Digital Transformation: Why Security and Privacy Matter

Digital Transformation of business is unstoppable. It affects virtually all industries. The IoT (Internet of Things) is just a part of this transformation. Organizations that do not adapt to the transformation are risking their very survival. Furthermore, connecting things with apps and services imposes new challenges, such as product security, liability issues, and how to appropriately handle customer data. This document discusses how IT must transform in general and how Information Security can be a business enabler for Digital Transformation.

Digital Transformation is not a one-time makeover of an organization from one set of products, services or business model to another but the opening of an era that will require continuous transition and adaptation in philosophy and technology. Based on rapid innovation, global competition, ever-changing actors and the amalgamation of formerly disparate markets, organizations have to remain agile and re-invent themselves to not only to maintain, but to improve, their competitive positioning.

Data collected from devices and customer interactions fuels the new data-driven business models emerging the Digital Transformation. Know Your Customer (KYC) technologies have never been more powerful – or more important.

However, data is the new fuel or new currency and requires adequate protection. Data leakage and reputation loss, ever-changing regulations and the massive differences in regulations from country to country, and complex partnerships where various parties need access to data are all new challenges arising with Digital Transformation.

Understanding the fundamentals for Digital Transformation and knowing how to protect data – especially identity-related data – will help organizations succeed in this new age. When executed correctly, organizations can move from a high-risk/low-agility stance to enjoy greatly enhanced agility through security by design and privacy by design.