Emerging digital threats demand companies take new precautions to protect their customers and their bottom line in the new year.
The best defense is a good offense when it comes to cyber security. Companies must remain vigilant and anticipate new cyber threats on the horizon, which can drastically impact an organization’s reputation and its bottom line.
KPMG evaluated the evolving threat landscape to help companies assess the new year’s main digital concerns and achieve what is most important – securing data and keeping the end user satisfied.
Cyber threats are more sophisticated than ever. Phishing returns with new methods to steal customer data while hackers have weaponized artificial intelligence to ramp up attacks. To combat these threats, agile security professionals must blend with automated solutions to create one united front. By allowing artificial intelligence to complete repetitive tasks, like collecting and analyzing data, companies free up current employees to develop and implement creative ideas to protect the company and its customers. This not only keeps data secure but also saves on recruitment and training costs.
With new threats come new solutions. We suggest companies move away from the “bolt-on” automation capabilities, which heighten security in the short term but quickly become less effective or even irrelevant as new threats arise. Customers also find the intricate log-in process unappealing. By levering built-in automation on cloud-based platforms, companies can reduce costs and enhance security, while simultaneously aligning their long-term business goals by improving customer satisfaction.
Privacy is paramount. As financial institutions need more personal information to identify customers, they should take the opportunity to create better digital interactions based on user preferences. An enhanced user experience should include identity and access management, replacing passwords with touch or face ID or with voice recognition. Implemented correctly, this strategy will yield better security protocols for the company and provide easier access to the business’ information, products and services for the customer.
A principles-based approach wins customers and keeps the business compliant. With a solid framework for data-protection practices, companies can easily modify their privacy strategy as new regulations come into effect. This also places customer privacy and data protection at the forefront of their business model, satisfying existing customers and enticing new ones.
Each year brings new cyber threats, but it also ushers in new opportunities for businesses. By staying alert and addressing new cyber security concerns, businesses will not only improve their security protocols but also boost revenue by enriching the customer experience. Protect corporate and customer data by maintaining a clear view of the evolving threat landscape in Key cyber security considerations for 2019.