There has been rapid change in the way companies conduct their business in recent years due in large part to digitalization combined with evolving customer demands. This has brought about major market changes that have forced companies to transform their business models to incorporate online services and mobile access. These changes haven‘t come without challenges; concerns over cyber security and data protection are a growing trend in every sector. This is exemplified by a recent Symantec report that claims Business Email Compromise (BEC) scams target more than 400 businesses every day, and they have cost more than USD 3 billion in the last three years.
Staying competitive in a digital age
Companies know they need to keep up with the changing times in order to remain competitive. Today, this means becoming adept at offering customer‘s convenient access to services and products. Successful companies are now asking themselves: what does the digitally-savvy customer want and how can we provide it?
This user-centric approach entails offering a comprehensive digital experience that allows customers to interact with them from anywhere at any time. This requires strong identity and access management. The challenge, however, is how to successfully balance customer convenience with the all-important issue of ensuring security. Enterprises that suffer from data breaches or security attacks suffer damage in a variety of ways, from operational setbacks to reputational harm.
Moreover, GDPR, a set of EU regulations that requires business to protect personal data and privacy for citizens’ transactions, will come into force on 25 May 2018. It is the most important change in data privacy regulations in 20 years and will have far-reaching consequences for businesses.
The solution is to take a holistic approach: offer flexible, scalable, but secure, authentication that provides a fully digital solution to customers, from onboarding onward. It means offering customers multiple ways to onboard and authenticate themselves that still comply to FIDO standards. And it also means complying with GDPR regulations with regards to data privacy. Importantly, this means, for example, building security in during the app development phase – not as an afterthought. With G+D’s solutions for enterprise security, you can do all of this.
For instance, our StarSign Mobile Authentication Suite provides seamless authentication on mobile devices and offers your customers convenient and secure ways to login using different verification methods. It implements the new authentication standard FIDO UAF combined with various verification methods like password/PIN and biometric based validation. It also supports OTP based authentication according to the OATH standard. It’s flexible and convenient and doesn’t sacrifice security. G+D’s Trusted Application Kit further supports businesses in their digital transformation by helping to manage all aspects of enterprise security, from identity management to fraud prevention, along with data protection and mobile applications.
None of this, however, hinders the relationship with customer – in fact, it enhances it by allowing companies to provide convenient and secure access to customers at all times. G+D Mobile Security’s TAK is a security framework for mobile operating systems, such as iOS and Android, that firms can seamlessly incorporate into their infrastructure during the design phase. It is convenient and non-intrusive to end users, and as well as secure payments at all points, it includes interactive feedback, device fingerprinting and an advanced lifecycle security.