Identity_Data_Security_Digital_Transformation.jpgA strong digital presence can help you engage with customers where they spend increasingly more time—on a growing number of mobile apps, online channels and connected devices. Digital business is gaining momentum and companies recognize that digital transformations are business critical. According to a Loudhouse survey, 86% of digital decision makers say that they have two years to make progress on their digital initiatives or fall behind the competitors.

As companies focus on digital transformation, they face many challenges, but one in particular has the potential to threaten the success of not only digital business strategies, but the healthy adoption of digital business as a whole. The issue of securing customer identity data has always been important, yet the negative impact of breaches is growing making it even more crucial to get it right. A recent Ponemon Institute report found that the cost of a data breach has increased by 29% since 2013, and this number is expected to continue rising. There has also been a marked increase in the number of customers lost as a result of breaches. Customers are concerned about identity theft, and as many as 45% of consumers surveyed by the U.S. Department of Commerce National Telecommunications and Information Administration said they have refrained from online activities, including purchases and financial services transactions, as a result of their worries.

When your business experiences a data breach, the bottom line is you lose customers and your brand is damaged. No matter how innovative your digital strategies may be it is difficult to regain customer trust and affinity.

Data security needs to be a foundational component of any digital transformation plan. Implementing the right security controls plays a significant role in successfully launching new online, mobile and Internet of Things (IoT) products and services to improve customer experiences and grow revenue. Analysts such as Forrester and Gartner are recognizing that identity-centric security is an effective way to protect customer data in the multichannel digital world. They recommend that you look for a Customer Identity and Access Management (CIAM) solution that supports end-to-end security best practices to realize the full value of your digital business initiatives.

Download the infographic Identity Data Security Is Required for Digital Transformation Value to see the most common security mistakes businesses make and how to address them.