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Ruchin Kumar, Vice President - South Asia, Futurex

  • 16 Jan, 2023 |
  • 7:59 AM
  • In conversation with Sheetal Agarwal of IIFL, company spokesperson discusses its strengths, opportunities and future outlook

Run us through the company’s business model.

Futurex designs and manufactures cryptographic hardware, including key management servers and infrastructure management tools. We partner with distributors, resellers, and consultants around the world to deliver cutting-edge cryptographic solutions to clients in every economic sector. We also provide cloud cryptographic services through our VirtuCrypt cloud service. We operate data centers in every major geographic region to provide our clients with low latency and high compliance.

What is the present scenario of data security?

India has a burgeoning financial technology (fintech) industry and a robust payments sector. This drives the demand for payment security solutions that are reliable, versatile, and compliant with major standards and policies, such as PCI or the IT Act, 2000. The largest users of hardware-based cryptography are banks and government agencies, while the largest users of cloud-based cryptography are fintechs and other, smaller organizations within the payments industry. 

How are you implementing and operating security infrastructure (such as HSMs and keys) in compliance with PCI and local regulations? How challenging is it?

Futurex HSMs and cloud HSM solutions are validated under PCI PTS HSM v3. To meet this level of validation, they are subjected to rigorous physical and logical security tests. On a local level, Futurex operates data centers in Mumbai and Hyderabad to help organizations within India comply with data localization policies while keeping latency low. Finding a cloud cryptography provider who complies with both PCI and data localization laws can be challenging—that’s why Futurex established data centers in India and around the world.

What problems does security as a service solve?

Security as a service is a great option for organizations that need cryptography, but that don’t need a complete on-premises cryptographic infrastructure. For example, a developer might design an application that relies on encryption, or that offers encryption services to customers. To build that use case into the app without deploying their own HSMs or key management servers, an organization can simply deploy a security-as-a-service solution to incorporate cryptographic functionality into their product.

What an organization “must do” to be cyber-secure in this fast-paced internet world?

Hardware-based encryption—whether deployed on-premises or in the cloud—is essential to protect sensitive information and avoid the staggering costs of a data breach. Organizations that rely on encryption often reach the point of needing a key management solution to both expand their cryptographic use cases and ensure that keys are generated, distributed, and retired at regular intervals. 

Help us understand the key macro opportunities for the company. How is the company capitalizing on them?

Over 40 years ago, Futurex began providing cryptographic solutions for the payments industry. Since then, we’ve been the first to develop innovative cryptographic solutions like HSM virtualization, HSM clustering, and a global cloud HSM platform. After we release a new solution like these, we often see other industry players hasten to release their own versions. Our current focus is to create new ways for organizations to increase their cryptographic functionality while consolidating their IT infrastructure. Cloud technology is becoming much more powerful, giving organizations the opportunity to do more with less. 

Where do you see the company 5 years from now?

Futurex’s longevity is due to its strategy of staying agile to quickly develop and deploy forward-thinking new cryptographic solutions. We plan to remain attuned to emerging trends within the industry so that we can anticipate our customers’ needs before they change.

 

Ruchin Kumar, Vice President - South Asia, Futurex

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