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Cyber Security Learnings From Pandemic; An Ounce Of Prevention Worth A Pound Of Cure

The pandemic has brought to the forefront the key issues every organization faces in the realm of security.

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The COVID 19 pandemic, a global health crisis has been the worst human catastrophe in recent history. It brought a complete change at not just the macro level of the economy rather each individual’s life has been affected by it. We have quickly transformed our way of life from the experience of human interaction to one that now is about engaging the customer through the lens of technology in a way that creates trust, reduces friction, and drives business outcomes. With more people working, shopping, and banking remotely during the pandemic, the FBI has reported a corresponding spike in cyber attacks, up 400% from before the pandemic.

The pandemic has brought to the forefront the key issues every organization faces in the realm of security.

A)     Its all about the customer journey

Security is key. Customers, employees and business partners expect you to protect them, their data and money. However, they also want great customer experience at every interaction point. Enterprises spend millions of dollars crafting amazing customer journeys only to have security, and fraud concerns create friction points. Its paramount that every element of security to focus on maintaining or enhancing great customer journeys 

Identity Proofing, a must in the digital world 

With the limitation on in-person interaction – the importance of verifying customer identities against government documents, biometrics and liveness validation at account creation is no longer preference but a must.   

Act immediately, yet wisely

There’s a definite reason why even amidst the crisis many companies have continued to serve their clients and even gained new ones. The driving factor behind such business growth in a challenging time was to take quick effective steps; taking the decision of prioritizing safety and supporting flexibility.   

Building v Buying

The traditional view that it may be better to build something that meets my exact needs and allows me to own everything is no longer practical or economical in a covid and post-covid world. The time to build, test and deploy is many times far beyond the time an organization can wait.    Vendors are creating broad solution that meets every needs for individual organizations in a fraction of time and can deploy very rapidly with cloud or SaaS solutions.

Cyber security skill shortage

The expansion of the digital ecosystem has heightened the need for qualified cyber security experts to deal with newer and more advanced threats. As per the US Bureau of Labour Statistics, the demand for Information Security Analysts alone is estimated to rise to 31% by 2029. The Enterprise Strategy Group (ESG) and the ISSA survey conducted in July 2020 shows that 70% of the participants believe their companies have been impacted by the global cyber security skills shortage. 

Work From Anywhere will become a real option

We are almost a year into the pandemic and it has reshaped and accelerated the future of work, businesses have changed the way they operate, and online/remote working has been the norm. It was only under this critical phase that even those companies that were apprehensive of a ‘hybrid work model’ were forced to embrace the technology to enable their team to remain connected and deliver efficiently from remote locations.  

Uniken, an India-origin company is a pioneer in the field of digital security and has been the first such Indian company to make scale up in the global market and excel. Uniken's flagship product REL-ID is first-of-its-kind security platform that secures connections between customers and businesses by eliminating all possibilities of data breach and fraud. It has handled more than 2bn interactions till date without a single case of failure. Uniken recently announced 170% YOY growth in FY2020 fueled by demand for digitization, improving the customer experience, and cyber security. 

For businesses, having the capabilities to quickly and securely onboard new customers remotely as well as authenticate existing ones is invaluable. Consumers use mobile phones a lot more to conduct business, something regulated industries previously avoided due to the risks of cyber attacks and fraud. Keeping the same thought in perspective, we at Uniken have developed a way to consistently secure every channel, eliminating the risk of credential compromise, harvesting, and account takeovers. It is now imperative for the cyber security companies to do a radical overhaul and ensure their product/service fits in seamlessly into their client’s system and is fully secure.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.

Tags assigned to this article:
cyber security

Bimal Gandhi

The author is CEO, Uniken

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