Discover all the Smart Security Summit on-demand sessions here.
Solving the problem of protecting personalized customer experiences at scale will make a digital business grow faster than its competitors, fueling trust.
Finding the right balance between safety, security, trust and confidence is a major challenge to get the most out of investments in digital transformation. zero trust helps by securing each identity and validating that each person using a system is who they say they are.
Telesign’s vision of customer-centric zero trust
Burton told VentureBeat that while customer experiences vary widely across digital transformation goals, it’s critical to design cyber security and no trust in customer workflows.
Telesign stands at the intersection of the communication platform as a service (CPaaS) and digital identity and has expertise in personalization multi-factor authentication (MFA) and secure communications based on trust.
The company capitalizes on its expertise in digital identity to provide one of the series of customer onboarding, risk assessment, fraud detection and prevention, account integrity and omnichannel customer engagement platforms. top rated in the industry. Telesign is growing rapidly thanks to the success of its MFA, fraud management and one-time password (OTP) use cases.
Telesign counts eight of the top 10 Internet companies among its customers and achieves an impressive 139% retention rate. More than a third (33%) of its revenue comes from e-commerce, 31% from social networks, 5% from businesses, 4% from games and 2% from on-demand services.
Given its large customer base, integration is central to its success. The company currently provides integration with Braze, Microsoft Dynamics 365, Iterable, and Carbonite and plans to increase the number of integrations with third-party enterprise systems. Telesign is also considered a leader in providing voice, SMS, RCS, Viber and WhatsApp APIs. The company has a reputation for excelling in service level agreements (SLAs) and responding quickly to support requests.
Look for Telesign to capitalize on his heart AI And machine learning (ML) strengths. Given that it has over 35 patents in mobile identity and MFA, it makes sense that Telesign would eventually move into identity lifecycle management.
The high cost of losing customer trust
Breaches that break customer trust lead to millions in lost revenue as well as severe and irreversible declines in customer lifetime value. CapitalOne pays a $190 million settlement to 98 million customers whose data was stolen in a recent breach. The latest Chipotle data breach resulted in a $400 million loss of shareholder value on the day of its announcement.
A study of Delinea found that after a security breach, companies with a weak security posture lost an average of 7% of their stock value, which generally had not rebounded four months later. The study also found that businesses that experienced a breach saw up to a 7% increase in customer churn, which equates to millions of dollars in lost revenue.
“Organizations that cultivate trust will build unbreakable bonds with customers, attract the most dedicated talent, and create new business models with partners, all while minimizing risk,” Forrester principal analyst Enza Iannopollo writes in the post. of blogging. Predictions 2023: Organizations that maintain trust will thrive.
Transparency, essential control
from Adobe Trust Report 2022 found that 69% of customers stop buying from companies that use their data without permission. And 68% find a new brand to buy when their data preferences are not met. Additionally, 66% will abandon a brand if a data breach puts their identity at risk.
When an organization makes a mistake or has short-term signed policies – including not securing identities – 55% of customers say they will never buy from this company again. Gen Z is the least forgiving, with 60% saying they’ll never buy again because of a breach of trust. And 77% of customers unsubscribe from brands because they believe their information is being misused.
Ensuring data security and providing consumers with transparency and control over how their data is used are the two most important strategies companies can use to maintain trust. CISOs and CIOs must be careful to combine trust and confidence in their businesses. Delivering both results in consistent revenue and profitability. Confidence is the revenue multiplier businesses need to survive a recession.
Zero trust is a business enabler and a board-level priority
Any company’s security posture has a significant impact on its sales pipeline and growth potential. Trust is a revenue accelerator; without strong cybersecurity, any business is at a competitive disadvantage.
have enough zero trust in place is critical for CEOs and their teams to protect their revenue streams. That’s why boards are discussing risk reduction more often with CISOs today. And more CISOs need to be on corporate boards, as zero trust quickly becomes a flywheel of revenue growth.
“I see more and more CISOs joining boards of directors”, CrowdStrike said co-founder and CEO George Kurtz during his speech at his company’s annual event, Fal.Con. “I think this is a great opportunity for everyone here (at Fal.Con) to understand the impact they can have on a business. From a career perspective, being part of this boardroom and helping them on their journey is great.”
He continued, “Adding security should be a business enabler. It should be something that adds to the resilience of your business and it should be something that helps protect the productivity gains of digital transformation.
Today, 73% of advice have at least one member with cybersecurity experience. Additionally, most board members (77%) think cybersecurity is a top priority for their board itself.
Essential collaboration for CISOs
CISOs must see themselves as collaborators create incomeusing zero trust to protect hard-earned revenue streams from new digital business initiatives.
“When something affects as much revenue as cybersecurity, it’s a critical skill. And you can’t pretend it’s not,” said Jeff Pollard, vice president and principal analyst at Forrester, during of his presentation at Forrester’s Security and Risk Forum 2022.
Two presentations from this event provided pragmatic and valuable insights into how CISOs and security and risk management professionals can protect their budgets while making a solid contribution to revenue retention and growth. “Cybersecurity Drives Revenue: How to Win Every Budget Battle” by Pollard, and “Communicating Value: A CISO’s Business Acumen Primer” by Chris Gilchrist, principal analyst at Forrester, explain why management teams must consider cybersecurity and zero trust as a driver of value, not just an expense.
Cybersecurity is central to revenue growth. A great way to do this is to have a CISO focus their teams on finding and managing cybersecurity investments that protect and build customer trust at scale.
“It means security is now a driver of business strategy, rather than buried as an operational line item only to be managed and measured as a cost,” Gilchrist said. “In other words, security now has the latitude to defend and drive growth.”
It pays to lock yourself in trust
Like Barbara Brooks Kimmel, founder of Trust Across Americasays: “On average and over the long term, the 10 most reliable public companies have outperformed the S&P 500 by more than 25% since their inception.”
The more customers are confident that their data, including their identities, is secure, the more they trust a brand and spend with it.
And, as James Gregory wrote in a blog post“As an intangible descriptive attribute, nothing can be more vital or impactful than trust. Trust is a value amplifier for business value, and conversely, a lack of trust can destroy market value. in an instant.
VentureBeat’s mission is to be a digital public square for technical decision makers to learn about transformative enterprise technology and conduct transactions. Discover our Briefings.