Thought Leadership
Sponsored by Moxtra
The importance of compliance and security in digital strategy
In today’s world of digital transformation, organizations must manage their strategy with compliance and security as integral considerations.
D
igital transformation has been top of mind for business leaders for over a decade. With that being said, security and compliance should be integral to the entire process and the driving forces behind any broader digital strategy.
Digital compliance is critical for countering cyberthreats at a time when the client experience depends on how well companies protect their data. It has become an integral part of the value proposition, not just for technology companies, but for every organization in every industry.
Compliance with industry regulations is only the bare minimum. Business leaders should also develop their own internal policies to add additional layers of protection. Instead of viewing compliance and security as necessary burdens, they must be on the front lines of digital transformation. This is especially important for finance, banking, and other high-touch industries where trust is everything.
Taking a compliant approach to innovation is something every organization should prioritize, irrespective of its size or industry. After all, compliance and security are just as important for small businesses as they are for global enterprises. In fact, according to a recent study by the National Small Business Association, 60% of cyberattacks in 2020 targeted SMBs. As far as cybercriminals are concerned, they are often seen as easy targets.
What do businesses need to do to ensure compliance?
Compliance is not only about security, but also about availability, privacy, and overall client service. Business leaders should ideally set these standards before they embark on any digital transformation journey, and app development should factor in security and privacy from the outset.
Implementing the best practices for security and privacy can be complicated. This is why it is essential to have a unified digital transformation strategy that is fully intertwined with the client experience. For today’s clients, factors like convenience and trust are key drivers of purchase decisions. It is much easier to deliver those things when you have, for example, a fully integrated digital branch in the form of a readily available mobile app.
Here are three reasons why it is much easier to keep client data safe if you have an integrated OneStop App, as opposed to using multiple different collaboration platforms across the business.
1. Auditability and persistence — an integrated client experience solution logs every interaction in one place. For example, a mobile app can capture the location, device, and time for every interaction to provide a complete audit trail. This gives management full visibility into their data environment while also enabling a more streamlined approach to customer service.
2. Rigorous security standards — sensitive data must be protected by multiple security layers, including encryption and multi-factor authentication, embedding bank-grade security into digital strategy.
3. Enterprise-grade compliance — compliance with government-mandated regulations is vital. Aside from maintaining visibility into all communications, organizations doing business abroad also need to consider whether their technology solutions meet cross-border regulatory requirements.
The future of aviation is strictly tied to several factors
Moxtra’s OneStop Platform has been engineered from the ground up to meet the strict security and compliance demands of banking and financial services. Get startedtoday with your private OneStop Portal App.
