The Data Trifecta – Convenience, Privacy and Security. Where do you stand?
At the recent Innvofest Unbound Singapore conference, I had the opportunity to moderate a panel on Data and Cybersecurity which had panellists from leading organisations, like Optus and SATS Ltd, as well as emerging technology companies like Bitglass and Indonesia’s first unicorn Go-Jek.
The discussion revolved around the long-standing issue of cyber security as organisations increase their digital presence in their journey to get closer to today’s consumer – a trend that was explored in Experian’s recently released Digital Consumer Insights 2018 report, which provided insights into consumer behavior, attitudes and preferences across Asia Pacific when it came to their digital interaction with organisations today.
Three key takeaway messages emerged from the panel discussion that any digitally-engaged organisation should keep at top of mind.
#1: There is tension between convenience and privacy for consumers
There has now been an unprecedented ask for greater convenience from consumers and an equal pressure from organisations to deliver it – whilst taking privacy rights and regulations into consideration, in addition to providing a secure platform to consumers. While not the sole responsibility of either party, it is important for businesses to operate responsibly when delivering new services so end users are clear on the benefits (and risks) involved in the path to greater convenience. Likewise, consumers need to be effectively educated to empower them to make accurate decisions when it comes interactions and transactions involving data.
#2: Collaborate and innovate to stay ahead of fraudsters, who share information all the time
This stood out for me especially so coming from an organisation that is constantly focused on innovation and collaboration. Amongst the panelists, the recurring rhetoric was that each of them relied on both attributes to stay ahead of the curve. Collaboration, whether with external parties or within internal teams, is essential to help build a clearer and accurate view of where the organisation stands. Internal regulation is key to combatting fraud and cybercrime. Innovation, on the other hand, is something that organisations should embrace. Whether on a fraud detection or consumer front, organisations that stay nimble and adapt to technology changes will be well positioned to navigate the digital landscape.
#3: There is a lot more that organisations can do to combat the risk of cybersecurity. How should we strike the balance?
This is perhaps one of the hardest issues for organisations to find the answer to. The hard truth is that fraud and cybersecurity are constantly evolving and it just impossible for any organisation to completely and absolutely manage risk. The key? Managing risk to an acceptable level and identifying the most important segments of data (to both businesses and their end consumer) to build the necessary measures in place. The additional point here is that, beyond direct-to-consumer businesses and consumers themselves, third-party organisations also should start getting closer to, and understanding the nuances of their customers to better position themselves and remain relevant.
Managing Director, South East Asia & Emerging Markets
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By Dev Dhiman 06/14/2018