In this final stretch leading up to CA World I am reminded of how great leaders provide stability during periods of great stress. For the digital economy, I’ve observed a similar need for establishing a System of Trust that addresses the fear and uncertainty emblematic of incidents such as the Equifax breach. In the last two months I’ve shared why we in the vendor community believe the new IBM z is a game changer, and CA Technologies’ support for this incredible advancement. As part 3 of this series, I’d like to explain how digital trust has then emerged as a defining strategy for the digital enterprise.
Our customers in the digital economy know well how innovation can be a double-edged sword. Although mobile devices, cloud environments, social media, and the Internet of Things (IoT) have brought the opportunity for them to augment and grow, they have also surfaced new threats in the form of cyberattacks and data breaches. Navigating this uncertainty requires a level of digital trust so that you can take risks with confidence in this complex and swiftly-evolving digital economy? In fact, when was the last time you asked:
- Will the next online transaction your company processes result in customer satisfaction – or create trust concerns around identity theft?
- Will you be able to verify that the customer involved in this transaction is real and not a bot pretending to be a user?
- Will your digital applications and services be always on anytime and anywhere to win the trust of your customers?
At the Gartner Symposium ITXPO I delivered a customer insight-packed presentation covering the challenges businesses face on the digital frontier and how those challenges impact the three main aspects of digital trust.
- Verify People: With the cost of identity fraud rising to $16B, verifying and securing user identities is more important than ever. How can advanced analytics, machine learning, and artificial intelligence help lower risk profiles and improve customer service?
- Protect Data: Data is increasingly subject to cyberattacks – attacks that come with a price tag of $3T in business growth. With that sobering fact in mind, how do you ensure data integrity, data privacy, and data security for data in motion and at rest? How can you mitigate the impact of a successful cyberattack or data breach?
- Ensure Systems: The costliest outages can run a company anywhere from $2.4M to $150M and more. To avoid becoming part of statistics like these, how do you build systems that are reliable and trustworthy? How can you leverage proactive operational intelligence to identify potential problems and prevent them through self-healing systems?
Technologies exist to support businesses in developing digital trust at scale. For example, blockchain delivers operational efficiency gains, decentralized ledgers, simplified infrastructures, reduced risk of fraud, and near instant reconciliation. It is supported by the new IBM z14, which features an encryption hardware acceleration engine that is 18x times faster than previous mainframe capabilities. CA Technologies is actively working with financial services, insurance, and retail business leaders participating in the Hyperledger project as they pilot “shadow blockchains” to address the need for speed to market and operational intelligence.
Digital trust is the currency of the digital enterprise. It allows you to capitalize on new business opportunities faster than your competitors because it reduces risk and improves your agility to scale. But trust doesn’t come from simply managing data: it is the result of a digital trust strategy. Check out Building Digital Trust: Taking Risk with Confidence in a Digital Economy Where Every Business Is a Digital Enterprise or view the Slide Share.
As always, I invite you to comment or reach out to me @ashoktreddy to share your challenges or successes in protecting your people, data, and systems to generate digital trust, or come visit us at CA World.