[TechSparks 2020] Why data privacy protection is important for all businesses
Cybercrime is the biggest threat that every company in the world faces. According to the World Economic Forum’s Global Risks Report 2020, cyber-related issues such as cyberattacks, data fraud, and theft is identified among the top five risk factors. Moreover, cybercrime is estimated to cost the world $6 trillion annually by 2021, according to Cybersecurity Ventures.
Data released by the National Cyber Security Strategy (NCSS) states that cybercrimes in India caused Rs 1.25 lakh crore loss in 2019. This loss is expected to widen with the development of smart cities, rolling out of 5G network, among other initiatives.
Addressing the audience at YourStory’s flagship event TechSparks 2020, Nagesh Konduru, CEO and Founder of Banyan Data Services, highlighted the importance of data security for a company, and also spoke about the increasing number of data threats and the measures to prevent it.
Nagesh has over 20 years of experience working with Apple Inc., managing the data services and global technology teams. He is also an angel investor and has been mentoring many startups.
According to Nagesh, most companies don’t maintain data privacy. They literally give access to sensitive data to its employees. Data Risk Report 2019 from Varonis Data Lab suggests that 53 percent of companies have over 1,000 sensitive files open to every employee, up from 41 percent in 2018.
Various influential factors are contributing to the increase in data breaches compared to in the past. Nagesh said, all applications today use modern development frameworks like hybrid cloud, open-source software, and extensive usage of API’s, which results in more exposure for the bad actors to hack the system and get access to data.
Nagesh Konduru during the virtual session at Techsparks 2020
Business data threats
Business data breaches can affect a company heavily in terms of fines, fees, security costs, and lost business revenue. When customer data is compromised in a security breach, it costs the company even more than just financially; it can damage a business's brand and ruin customer trust in the company.
How to build a secured system
Businesses must develop a strategic plan to protect both customer and company data from a possible threat, said Nagesh. He suggested that organisations should instil security as a culture. Security as a department can’t solve the data breach issue, he added.
“Sustainable security culture requires everyone in the organisation is all in. Follow a top-down approach, start from the C-level executives in the company, all the way down to the individual member of the company,” he said.
Secure development lifecycle (SDL) is foundational to sustainable security culture, Nagesh claimed. SDL — which answers the hows of security culture — includes security requirements, threat modelling, and security testing activities.
With extensive experience in incubating and building cutting-edge data technologies for applications like iCloud and iTunes, Nagesh Konduru in 2019 built Banyan Data Services that covers the vast portfolio of data solutions suite and data infrastructure services.
Located in California and Bengaluru, Nagesh said that its team of experts provide technology solutions for startups. Banyan Data Services is focussed on providing its services in three phases — proof of concept and MVP, where it provides assessment, technology solutions, and subject matter expertise.
Second, in building and development phase, where the platform helps startups identify the right technology, cloud, deliver data services, and DevOps.
In the third phase, during scaling up or globalisation, the startup offers 24X7 global support, as well as helps with security governance.
TechSparks - YourStory's annual flagship event - has been India's largest and most important technology, innovation, and entrepreneurship summit for over a decade, bringing together entrepreneurs, policymakers, technologists, investors, mentors, and business leaders for stories, conversations, collaborations, and connections that matter. As TechSparks 2020 goes all virtual and global in its 11th edition, we want to thank you for the tremendous support we've received from all of you throughout our journey and give a huge shoutout to our sponsors of TechSparks 2020.