Automating the security function
Before COVID-19, we were already seeing a shift to automation of security functions from identity authentication through to threat detection and response. Over the course of 2020 the pace at which this is happening has picked up. A broad set of know-your-customer (KYC) and fraud detection data is being gathered and analyzed by many sectors, including financial services, eCommerce/retail, technology, media and telecommunications, and automotive, among others. This information has previously been siloed by function. In the new reality companies are beginning to realize they are sitting on a treasure trove of data that—if better organized and made more efficiently accessible—can be extracted and analyzed for a variety of value-added purposes, and even to relieve rapidly growing cost pressures caused by COVID-19.