Staying Ahead of the Curve: Pioneering Consumer-Centric Cybersecurity to Build a Safer Digital Environment

Staying Ahead of the Curve: Pioneering Consumer-Centric Cybersecurity to Build a Safer Digital Environment

In today’s rapidly evolving digital landscape, businesses must continuously adapt their digital strategies to keep pace with changes and new challenges. This not only means keeping up to date with new technologies, but also includes reshaping mindsets to remain transformative and evolving with the environment.

Currently, cybersecurity efforts by companies and service providers are primarily focused on boosting productivity and enterprise gains over customer protection. As a result, consumers are expected to bear part of the onus on cybersecurity vigilance, at times even needing to bear the consequences of a breach. Ng Hoo Ming, CEO of BSL Technologies, discusses this topic and warns that such a mindset will erode trust of the consumers in digital systems, potentially leading to a broader societal backlash and a reluctance to embrace digitization.

“Trust will be eroded if there’s no assurance… And when trust is eroded, consumers will increasingly not trust digital systems; they may not want to embark on the digitalisation journey.”

– Ng Hoo Ming, CEO, BSL Technologies Pte Ltd, Singapore

A mindset shift is needed towards consumer-first cyber protection

To tackle this problem, Ng highlights the need for a fundamental shift in enterprise’s mindset, emphasizing the importance of prioritising consumer protection to achieve greater maturity and inclusiveness in securing a more digital environment.  

“Consumers have no choice but to embrace digital technology for many day-to-day tasks. In that sense, whoever developed the digital technology solutions has a responsibility to make sure that transactions stay secure.”

To foster this shift and strengthen cybersecurity, Ng shared that proactive government-led initiatives can be introduced. These could include:

• Promoting enhanced collaboration among governments, law enforcement, regulators, and service providers to prevent and mitigate cyberattacks through coordinated efforts.
• Establishing corporate cybersecurity guidelines and including cybersecurity responsibilities as part of mandatory corporate reporting standards.

The benefits of this change

When corporations drive towards a more comprehensive approach against cyber-attacks, including adopting protective measures from the consumer’s journey perspective, a range of benefits can emerge.

Beyond creating a more digitally secure environment and reducing potential liabilities, businesses can find a boost in their brand reputation and demand when consumers feel assured with both the company and its digital platforms. Just as how a safety-conscious customer might choose advanced brake kits and additional airbags when purchasing a vehicle, Ng draws a parallel to enhancing the digital security experience – “If you have a better and more secure means of authenticating, I think some consumers will be more than happy to pay for it.”.

As consumers flocks towards businesses that showcases a customer-centric mindset in its cybersecurity efforts, other organisations will soon follow suit in this vision of putting customer protection at the forefront. Hence, adapting an early approach to such a business ethos could very well be the foresight required to remain a front-runner in this digital environment.

Leading the change at BSL Technologies Pte Ltd

BSL Technologies Pte Ltd strongly believes in this vision of providing a wholistic and safe digital environment, which is embedded in its unparalleled, cutting-edge security platform dedicated to safeguarding mobile applications.

BSL Technologies Pte Ltd’s multi-dimensional authentication framework embodies this strategy of consumer-centric cybersecurity, as it emphasizes continuous validation to safeguard against unauthorized access and internal threats throughout the entire digital session. This contrast with a traditional system that authenticates only once at the beginning of a usage, leaving the rest of the transaction session vulnerable to cyber-attacks. By securing access at multiple levels by verifying user identity through robust mechanisms and factoring in contextual elements (such as time and location), BSL Technologies Pte Ltd adds a realm of prevention focus above the routine mitigation efforts of just detecting digital threats. This ensures that both consumers and corporations have a peace of mind when it comes to the privacy and security of their cyber data.

To find out more about BSL Technologies Pte Ltd’s ZERO TRUST security framework in protecting mobile applications, contact us now.