, Cinépolis Pacific Mall, NSP, Pitampura has total a total capacity of 1659 seats. The entire ambiance, lighting, and décor of Cinépolis Pacific Mall, NSP, Pitampura have a new architectural design ID in Black and Golden, giving it a more premium luxury experience. The iconic ‘Coffee Tree’ will offer movie connoisseurs an elaborate gourmet menu that serves a range of delectable food and beverages offering a plethora of cuisines from Italian to American to Indian. The brand also offers a continuous customer engagement and loyalty program, ‘Club Cinépolis’ that allows the patron to earn and burn points on movie tickets and has exclusive benefits of special screenings, meet & greet with stars, and much more. The 9-screen multiplex is equipped with RealD 3D technology and DOLBY Atmos audio.

Since its inception in India, Cinépolis has created a strong footprint across 62 Indian cities with a focus on opening multiplexes in prime locations in metros and mini metros. India is now the second largest market and remains the fastest growing market for Cinépolis, globally, and plans to add 200 more screens in the next 3 years.

Cinépolis India has created a strong footprint across 62 Indian cities with a strong presence in major metros: Delhi, Mumbai, Kolkata, Hyderabad, and Bengaluru. Cinépolis extends a contemporary approach that seamlessly weaves the entire range of cherry-picked cinema formats from across the world under one roof offering an unmatched experience to all movie patrons.

(WASHINGTON, D.C.; Feb. 9, 2023) ­– Crowley has appointed Clay Heil as vice president of global government relations, where he will lead the company’s full spectrum of government advocacy across all of the company’s business interests and activities.

Based in Washington, D.C., Heil will spearhead Crowley’s engagement with federal, state, and local government partners and elected officials on policy and regulatory matters that support the company’s strategic growth.

Heil joins Crowley with more than 25 years of legislative and legal experience. In Congress, he worked in the U.S. House of Representatives and the U.S. Senate for 12 years, holding senior roles including deputy staff director and general counsel for the Senate Appropriations Committee. Most recently, Heil was a partner in Taft’s Public Affairs Strategies Group, where he represented Fortune 500 companies in the defense, cybersecurity and technology sectors.

“Clay’s experience, knowledge and relationships in Washington and the private sector make him a strong advocate for Crowley and our industries,” said Chief Legal and Risk Officer Parker Harrison. “His leadership will help elevate Crowley’s transportation and logistics solutions to continue the growth as a chosen partner for government and military.”

During his time in Congress, Heil also served as legislative director for Sen. Thad Cochran (R-Miss.) and worked for Rep. Wayne Allard (R-Colo.), Sen. Ted Stevens (R-Ark.) and Sen. Judd Gregg (R-N.H.).

Heil holds a juris doctorate from the Georgetown University Law Center and a bachelor’s degree from Colorado State University. He is a member of the District of Columbia Bar.

About Crowley
Crowley is a privately held, U.S.-owned and -operated maritime, energy, and logistics solutions company serving commercial and government sectors with $3.4 billion in annual revenues, over 170 vessels mostly in the Jones Act fleet, and approximately 7,000 employees around the world – employing more U.S. mariners than any other company. The Crowley enterprise has invested more than $3.2 billion in maritime transport, which is the backbone of global trade and the global economy. As a global ship owner-operator and services provider with more than 130 years of innovation and a commitment to sustainability, the company serves customers in 36 nations and island territories through five business units: Crowley Logistics, Crowley Shipping, Crowley Solutions, Crowley Wind Services, and Crowley Fuels. Additional information about Crowley, its business units, and its subsidiaries can be found at www.crowley.com.

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Media Contacts

David DeCamp
Director
Corporate Communications
Crowley
Tel: (904) 727-4263
David.DeCamp@crowley.com

Torey Vogel
Specialist
Corporate Communications
Crowley
Tel: (904) 726-4536
Torey.Vogel@Crowley.com

The RBI raised the repo rate by 25bps and kept its stance unchanged at “withdrawal of accommodation” on expected lines. The policy tone was hawkish as the RBI recognised that they are still away from achieving their objective of durable disinflation. In terms of the inflation risks, the RBI highlighted the elevated nature of core inflation and continuing global risks that could push up domestic inflation going forward. On growth, the RBI pegged GDP growth at 6.4% in FY24, higher than consensus expectations – sounding optimistic about the growth momentum. Going forward, the central bank is likely to become more data-dependent, and this does not rule out another rate hike in the upcoming policy.

On liquidity, the RBI recognised that there might be some reduction in liquidity surplus as the facilities provided during the pandemic end while providing reassurance that they are likely to balance these out through various instruments available at their disposable. Despite the comments on liquidity conditions remaining accommodative compared to pre-pandemic levels – signalling a somewhat hawkish tone – we expect the RBI to maintain adequate liquidity surplus to remain growth supportive going forward.

The Reserve Bank of India (RBI) Governor Shaktikanta Das announced the Monetary Policy statement on February 8, 2023, increasing the repo rate by 25 bps as widely expected. The repo rate hike will undoubtedly push up the home loan interest rates, which had already crept up after five consecutive rate hikes this year.

Here is what real estate industry experts have to say:

Mr. Kaushal Agarwal – Chairman, The Guardians Real Estate Advisory

“Consecutive rate hikes by the RBI this year were aimed at re-anchoring the inflation expectations and maintaining financial stability. Thus far, the rising cost of house ownership led by higher EMI, higher stamp duty and other factors has not affected real estate sales, which is a firm indicator of genuine demand for housing. But any further hike in the repo rate might temporarily limit the growth momentum of the real estate sector. Although the recently concluded budget was tailor-made keeping the salaried and the middle class in mind, a rate cut at this stage could have triggered the sentiments of the homebuyers sustaining the growth momentum.”

Mr. Pritam Chivukula – Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI

“RBI’s decision to hike the interest rates to tackle the inflation and ensure domestic economic recovery was a no-brainer. But a rate cut would have been a big booster for the real estate sector which was overlooked in the recently concluded budget. The sharp acceleration of rates consecutively for the sixth time in a short period will have a short-term effect on the sentiment of homebuyers as low-interest rates have been the biggest factor in the resurgence of real estate demand in the last two years. We hope that the State Government will step in again to lighten the homebuyer’s load by reducing stamp duty to boost the sentiments.”

Mr. Himanshu Jain, VP – Sales, Marketing, and CRM, Satellite Developers Pvt. Ltd. (SDPL)

“Keeping the current market conditions and inflation in mind, the move by the RBI was expected to keep the economy on track in the current highly volatile scenario. The rising property prices had already added to the woes of the homebuyers and now the decision of RBI to increase the repo rate will temporarily dent the current demand momentum. Also, for first-time home buyers, acquiring a home is considered as the biggest asset and these short-term decisions are likely to have a major impact on a buyer’s decision.”

Mr. Bhushan Nemlekar, Director, Sumit Woods Limited

“Earlier, due to the pandemic and the geopolitical issues, the input costs were already high and now with these consecutive rate hikes, it will only dampen the spirit of the entire real estate value chain. The cost of borrowing for both developers and buyers will be impacted and this will result in undesired rate hikes across the spectrum. However, we did not see much impact on the buying spree in the last couple of quarters since there are genuine buyers in the market to keep the momentum going.”

Dr. Sachin Chopda, Managing Director, Pushpam Group

“RBI’s decision to hike the policy repo rate was anticipated, factoring in the rise in inflation. The rate hike is likely to shrink liquidity in the economy overall, especially impacting the investor’s sentiments. There will be a short-term pause on the minds of the investors while assessing the volatility of the current market dynamics. However, they are bound to return soon in the market once it is stable.”

Chennai, 9th February 2023: The New India Assurance Company Ltd (NIA) has been certified ISO 27001:2013 compliant on Information Security. It is among the very few General Insurance Companies in India being awarded such a certificate.

Information security breaches can be extremely detrimental to businesses both in terms of financial loss and reputational damage. Implementing a robust security system can help minimize the risk of security breaches, making the company more reliable and reputable in the eyes of customers, suppliers, and business partners.

The ISO certification, completed via a third-party audit, helps establish an organization’s reputation as a trusted and secure business. It validates the applicant’s commitment towards following international best practices and certifies it as a world-class entity.

Accordingly, after internal and external audits assessing the organisation’s current IT security levels and threat perceptions, NIA has been considered fit to receive an ISO 27001:2013 certificate. ISO 27001:2013 is an internationally used information security standard that covers business operations, especially those with potential information security risks. The standard covers all the procedures from establishing a security framework to maintaining it and improving company security systems. Accordingly, NIA has enhanced and secured its processes to mitigate security threats.

Commenting on the achievement, Mrs. Neerja Kapur, Chairman cum Managing Director, said, “The world is in the midst of a data and digital revolution. While these are exciting times, they come with their set of unique challenges. Data security has now become paramount and every business entity needs to build robust safeguards and checks to prevent tech-related mishaps. We have realised the severity of the challenge and geared ourselves to face it. The recommendation for ISO 27001:2013 testifies to our commitment. During the course of obtaining the accreditation, we subjected ourselves to an intense examination. I am glad that our processes and systems have passed the most stringent examinations and come out with flying colors. It will be our constant endeavour to implement and maintain the best practices for our customers in India as well as internationally.”

Mumbai, February 9th, 2023: Warner Music India has signed a deal to acquire a majority stake in Divo, a leading digital media and music company in India with a presence across all four South Indian language music markets. This investment will help deliver Warner Music India’s strategy of having a leading presence in the entertainment sector across the whole country.

Divo offers online video, music distribution, publishing, digital, and influencer marketing solutions for brands, celebrities, and movies. It has been working with labels, artists, and musicians to help distribute and monetize its content across digital platforms, radio, and TV stations. With a large presence in the Tamil market, and a fair share of the Kannada, Malayalam, and Telegu music industries, Divo released more than 30,000 songs last year.

Warner Music India has grown its presence across the vast majority of regions and cultures in the country with chartbuster releases and strategic partnerships with companies including Global Music Junction, Sky Digital, Tips Music, and Ziiki Media. The label recently forayed into Marathi and Gujarati music with the release of official film soundtracks as part of its strategy to strengthen its presence in the regional music scene. The company also has a regional imprint with its sub-label Maati.

Jay Mehta, Managing Director, Warner Music India, says: “I’m so delighted that we’re able to bring the Divo brand under the Warner Music India banner. This move will strengthen our presence in the south of the country, enabling us to have a truly strong Pan-India presence. Divo’s extensive portfolio will not only bolster our core music offering in South India, but its entire artist-influencer ecosystem will further enhance our overall entertainment footprint.”

Alfonso Perez Soto, President, of Emerging Markets, Warner Recorded Music, adds: “The acquisition of Divo is a major milestone in our Indian journey. We opened for business in 2020 and through a series of strategic deals and culturally relevant artist signings have fast established ourselves as a key player in the market. We’re excited to partner with Shahir and Vishu and the team at Divo, who have built an amazing company that operates at the intersection of four key music markets. Together, we’ll take South Indian music to a global audience.”

Shahir Muneer, Founder and Director, of Divo, comments: “It gives us immense pleasure to partner with Warner Music India. Having the backing of a global partner will put us on the map, helping us to be a force to be reckoned with when it comes to attracting talent and clients. Our music business will benefit from better access to Warner Music’s global footprint and that will help us drive growth for our artist and label partners.”

Vishu Ramaswamy, Director Divo, concludes: “We are glad to partner with Warner Music India for the next phase of our growth. Our ideologies and long-term approach towards expansion in India connected in the right manner and with this association we’re sure that we will become the biggest entertainment entity in South India.”

Mr. Ramani Sastri – Chairman & MD, Sterling Developers

There is no denying the fact that the increase in the repo rate would definitely impact housing affordability. The repeated rate hikes may have a short-term impact on overall housing demand and the buyers’ overall acquisition cost would go up. This comes at a time when the real estate sector had shown recovery across important property markets driven primarily by end-users, and this hike may again impact the rate-sensitive sector. However, there is a silver lining as the government has earmarked a huge outlay on infrastructure and is geared towards higher public expenditure as outlined in Budget 2023-24. Additionally, the buying power of consumers has gone up with greater income flow in recent times. Hence, we believe that the demand for residential segment would remain robust in the near future, any hike in interest rates notwithstanding. Also, the strong fundamentals for housing demand will keep the momentum upwards for realty sales. It also has to be kept in view that real estate is considered as the safest bet for investment compared to other instruments. All of this will boost real estate and enhance economic growth in the larger context.

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Mr. Lincoln Bennet Rodrigues, Chairman & Founder, The Bennet and Bernard Company, known for luxury themed homes in Goa

While interest in homeownership has increased in recent times, the luxury segment was the real estate sector’s growth engine, and this trend is expected to continue in 2023 given change in lifestyles. The hike will not have a significant impact on luxury housing as the demand of home buyers in this segment is beyond these considerations. While the hike has been moderate, the affordability of the home loan is still very good. Luxury real estate has also emerged as a preferred choice for NRIs, HNIs, and the uber-rich during the past couple of years. As buyers become progressively more discerning in their choices for a signature style of living, they will be more willing than ever before to take the leap and purchase luxurious homes. However, a cut in the key rates going forward would be widely appreciated as low-interest rates have played a crucial role in the revival of overall real estate demand and improvement in the liquidity situation, which is vital for the sector.

Mumbai, February 09, 2023: Arkade Group today announced it has completed the acquisition of approx. 8300 Square meters plot in the Eastern suburb of Mulund West from Hercules Hoists Limited (Bajaj Group Company). Significantly, this is the first transaction in this CY 2023 in Mumbai for the transfer of land of above Rs 100 crore.

Arkade has also perused the document pertaining to the registration of the conveyance deed done at Chembur, on February 07, 2023. The composite deal value of the deal is Rs. 103.40, which includes transaction value of Rs 90 crore plus stamp duty of Rs 5.40 crore and ULC payment of Rs 8.00 crore. The sale deed shows that payment is made in full and possession is transferred to the buyer.

Sharing details of the transaction, Amit Jain CMD, Arkade Group, “We are looking forward to launching an exclusive residential project offering 2 & 3 BHKs with a construction area of approx. 5,00,000 square feet and a topline of Rs. 600 Crore. This acquisition is in addition to the two million sq. ft. development ongoing across Western suburbs” under the Arkade banner. This deal reassures the belief in Mumbai Real Estate Market which is witnessing an upward trend post-lockdown.

Mumbai, 09 February 2023: foundit (formerly Monster APAC & ME), one of India’s leading talent management platforms, today published the foundit Insights Tracker (fit) for January 2023. Hiring activity in the Indian white-collar space recorded a slight dip of 2% month-on-month, as observed in the fit. Despite facing numerous challenges and trying times in the global economy, many industries in India have showcased commendable resilience and growth.

With the announcement of the 2023 Budget, the employment outlook for the Indian job market remains optimistic with huge potential for growth and economic progress in the months to come. Key industries such as Retail, Travel & Tourism, Advertising/PR, and Agro have exhibited continuous growth, with the report reflecting a 6% growth in job posting activity over the last 3 months. Year-on-year, a decline of 2% was registered as January 2023 saw an index of 277. This dip can be attributed to the hiring slowdown in sectors such as IT, BFSI, Telecom, Manufacturing, and Healthcare.

Interestingly, the Tracker has observed a resurgence in the job market for entry-level and intermediate positions, particularly in the HR/Administration and Purchase/Logistics/Supply Chain sectors, after a temporary dip in the recent months.

Commenting on job trends for September 2022, Sekhar Garisa, CEO – foundit (previously Monster APAC & ME), a Quess company said, “The Union Budget 2023 has identified the acceleration of growth and job creation as key priorities for economic development, while undoubtedly reiterating the need for Indian youth to be skilled and employable. The government’s impetus towards the creation of jobs in tourism as well as the green economy holds expansive potential. Along these lines, foundit has noted a 64% growth in demand for green jobs since January 2022 and this growth is expected to continue. Upskilling measures in niche areas like coding, artificial intelligence, robotics, mechatronics, and Internet of Things (IoT) will enable a pool of opportunities in the upcoming months allowing for expansive adoption of tech across all sectors.”

Retail and agro-industries continue to hire while IT, BPO, and Telecom witness a slowdown

In January 2023, Retail (+8%) and Agro-Based (+7%) industries showcased the highest job posting activity on a month-on-month basis. Personalisation and omni-channel innovations through the adoption of advanced analytics, automation, and complex inventory systems have created a tech-focused pool of opportunities in retail with analytical skills high in demand. In fact, the Tracker reflects that Retail was the top industry with hiring growth of 19% on a year-on-year basis as well.

Job prospects for the agro-industry continue to soar and this is expected to grow considering recent Budget allocations supporting the growth of Agri-Tech players. Travel & Tourism (+5%) continued to hire on a monthly basis and even showed remarkable growth from the previous year at 15%. Keeping in mind the tourism push in the Budget with ‘Dekho Apna Desh’ and similar initiatives, it is safe to say that Indian tourism will steadily pick up in the months to come. Other industries such as Oil/ Gas/ Petroleum, Power (+6%), Ad, MR & PR (+6%), Import/Export (+3%), and BPO/ITES (+2%) reflected similar trends (Jan 2023 vs Dec 2022).

However, Production & Manufacturing (-8%) noted a drop in hiring intent, as did Healthcare (-7%), IT Hardware & Software (-7%), Telecom (-5%), and BFSI (-3%). While Indian IT faces a lull due to global macro conditions and course correction from last year’s hiring surge, production hiring was impacted due to cost pressures and a rise in input prices. BFSI, which had continuously monitored positive hiring numbers, has noted a marginal dip of 1% annually. That being said, tech skills are still in high demand by recruiters across all sectors.

Hiring dips across several metro cities

City trends indicate that Chandigarh recorded a growth of 1% month-on-month in January 2023, and Delhi-NCR, Kochi, and Ahmedabad saw stabilized hiring demand. While Mumbai, Bangalore, Pune, and Jaipur witnessed a marginal hiring drop between 1-2%, metro cities such as Hyderabad (-5%), Chennai (-5%), and non-metro cities such as Kolkata (-8%) and Coimbatore (-5%) recorded a greater fall in demand for talent due to the dip seen across multiple industries.

Demand for Logistics personnel adept in tech skills grows

Jobs in HR and Admin (+5%) showed a positive outlook as companies aim to sustain human resource planning, employee welfare, L&D, and recruitment practices. Interestingly, hiring for Purchase, Logistics, & Supply Chain (+3%) professionals saw a rise as India Inc. looks to build resilience through tech-enabled resilient supply chain ecosystems. Engineering & Production (+3%) and Marketing & Comms (+1%) professionals reflected positive demand growth as well.

However, owing to the recruitment dip across BFSI, IT, and similar industries, demand for Finance & Accounts, Software Hardware Telecom, Healthcare, and Customer Service roles tumbled by 3-5%.

Hybrid work model continues to prevail across key sectors

Post-pandemic, several work models were introduced globally, helping organisations stay afloat through testing times. Three years in, workforce and workplace dominate many debates and conversations with continuous shifts in employee and employer preferences. Pre-pandemic, foundit recorded a total of 8% work-from-home (WFH) jobs on the portal, whereas this number spiked up to 72% during the pandemic. In 2022 as many companies moved back to offices implementing newer models, the concept of hybrid working came up which offered flexibility and work-life balance to employees. Hybrid jobs held a 40% share of total job postings on foundit in 2022, while the share of remote jobs went down to 18%.

A look at current-day trends indicates that as of January 2023, hybrid jobs take up 29% share of total job postings indicating that this work model is still widely adopted and preferred by many. However, the share of remote jobs has slid down to 11%, which is a smidge higher than pre-pandemic levels.

Indian IT, which held the highest share of remote jobs on foundit (74% in 2022) also saw a drop in remote and hybrid jobs to 58% in January 2023. However, it is noteworthy to mention that the industry still contributed to over half of the total number of remote (23% share) and hybrid (35% share) jobs on the platform.

By Mr. Filip Cotfas, Channel Manager, CoSoSys

Several in-depth market reports were released in 2022, predicting the state of the DLP market in 2023 and beyond. The news is that they all predict similar market dynamics for the upcoming years – steady growth. The reasons why steady DLP market growth is expected.

All reports point towards steady DLP market growth in the next few years, but they rarely explain the factors behind such reasoning other than showcasing the numbers. What we did to complement that is we’ve identified three key data security and data loss prevention market drivers that are clearly visible around the world and that may have an impact on the global data loss prevention market, DLP solution functionality developments, as well as on the organizations deciding that it may be a good time to invest in this class of cybersecurity tools and stakeholders interested in investing in DLP initiatives.

1. Remote/hybrid work – increased risks of accidental exposure

The sudden switch to the remote/hybrid work model was initially regarded by businesses as a temporary measure to mitigate the COVID-19 impact. Who could have known that so many of us would find that model much more appealing than working on-premises and it would be here to stay?

During the time of the pandemic, when businesses had to very quickly switch to the remote model, there were a lot of urgent needs that had much higher priority than additional data protection measures, for example, secure communication with internal company assets. Now that the situation has stabilized and solutions have been introduced for the most pressing issues, it’s time to expand the security infrastructure around the new work model.

Unfortunately, a remote/hybrid work model brings a lot of new threats to company data. Many businesses attempt to resolve this by introducing harsh restrictions for company-owned devices, but this doesn’t eliminate such threats:
If the user has no restrictions on their business device and is able to mix work with personal activities such as social media or private email, there is a high risk that they will share some sensitive company information by mistake using these platforms.

On the other hand, if you prevent the user from using private software and/or social media on your company devices, they will be more likely to move data between their private and work computers using, for example, USB drives or transferring information using private and company email addresses or private cloud storage.

No matter how you solve this, you have to accept that your employees are now out of your direct control and often mix work with their private lives. Therefore, the risk of accidental exposure to sensitive data is much higher than before. This urgently calls for data loss prevention.

Takeaway: Due to the increased risk of accidental exposure of sensitive data in a remote/hybrid work model, the need for DLP solutions increases, and such solutions must focus on end-user activities. Therefore, we expect DLP solution growth trends to focus on end-user devices.

2. Recession – more incentives for data breaches

The pandemic-related lockdowns were already financially difficult for many businesses. However, nobody expected that right after COVID-19 phases out, we would face even more financial crises and stalled market growth. Calling the recent developments in the world’s political situation volatile is an understatement. The ongoing political situation affects key markets, causing prices to rise globally, especially in Europe. We’re seeing the beginning of a major recession period, and it’s difficult to estimate its ultimate effects on businesses. One thing is for sure, though – people are suffering.

Faced with food prices and energy costs going sky-high, people need more money to survive. At the same time, businesses cannot afford to match the rise in prices as they are affected by diminishing growth rates and increasing costs as well. As a result, we can already see mass layoffs in large enterprises and SMBs. This means there’s already quite a lot, and there are going to be even more people out there who will consider questionable financial incentives. This also means that there will be more businesses that would be willing to go beyond what’s legal and ethical to gain an advantage in the competitive landscape.

A well-implemented DLP solution may provide early warning against internal and external threats leading to the loss of data. In 2023, businesses may need to shift their focus even more from accidental data loss to intentional inside threat actors and attacks such as spear phishing. And this means that DLP solutions will need to serve as an early warning system for any type of suspicious activity by the remote/hybrid employees as well as a lifebuoy for targets of well-prepared attacks.

Takeaway: Due to the recession and increase in data breaches, internal threats will become an even bigger concern, and DLP software will need to serve as an early-warning system for organizations to prevent intentional data breaches. It will also be instrumental in preventing the consequences of well-prepared spear phishing attacks coming from criminal organizations.

3. Compliance – growing requirements in response to increasing threats

Industries where data is of utmost importance, such as the healthcare and financial sectors or military/aerospace, are already facing a lot of compliance requirements that translate to the need for solutions such as DLP. However, with the continuous expansion of threats and risks, compliance practices are expected to ensure the safety of sensitive data further. This means we can expect more compliance standards to emerge, including in industries unaffected by such requirements. On the other hand, we can also expect current compliance standards to become stricter with time to ensure even better data protection.

Many businesses already face the legal necessity to purchase a data loss prevention solution to maintain such compliance. Introducing such solutions at the last moment, just to meet the requirements, is not the best idea, and so many businesses will hopefully decide to strike pre-emptively and implement DLP before it becomes required.

Takeaway: What may now be open to interpretation in compliance standards related to cybersecurity may soon be stated clearly, rushing organizations into adopting specific solutions such as DLP. On the other hand, DLP providers should be ready to adjust to cover any new standards emerging, even for currently non-regulated industries.