L&T Technology Services (LTTS), a mid-sized leader in engineering and technology solutions, announced on Friday a significant milestone in securing a $100 million (approximately Rs 800 crore) cybersecurity project from the Maharashtra State Cyber Department. Headquartered in Mumbai, LTTS, a listed subsidiary of Larsen & Toubro (L&T), revealed its plans to establish a cutting-edge AI and ML-driven cybersecurity and digital threat analytics center for Maharashtra Cyber. This initiative aims to bolster citizen cyber safety and awareness, addressing the state’s evolving cybersecurity challenges.
In collaboration with KPMG Assurance and Consulting Services LLP, LTTS will deliver advanced cybersecurity solutions as a part of the consortium. LTTS emphasized its commitment to deploying state-of-the-art digital forensic tools and AI-driven methodologies to combat cybercrime effectively. The project’s scope involves designing a sophisticated cybersecurity ecosystem and setting up a fully equipped cybercrime prevention center. Leveraging AI and digital forensic tools, this center will be instrumental in managing cybercrime incidents and conducting investigations with precision.
Amit Chadha, CEO and Managing Director of LTTS, underscored the significance of this groundbreaking endeavor, citing LTTS’s extensive experience in establishing over 25 command centers. He emphasized the growing importance of cybersecurity and the imperative to invest in advanced digital safeguard platforms and tools. The project also includes the establishment of a Digital Threat Analytics Center (DTAC) coupled with a Center of Excellence (COE) to empower the forensic team. Additionally, a Central Emergency Response Team (CERT) will be formed to handle incident response and investigations based on advanced cyber threat intelligence, analytics, and AI & ML technologies.
Following the announcement, LTTS shares experienced a 1.5% increase in trading on the BSE, reaching Rs 5,345 per share from the previous close. In January, LTTS reported a 13% surge in net profit, totaling Rs 336 crore for the quarter ended December, compared to Rs 297 crore in the corresponding quarter the previous year. The company’s revenue also witnessed a robust growth of 12% to Rs 2,422 crore from Rs 2,157 crore a year ago.