"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 company statement read.

The Cybersecurity firm, Panacea Infosec has instituted a 30-40 per cent hike in salaries for all employees with effect from April.

Currently, with around 230 employees the company plans to increase headcount in the range of 25-35 per cent during the ongoing financial year, revealed Panacea in a statement.

The statement added, "With this hike, Panacea Infosec will get an average increment of 30-40 per cent in the financial year 2021-22.

Panacea has benefitted from the environment where cybersecurity and audit services have taken the front seat owing to the digitization of companies across sectors in the pandemic accelerated virtual realm.

Panacea Infosec founder and CEO Ajay Kaushik 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...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 the pandemic last year."

Founded in 2012, Panacea is a Delhi-based company having over 400 clients spread across 45 countries.

"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 company statement read.