Jagdish Sheth, Charles Kellstadt professor of marketing at Emory University and an independent Board member at Wipro said, "The risk is redefined now; today everybody is getting worried about cybersecurity," reports TOI.

Previous month, in one of the incident at a mid-sized IT firm, a customer's employee based in India was found to be copying official confidential corporate data onto his personal devices.

"We couldn't even trust the local staff and had to raise the flag with their headquarters. The stakes are high for us because we own and manage their systems," said a person familiar with the incident.

As per the estimation of anti-virus software firm Kaspersky Labs, earlier this year, cybersecurity breaches over the previous 12 months led to 43 percent of firms losing data about their internal operations, 31 percent losing client data and 22 percent losing their financial data. "We are paranoid over this (cybersecurity)," said KK Natarajan, CEO, Mindtree. "Paranoid because if there is a breach, the reputational implication can be really substantive."

Jacob Ol cott who manages the cybersecurity practice at Good Harbor Security Risk Management said, "I think Indian companies absolutely have the technical expertise to improve the cybersecurity of their organizations, but think that many firms have only recently started confronting these challenges."

"As cybersecurity is becoming an increasingly important business issue, I would not be surprised to see more Indian IT companies being asked to do more in secure development secure coding, and provide evidence of their efforts to secure their own businesses generally," added Olcott.

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