Security is becoming a rapidly evolving and complex issue that various organizations are contending with today. It continues to be one of the most pressing challenges faced by Chief Information Officers (CIOs) and Chief Information Security Officers (CISOs) today. With the increasing impact of social media, smart devices, and mobility, organizations are becoming more vulnerable to fraud and privacy breaches. Globally, security has risen to be one of the top concerns in almost all areas from defence, corporate organizations to smart cities, etc. With the increasing volume of data generated by organizations, instances of cyber-attacks, loss of sensitive information, and security breaches are becoming increasingly common. Increasing internet penetration is leading to expansion of cyber space which in turn is leading to increasing attacks on sensitive intellectual property. This has resulted in the transformation of the IT landscape at a very rapid pace