What it takes to build a robust and resilient security system for your business

In a world increasingly susceptible to cyber threats, security is one of the most pressing concerns for businesses around the world. Cybercrimes are estimated to cost businesses and individuals around the world more than $ 445 billion annually. Additionally, an estimated 43% of cyber attacks target small businesses.

“Be Secure – Code to Apps”, the virtual roundtable co-presented by Microsoft and YourStory focused on best practices, tools and solutions to achieve a comprehensive security strategy for businesses.

The panel consisted of Norman Sequeria, Director, Cloud Solution Architect Team, Microsoft Corporation India; Venkatesh Sundar, Founder, Indusface; Nitin Sharma, Director of Products and Technology, CredAble; Piyush Ranjan, Technical Director, Coverfox Insurance; Sunil Kumar, Technical Director, Ship rocket; and Yogender Verma, CTO, MylesCars.

Norman Start the discussion by addressing the key aspects to consider when launching a cloud transformation journey. “We’ve seen that for about 60-70% of organizations, security usually comes after the fact. But when you start patching an exploit that’s already in production, it’ll cost you 60 times as much. It is therefore absolutely essential that we start to embed security into the global chain without hampering developer innovations and with less friction, ”he said.

SaaS company Indusface secures critical web applications for more than 2,000 customers worldwide. Reiterating the need for continuous security assessment and taking action to remediate vulnerabilities, Venkatesh said, “The hacker is trying to expand the network across production systems and volumes and is attempting to launch a targeted attack , based on the vulnerabilities it has identified. But you, as a business, have an advantage because you only have to worry about your applications. So you can do it deeper, more frequently, and more precisely, before the hacker can exploit it. “

Next CredAble Nitin addressed MSMEs and their adoption of cybersecurity measures. “Many companies usually realize the need for security at a later stage; especially SMEs. But I think tech companies that deal directly with SMEs or with consumers need to have some sort of self-discipline and a strong security mechanism in place, both in pre-production and post-production, ”he said. -he explains.

Speaking on how technology can bring “Bharat” into the insurance safety net, Piyush said, “India has traditionally been a weak market for insurance and security compared to more developed countries. In the United States, for example, more than a third of their GDP is secure. We’re at a measly 3.5 percent. If you want to increase insurance penetration in India, technology can play a big role. He also shared a few examples to demonstrate how digitalization can help all frontiers in insurance.

Data security and potential red flags in B2B2C logistics software were the next point of discussion. “If you look at our whole ecosystem, there are several parties involved that play different roles. So for us, it is about identifying all the actors, the roles and the classification of the data. It’s basically having a checkpoint at every integration point, ”said Sunil of Shiprocket.

Car-sharing company without driver MylesCars tries to create next-generation solutions for personal mobility, so the focus is always on increased automation. “We have implemented many workflows based on machine learning. Thus, the need for data security is increased in the context of automation. I also believe that every ancillary service will be offered as a plug and play service in the next few years, ”Yogender said. Another important trend, he said, would be sustainability, such as the increased use of electric vehicles. “So we can certainly see increased attention to information security in the coming days,” he said.

In the context of cybersecurity in a hybrid work culture, the panelists unanimously considered that it is important to have a well-designed strategy to ensure information security.

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