Balancing Security and Convenience: Insights into Indian Consumer Behavior and F5’s API Protection Solutions
CXOToday has engaged in an exclusive interview with Dhananjay Ganjoo, Managing Director India & SAARC, F5
- There is a rise in demand for secured digital experience among consumers, can you share some insights on the current consumer behavior towards security and convenience?
The demand for application-based services is increasing, with consumers’ growing dependency on applications to order food, make payment, shop online and more. With services and products available at our fingertips, it is evident that consumers seek convenience today. However, with a growing reliance on digital services and consistent headlines on data breaches, Indian consumers are concerned about their data security too.
We have recently conducted a survey, with consumers across the Asia-Pacific countries, for our Curve of Convenience 2023 Report: The Pursuit of APIs, to collect consumers’ perspective on data governance. According to the survey, over 67 percent of Indian consumers are ready to withdraw support from a company in the event of a data breach. This signifies the growing importance of data security in the minds of consumers today. Therefore, it has become imperative for businesses to prioritize data security to provide a secure digital experience for their customers.
- Could you shed some light on the Indian consumer behavior, today, when it comes to digital experience?
The behavior of Indian consumers has undergone significant changes in recent years, particularly when it comes to digital experiences.
As per the same report, 74 percent of Indian consumers are willing to grant companies access to their data in exchange for better utility and customer experience.
Consumers today seek for personalized yet secure digital experiences with brands. They also want things fast and appreciate instant gratification, with
93 percent of Indian consumers willing to save sensitive data onto websites and applications for a more streamlined process. This signifies that consumers in India seek smooth and convenient digital interaction, making it imperative for businesses to not only just focus on securing data but also providing a seamless digital experience.
- Consumers preference towards digital payment has grown over years, how does convenience and personalization play a big part in the adoption of digital payment?
In the last decade, India has rapidly digitized its payment systems and promised huge potential in the area. As per Ministry of Electronics & IT, digital payment transactions have significantly increased from 2,071 crore transactions in FY 2017-18 to 8,840 crore transactions in FY 2021-22. This growing preference for digital payments among consumers can be attributed to the role played by convenience and personalization. Digital payment methods offer unparalleled convenience by eliminating the need for physical cash or cards and by providing quick, hassle-free transactions anytime, anywhere. Digital payment platforms leverage consumers’ data to offer personalized experiences, tailoring recommendations, discounts, and offers based on individual preferences.
Additionally, these services often offer customizable features, such as preferred payment methods and automatic payments, further enhancing convenience. Integration with other services, such as e-commerce platforms and mobile apps, streamlines the payment process and encourages widespread adoption. As technology advances and more personalized and convenient features are introduced, the popularity of digital payments is expected to continuously grow in India.
- With security becoming a priority along with convenience for customers, how can businesses strike the right balance between security and convenience?
Some of the ways in which businesses can solve this conundrum of striking the right balance include:
- Businesses must understand the level of security risks that needs to be mitigated by conducting risk assessments. This will help in determining the right balance between security controls and convenience.
- Once the security risks are identified, it is important that businesses choose the right security measures which are appropriate for their risk level and provide the necessary level of protection.
- For an effective implementation of security controls, businesses must inform their customers and raise their awareness on these measures. This will help them understand the importance of the security controls implemented and why they need to follow them.
- To ensure that the security controls are effective and relevant over time, it is imperative for businesses to continuously monitor user behavior. This will help them in identifying areas where users are struggling with and make updates, as necessary.
- How is F5 with its API protection solutions helping businesses mitigate security risks?
We understand how vulnerable the application landscape has become to cyberattacks. With applications being deployed in multiple clouds and edge of the networks, it has opened avenues for cybercriminals to explore the networks and find vulnerabilities in the application. This is where we step in. F5 Distributed Cloud Services can help secure infrastructures by providing an advanced web application firewall (WAF), bot detection, API protection as a service, and protection against DDoS attacks. It also equips customers with end-to-end observability and real-time visibility into the entire deployment while ensuring security and increased digital experiences.
With this ever-changing application security landscape, we continue to strive to bring solutions that will enable businesses to provide a secure digital experience for their customers.
