November 14, 2017
A Digital Business World
The top 16 predictions are categorized into four main groups:
1. Every business is a digital business
2. The impact of data in the decision process
3. The continued growth of cybercrimes
4. Digital businesses need digital identities
The first category is every business is a digital business. So one way to think about this is whether you are a bakery, clothing retailer, a shoe repair company, a CPA or even a sophisticated manufacturer, it’s very likely that many parts, if not all parts of your business have in some way been digitized: how you hire employees, how you communicate with your customers, how you manage your supply chain, and how you go about your day-to-day work.
Virtually every business is now a digital business and this has ripple effects, because how you might have traditionally authenticated or secured your business is very different in this world. Not aligning fraud and security to this new digital business reality, is catching a lot of traditional businesses off guard. Businesses are beginning to see the value of transforming their digital footprint.
Connected Customers in a Mobile-first World
The first prediction is the concept of connected customers having multiple digital touchpoints. It is a mobile-first, but it’s not a mobile-only world. We are dealing with the Internet of Things (IOT.) Magnifying the number of touch-points where data is flowing to and from, and another related dynamic is the advent of bring your own device (BYOD.) It is common in the business world and very common here at ThreatMetrix to have your own device, and have credentials to access your information. It’s a very complex world, and not having fraud and security processes locked down and aligned with this new reality is going to be challenging for businesses.
So our prediction is that the complexity will magnify in 2016 and the takeaway that we’d like to project and offer is, the need for a business established protocol for even just employee connectivity. Given this is very intricate web of devices in the marketplace and part of your employees’ lives. Think about that and reflect that in your policies. If you then extend that logic to your customer base, think about how customers access information in your portals and the transactional nature of your businesses. Think about how that reality translates into your policies for information management security provisioning, and understanding who you’re dealing with at any given point in time. Knowing and authenticating your customers is critical to simplifying the web of devices, and cultivating a safer digital world.