We are in the midst of the fourth industrial revolution. Instead of steam machines or textiles, our economy is becoming ever more tied to technology. In order for our digital economy to thrive, we as a collective society need to have trust in our technology. Yet, the technology world has done very little to earn that trust.
During RSA David Duncan, VP, Product Marketing and Mark McGovern, VP, Product Management discussed our state of digital trust and how not improving it will impact the growth of our digital economy. Duncan pointed out that the digital economy is the 5th largest economy in the world. The growth of this economy is essential to our current way of life and a lack of trust caused by a series of preventable breaches and loss of personal data is threatening this growth. It is estimated that the digital economy has lost $3 trillion in growth due to a lack of trust in technology. And when companies don’t earn trust on their own, governments take action. Just look at the slew of new regulations and legislations coming out, especially in Europe. After the Equifax breach, the former CEO was forced to testify in front of Congress, and just recently Mark Zuckerberg was asked to do the same in order to answer questions about breaches in privacy.
As McGovern pointed out during his presentation, the digital economy has us living in a paradox. We want better technology, faster and with more access but we also want to it be more secure. The equation doesn’t add up with the way we think about security. This is why we need a modern approach to things like application security – where security is a function of software quality and is built into the development process. And of course we need to have a modern approach to identity and access management. This means things like single sign-on, advanced authentication, directory services and mobile AppSec. And we need to make use of behavioral analytics so that IAM becomes background and not a nuisance.
We live in a borderless world, our security needs to be borderless too. Otherwise it becomes inconvenient and we cannot build the trust with our customers we so badly need for our economy to continue growing.