The Elets 15th NBFC100 Tech Summit was a hub of technological discussions, bridging the gap between traditional systems and evolving digital innovations. Shrenik Bhayani, representing CloudFlare, provided valuable insights into how non-banking financial companies (NBFCs) can navigate this dynamic digital landscape.
NBFCs in the Digital Evolution
For long-standing NBFCs, adapting to the rapidly shifting tech world isn’t just about integrating new systems. It’s about understanding their existing infrastructures—remote users, external users, data centers, public and hybrid clouds—and connecting them efficiently.
Historically, as business requirements grew, different tech components like SD-WAN and DLP Solutions became vital. Over time, businesses deployed multiple solutions, leading to a complex network of users, applications, and solutions. This constant evolution has brought about its own set of challenges.
Deciphering The Digital Challenge
CloudFlare’s comprehensive survey, spanning across various industries and regions, revealed some crucial findings:
Security Architecture Issues: Many companies grapple with their evolving digital architecture. Decision-makers often find themselves at crossroads, overwhelmed by vendors claiming their solutions are the best fit.
Rising Cybersecurity Incidents: Astonishingly, 83% of Indian respondents admitted to facing a cybersecurity incident in the past year. Despite many of these incidents remaining undisclosed, the underlying truth is that threats are growing.
The Work-From-Home Reality: With 58% of employees working remotely at least once a week, cybersecurity challenges have magnified. As remote work becomes the norm, securing this new workforce is paramount.
Financial Impact: Security breaches aren’t just about data loss. 47% of Indian respondents experienced a financial hit due to security incidents, with some losses surpassing $1 million.
AI & New Technologies: Around 43% of employees have begun using AI, introducing another layer to the digital security puzzle.
CloudFlare’s Solution Framework
CloudFlare’s approach is to simplify and secure. With 20% of internet traffic flowing through CloudFlare, the company boasts a unique perspective on global internet dynamics. Their network spans over 300 cities, integrating with more than 12,000 global service providers.
CloudFlare isn’t about competing with cloud giants like AWS or GCP; it’s about controlling and protecting internet-dependent business aspects. They ensure better performance and enhanced security for networks, applications, and employees.
To sum it up
In the unpredictable world of internet businesses, being prepared for the next big challenge is imperative. CloudFlare believes in continuous innovation, understanding that today’s solutions may only serve the next few years. As NBFCs and other businesses tread this digital path, partnerships with firms like CloudFlare can make the journey safer and more efficient.
Views expressed by Shrenik Bhayani, Regional Sales Director, CloudFlare
