Digital transformation (DX) is on the mind, IT budget sheet, and board meeting agenda for the majority of enterprise-level organizations. The term digital transformation is becoming ubiquitous, but its definition can be ambiguous. Within the context of this blog, DX refers to how organizations reexamine optimizing people performance, processes, and evolving technology strategies that enable digital innovation.
In the financial services industry (FSI), DX initiatives are moving especially fast. Customer expectations are being redefined by modern banking offerings from Google, Apple and Amazon Pay. At the same time, increasingly complex regulatory mandates and, of course, the ballooning growth, volume, and speed of data are pushing FSIs to innovate. Quickly.
Have Your Cake and Eat it Too
In most FSI organizations, DX initiatives not only drive new digital innovations in technology, they also expose new privacy and security considerations. You want to provide a seamless user experience to customers as they access the websites, mobile and web applications, and content they need to conduct business. (The cake.) Meanwhile, you must also take steps to secure the data, information, and the network in order to keep adversaries at bay. (The eating it too.)
DX innovation means much more than just moving technologies to the cloud. The innovation comes from enabling technologies that ensure users have exceptional digital experiences and access to data, while also mitigating risks with data security, security analytics, and insights.
Empowering the C-Suite to Drive Cybersecurity Strategy and Investment
According to a study released by Nominet, “Life Inside the Perimeter: Understanding the Modern CISO,” approximately 75 percent of the US and UK-based CISOs surveyed said that their boards and executive management do not have an understanding of the nuances and implications of cybersecurity issues.
Empowering the C-suite with proactive, actionable insights can help them understand the marriage between DX and cybersecurity. With increasingly sophisticated threats, the proliferation of technology platforms and devices, and a consumer base that demands a secure and seamless digital experience, the C-suite must embrace risk-based security strategies that are rooted in data, and the security investments that should be prioritized.
Data Security
Security leaders often use the castle analogy when discussing data security. If you think of valuable, sensitive, and personal data as a castle high on a hill, the traditional approach to protecting it is to build a moat around its perimeter. But the moat alone isn’t enough, especially as apps and data move to the cloud and customers access financial services anytime, anywhere. Multiple layers of defense and contingency plans must be layered against vulnerabilities that can be exploited both inside and outside of the moat.
Unfortunately, as many FSIs deploy their DX plans, security gaps remain in their defenses. According to the “2019 Thales Data Threat Report,” 44 percent of respondents see data security implementation as a complex barrier on their DX journey. As a result, they leave themselves open to threats.
Looking Forward
Knowing that folding security into digital transformation initiatives can be complex and overwhelming, partnering with Imperva can ease the burden. Whether it’s application or data security, Imperva can help secure your organization without disrupting user experience, innovation or growth.
To better understand how Imperva protects your business-critical data and applications wherever they live, read how we helped PSCU, one of the largest credit union service organizations, defend against targeted attacks.
You can also learn how an Imperva data security solution helped a global bank cut $90 million in excess IT costs here.
And, on November 14 at 1 p.m. ET, Imperva’s Terry Ray, Senior Vice President and Fellow, will host a webinar for FSIs on balancing security and compliance while developing your DX strategy. Register here.
To find out more about how Imperva can secure growth and protect the pulse of your business, visit our website.
Try Imperva for Free
Protect your business for 30 days on Imperva.
