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Panacea Infosec announces 30-40 percent salary hike, plans to raise headcount by 35 percent

New Delhi, May 20 (PTI) Cyber security firm Panacea Infosec has given 30-40 per cent hike in salaries for all employees with effect from April, the company said on Thursday.

Currently, the company has around 230 employees and plans to increase headcount in the range of 25-35 per cent during the ongoing financial year, it said in a statement.

"With this hike, Panacea Infosec will get an average increment of 30-40 percent in the financial year 2021-22.

"Panacea Infosec is one of the fastest growing cybersecurity audit firms in India with an average growth rate of 245 per cent in the past three years," the statement said.

Founded in 2012, the Delhi-based company claims to have over 400 clients spread across 45 countries.

Panacea said businesses are still coping up with the COVID-19 crisis, and dependency on information technology and other digital services has increased which, in turn, increased the demand for cybersecurity and privacy services.

In the new business environment cybersecurity and audit services have become the core technology to keep companies secure when they go online and virtual, it added.

"Recognising the enduring commitment to our teammates, we are giving increments to all the employees effective from April 2021.

"Panacea Infosec is thankful to all its employees for demonstrating resilience, adaptability, and an innovative mindset to steer the company during tough times due to pandemic last year," Panacea Infosec founder and CEO Ajay Kaushik said.