Intelligent CIO Europe Issue 57 - Page 35


By adopting emerging technologies , companies can deliver compelling new services that increase revenue opportunities and strengthen the business . In today ’ s technology landscape , digitalisation has emerged as the most prominent opportunity . Digitalisation has generated a seemingly endless array of new online services from on-demand food delivery to 24-hour retail services to instant mobile payment applications . The COVID pandemic further accelerated growth of these services .

However , without the ability to ensure the safety and security of the services and the sensitive data being used , organisations place this opportunity at risk . ‘ Data mistrust ’ presents a huge danger for these technologydriven digitalisation initiatives by :
• Slowing speed to market for innovation
• Hindering an organisation ’ s competitive advantage
• Damaging brand reputation
Slowing speed to market
Losing the competitive advantage
By slowing the deployment of these new initiatives , businesses also hurt their competitive advantage . Technology transformation represents a key competitive advantage . If organisations can ’ t ensure data security , they fall behind other organisations that can – hindering their ability to compete , losing to the competition and putting profits at risk .
Damaging brand reputation
Nothing hurts a company ’ s reputation more than a data breach . When an organisation ’ s brand reputation becomes damaged , the impact can be long and difficult to overcome . Whereas a positive company brand spurs consumer trust and loyalty , a poor brand reputation results in distrust and can ultimately cause customer churn .
Organisations must manage security threats proactively
Data insecurity always tops the list of obstacles to speed to market . Without the ability to ensure data security , organisations slow down the deployment of new digital initiatives and lose their speed-tomarket advantage .
As an example , look at open banking . In Europe , open banking increases competition across financial services institutions and promises consumers more convenience and choice . However , for open banking to ultimately succeed , customers must trust the security of their financial data . Any organisation offering open banking services must be able to defend against threats , or they won ’ t be able to quickly rollout these services .
Companies must be proactive with security processes to keep technology-driven change moving forward . With its reliance on Application Programming Interfaces ( APIs ), digitalisation has expanded the attack surface . All online applications , including open banking applications , have been built on APIs and many enterprise companies have already experienced API incidents .
To ensure speed to market , competitive advantage and brand reputation , organisations must protect these critical assets across development , deployment and production . Maximising the value of their digital technology-driven initiatives depends on it .
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