Data Security

Combine Data Security with Digital Ethics and With Customer Trust

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In this digital economy, trust has become the cornerstone that supports seamless data sharing that fuels their operations. Trust in the business world is – as difficult to build as it is easier to lose. Digital trust plays a major role in gaining and sustaining market share and customer retention. Lack of security and ethical controls drives customers and businesses away and is a strategic risk – it leads to loss of reputation.

Especially as enterprises are growing at such a rapid rate – their data is growing too. Products are launched rapidly and data is collected at a fast pace and stored in the cloud using data storage technologies. This data can be analyzed and used to personalize customer interactions and connect with business partners to form an ecosystem.

Security and digital ethics are hence paramount to build customer trust.  Here are a few things to remember:

  • It’s important to combine technology, ethics, and transparency to gain a market edge.
  • Businesses should make data storage fully secure and compliant
  • They should make the use of personal data transparent to consumers.
  • Re-evaluate their policies and overhaul data privacy to gain a competitive benefit of retaining customer trust, along with operational improvements that come from data-security transformation.
  • Businesses must evaluate moral problems related to data, algorithms and corresponding practices in order to formulate and support morally good solutions.

Business values and ethics are gaining more and more important in the digital world. Making use of the best possible solutions to ensure that your customers and business partners feel the ‘trust’ should be the prime focus for every business. Business success in this digital era depends on how businesses reduce risks and provide unprecedented control over data throughout its life cycle. The ability to build digital trust is the key differentiation in this digital economy.


Blockchain: Safe, Secure and Speedy

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The beauty of blockchain technology lies in the fact that it allows you to see a verified, accurate and un-tampered with an account of transactions. These transactions could be payments, but not necessarily. They could be simpler exchanges of information too.

This technology has been around for a couple of years and basically shares a record of transactions that are maintained on a network of computers on the internet – rather than a centralized authority. When this technology is used on a large scale, however, especially in corporate, it raises question marks over whether it can cope with the increased volumes on a daily or even hourly basis with the same veracity. The blockchain technology is only as valuable as it is secure.

The two main concerns of this technology are scalability and security:

  • Security is a concern mainly because blockchain implementations such as the financial services require a digital wallet. This dependency is a potential risk.
  • The decentralization of control and relative freedom of access and has ultimately fueled black market trading.
  • The setting up of private blockchains places great responsibility for securing access to the nodes. It’s important to determine the trusted parties and the blockchain system administrator needs to make the security decision.
  • While the risks of building a financial market or other infrastructure on a public blockchain may give a new entrant pause, private blockchains offer a degree of control over both participant behavior and the transaction verification process.

Blockchain systems provide transparency and usability but at the same time required enough security considerations. Just as businesses decide which systems are better hosted over the internet or intranet, they will have to take a call regarding the use of blockchain technology as well. In general, systems that require fast transactions, the possibility of transaction reversal, and central control over transaction verification will be better suited for private blockchains, and others that benefit from widespread participation, transparency, and third-party verification will flourish on a public blockchain.