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Happy customer & supplier = make cybersecurity compatable with digital convenience

Digital security is vital in today’s digital world where lax security can cost companies millions and threatened their very future. McKinsey&Co’s article Is cybersecurity incompatible with digital convenience? by Salim Hasham, Chris Rezek, Maxence Vancauwenberghe, and Josh Weiner examines the delicate balance between cybersecurity and convenience. It shows how successful companies, tailor the digital experience to provide easy authentication while still valuing customer security. 

A major issue is that customers vary: some favouring convenience while others security:

Fortunately, McKinsey believe there is a way to cater for both types:

Finding the right balance between convenience and security for customer segments

McKinsey suggests using a two-pronged approach:

  1. tailoring the digital experience with the help of data analytics, insights into customer preferences should be applied systematically across the four main elements of authentication:
    • identification
    • identity management
    • segment access based on risk
    • exception management: provide a quick resolution when something goes wrong
  2. make the experience clear, simple and consistent for all customers.

However, critically the authors point out that, “Making different types of customers happy at the same time requires a suite of elegant and subtle solutions across many interactions and thus presents organizations with no small challenge. Rising to meet these challenges entails the merger of several capabilities.”

CTMfile take: Having ‘the right balance’ between convenience and security for each of your customer segments is critical. See here for full article.

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This item appears in the following sections:
Fraud Prevention
ID Systems & Services in Fraud Prevention
Minimizing Fraud Procedures

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