Cyber Defense eMagazine November Edition for 2021

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2021), “Without effective CIAM strategy customers and prospects will take their business elsewhere and cost you revenue." Customers want financial institutions to prioritize great user experiences. They also want brands and organizations to protect them from fraud, breaches, and privacy violations. CIAM enables this functionality by bringing features such as customer registration, service account management, consent, single sign-on (SSO), multi-factor authentication (MFA), and data access governance. One of the leading financial services organizations has implemented customer-focused, digital transformation programs and prioritized CIAM. Coastal Capital Savings, the largest memberowned financial cooperative in Canada with more than 500,000 members, is aiming to enable digital interactions, driving seamless customer experiences, and onboard users in a digital capacity safely and securely. According to Stephen Pedersen, Director, Information Security, Coastal Capital, “Customer needs have changed where simplicity, transparency, and security is critical for them, when interacting with a financial service provider. The question is how do we ensure that these are addressed, and customers access applications efficiently and seamlessly? Customer identity and access management (CIAM) thus became integral in the modernization and transformation of our applications to ensure accessing applications for customers remain effortless without compromising security. Our legacy services needed to modernize its interfaces and integration patterns into CIAM which was a priority to offer the best experience for our customers.” When talking about customer data security and financial transactions, a strong CIAM program must provide the highest level of security and a seamless customer experience no matter which channel (web, mobile, etc.). In terms of investments, financial institutions are not wary of the fact that significant investments are required to achieve the desired digital experience for their customers. Canadian financial institutions have reportedly spent over C$100 billion on technology to provide customers digital banking platforms. In a Forrester research, (reported in The Top Trends Shaping Identity and Access Management, July 12th, 2021) 62% of respondents comprising of senior decision-makers, indicated increasing their budget by at least 1% in Customer Identity and Access Management. 31% of respondents said they would increase the same by at least 5%, and 72% of organizations either already adopted it or will have it between 2025. Undoubtedly, Cyber Defense eMagazine – November 2021 Edition 92 Copyright © 2021, Cyber Defense Magazine. All rights reserved worldwide.
CIAM is an area that is increasingly becoming a focus to achieve a robust, and seamless customer experience that significantly impacts brand equity. CIAM adoption and customer experience are increasingly becoming a basis for competition. It will not be an exaggeration to say that to offer the best and an end-to-end customer experience, a robust CIAM investment will form a critical part of the overall technology spent. About the Author Balraj Dhillon is a Director, Engagement & Delivery at Simeio. As a cyber security leader, he leads customer engagements, technology delivery, and product advocacy across IAM deployments. Prior to joining Simeio he co-founded a patient engagement healthcare startup, that delivered natural processing (NLP) experiences to solve patient engagement using voice and chat-based interfaces. He also served as Director of Product at Ontario Health, where he led multiple cyber-security and identity modernization initiatives focused on consent, privacy, healthcare provider identity and API gateway for a system that aggregated over 7 billion electronic health records. Balraj has a robust background in developing, deploying, and positioning products/solutions across multiple domains. First Name can be reached online at bdhillon@simeio.com and at our company website http://www.simeio.com/ Cyber Defense eMagazine – November 2021 Edition 93 Copyright © 2021, Cyber Defense Magazine. All rights reserved worldwide.
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The Top 3 Cyber Security Mistakes a
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How To Effectively Secure Connected
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Cyber Defense eMagazine - November
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2. Technology and System It is also
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NetOps Enhances Security Growing nu
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the businesses utilizing an indepen
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CyberDefense.TV now has 200 hotseat
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Books by our Publisher: https://www
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