The Digital Transformation Playbook from BMC & PSFK Labs looks at how today’s consumers are generating more data than ever before
As more and more of our lives move into the digital space, it is more important than ever to ensure that our data is safely collected and handled. What this means is that companies are migrating more of their business to the cloud and other digital services, and are potentially exposing sensitive consumer, client and internal data to increased vulnerabilities. To help mitigate the risk of potential breaches, companies must leverage intelligent systems that are capable of anticipating attacks, upgrading systems independently and evolving their level of encryption to eliminate threats.
As shown in our Digital Transformation Playbook, today’s companies must adapt to a new set of tools that makes security an ongoing priority rather than a reactive solution. As Ken Allan, EY Global Cybersecurity Advisory Leader, stated to Quartz, “We know that breaches are getting bigger, the impact of a breach five years ago to now is much bigger as we go more digital.” What this means is that businesses must adopt new digital solutions that will support and protect their employees and operations. Through this, companies can build trust with both their consumers and clients for the future.”
An example of a large company taking this new approach is financial services company MasterCard, who is applying machine-learning to provide customers with greater security by defending companies against cyber attacks. The Safety Net system analyzes more than 1.3 billion transactions per day using algorithms that assess customer behavior in real time to create data visualizations. The system also looks for global transaction patterns that raise red flags. Rolled out in early 2016, the technology has already helped identify and control three separate cyber attacks, limiting losses to less than $100,000 in each case. The artificial intelligence technology employed by Safety Net is expected to become more refined in the future, and will be an important tool in combatting cyber attacks in the financial services industry.
“Federal IT Security professionals are like generals fighting today’s wars with the weapons of yesterday. Spending intentions reflected a tendency to stick with what has worked in the past, such as network and endpoint security technologies that offer little help in defending against multi-stage attacks. Clearly, there’s still a big disconnect between what we are spending most of our security budget on and what’s needed to ensure that our sensitive data remains secure” – Garrett Bekker, Senior Analyst, 451 Research
Similarly, mobile infrastructure company Nokia has created a new platform to bring better, more holistic security to the Internet of Things. The security concern is one of the biggest hurdles to IoT deployment. Nokia’s NetGuard Security Management Center platform addresses this concern by monitoring all IoT devices, analyzing activity using a malware database, drawing correlations between events in different parts of the network, and setting security parameters to minimize the likelihood of a successful attack. This technology is an improvement over current IoT security software, which typically only protects individual elements. The software is expected to help carriers and other IoT service providers take a more holistic approach to preventing and responding to attacks and will enable acceleration of IoT deployment.
As shown in the Digital Transformation Playbook, the ability to effectively understand and protect your customers from security threats is essential to anybody’s future as a consumer. These threats will only continue to multiply, and it is up to business leaders to anticipate the necessary tools to fight back. When planning for these changes and considering the best ways to effectively protect customer data, be sure to consider these key questions:
- What are the core problems in the way security is currently handled?
- How long does it take on average to remediate a vulnerability?
- What are the current protocols if and when a breach happens?
- What is the process for onboarding employees and vendors on security policies?
The Digital Transformation Playbook is a report and 5-week series from BMC and PSFK Labs that identifies the opportunities and challenges that traditional companies face when transitioning into a digital enterprise. The comprehensive study provides a roadmap to help high level decision-makers determine where to begin, what to do and how to follow through. Download the full report here and check back daily for exclusive content on the strategies, technologies and services that are helping businesses keep up with ever-evolving demands of the marketplace.