The Goa Developer Summit 2.0, themed ‘Women Coding the Digital Future’ was more than just a congregation of coders and entrepreneurs; it was a mirror reflecting the rapid transformation of our digital world. From Agentic AI and cyber security to game design and legacy modernisation, the summit showcased how technology is evolving at an exponential pace. Yet, amidst this wave of innovation, one underlying theme quietly emerged – risk.
Every breakthrough comes with its own vulnerabilities. For the IT and software ecosystem, whether it’s a startup, SME, or enterprise, the very technologies that promise growth also carry hidden operational, financial, and ethical risks. And in a world increasingly dependent on digital infrastructure, risk mitigation is no longer optional; it’s strategic.
Emerging technology: The summit’s discussions on Agentic AI – intelligent systems capable of thinking, acting, and learning autonomously – highlighted both potential and peril. These AI agents can revolutionise operations in BFSI, aviation, and HR, but they also introduce data privacy, ethical, and cyber-security vulnerabilities.
AI-driven automation may eliminate inefficiencies, but it can also expose enterprises to high-value data breaches, system errors, or reputational damage. As Vijay Sardi, a cyber-security expert, noted, the next wave of attacks won’t just target systems – they will target the AI models themselves through prompt injections or deepfake manipulations.
Similarly, Reena David from McLaren Strategic Solutions shared insights on mainframe modernisation – a critical yet risky process for banks, insurers, and airlines. Legacy system upgrades, if mishandled, can lead to operational downtime, data loss, or regulatory non-compliance. AI-assisted modernisation helps, but even then, human oversight and contingency planning remain indispensable.
Stakeholders & their risk landscapes: Every stakeholder in the IT ecosystem, from developers to decision-makers, faces unique exposures. Software Enterprises risk financial strain from failed modernisation, ransomware, or downtime. Startups grapple with unpredictable funding cycles, project delays, and client liability claims. IT Professionals face career risks from automation and obsolescence of skills. End Users suffer from data misuse, dark design patterns, and deepfake scams. Government bodies deal with outdated systems, slow policy translation, and forensic inefficiencies. These risks extend beyond the balance sheet – they touch reputation, trust, and long-term sustainability.
Risk mitigation through business insurance: This is where the insurance ecosystem becomes a silent yet strategic ally to the IT industry. While innovation fuels growth, insurance fuels resilience. Unfortunately, many businesses, especially in the SME sector, still view insurance as an expense, not a safeguard for continuity. Business insurance provides structured protection across the IT value chain.
Cyber liability insurance covers financial losses due to data breaches, ransomware, phishing attacks, or privacy violations – crucial for companies storing client data or operating online. Errors and omissions/professional indemnity protects software developers, consultants, and IT service providers against legal claims arising from project delays, software failures, or technical negligence. Business interruption insurance compensates for lost income and operational expenses when critical systems fail due to fire, cyber attacks, or other covered events. Directors and officers liability shields company directors and executives from personal liability in lawsuits arising from managerial decisions or compliance failures.
Property and equipment insurance safeguards high-value IT infrastructure, servers, and data centres from physical damages due to fire, theft, or natural disasters. Employee health and group accident insurance ensures workforce well-being – especially critical in a sector where mental and physical health directly affects productivity and innovation. Fidelity guarantee/employee dishonesty insurance protects organisations from financial losses due to fraud, data theft, or embezzlement by employees – a growing concern in remote and hybrid work setups.
The advisor’s role: In this evolving landscape, insurance advisors are no longer product sellers – they are risk translators. Their job is to identify, assess, and align protection strategies with each business’s unique ecosystem. For IT businesses, they act as a bridge between technology and trust, helping founders see insurance not as a cost but as a continuity enabler. From cyber audits to risk scoring, from claims support to policy customisation, a good advisor ensures that protection is practical, sustainable, and service-oriented.
When crises like a ransom-ware lockout or a system failure strikes, it is not the technology alone that saves a business but the preparedness behind it. That preparedness is built on foresight, planning, and reliable partnerships.
Building a culture of risk awareness: The Goa Developer Summit 2.0 celebrated the spirit of innovation, inclusion, and transformation. But as we code the digital future, we must also insure it. Every line of code, every client contract, and every cloud server carries a responsibility – to protect the people, processes, and promises behind them.
For SMEs and corporate alike, risk management must evolve from a reactive measure to a core business philosophy. Because the question is no longer if something will go wrong, but when. And when it does, the right insurance strategy ensures your business not only survives but emerges stronger.
(The writer is the founder of ‘Investment Options’, an insurance and investment consultancy based in Goa since 2013, having pan-India clientele)
