Organizations Grapple With Growing Consumer Expectation for Personalization and Security Challenges

PRESS RELEASE

NEW YORK, Dec. 9, 2019 /PRNewswire/ -- Growing consumer expectations, the breakdown of traditional "walls" and emerging technologies have given rise to a digital identity crisis. More than ever before, identity management is at the center of cybersecurity, regulatory compliance and consumer trust, and many organizations are struggling to define digital identity both internally for the enterprise and externally for consumers.

"In a digital economy, identity is a point of trust, perimeter of security and an index of customer satisfaction," said David Mapgaonkar, principal, Deloitte & Touche LLP, and cyber technology, media and telecom sector leader. "Organizations should think about challenges related to both consumer and enterprise identity management to understand what they can do to create better outcomes. But it's not easy — it requires managing relationships with many stakeholders and alignment on technology and funding."

Findings from a Deloitte poll are consistent with the recently released report, Rediscovering Your Identity, where Deloitte shares some top emerging trends and challenges shaping the evolution and management of digital identity and discusses some challenges for organizations to enable transformation.

Deloitte shares top emerging trends and challenges shaping the evolution and management of digital identity:

"An integrated digital identity program will provide organizations operational efficiencies and improve user experiences by powering digital transformation. In addition to the fact that regardless of what business you are in, we all need to know that what we share is protected, what we access is secure, and who we allow into our systems are supposed to be there," said Mike Wyatt, principal, Deloitte & Touche LLP and cyber identity solutions leader. "An integrated approach can help prevent a future digital identity crisis from surfacing by building consumer trust and enabling both privacy and security."

Digital identity is both a use case for blockchain and an enabler that allows each of the other assets for blockchain integration to exist. Other top use cases for digital identity, for example in government, include land and corporate registrations, voting, supply chain traceability and taxation.

The operating environment for digital identity will likely become increasingly complex — with greater business expectations to meet; new technologies to integrate; multiple data privacy regulations to adhere to; and increasing numbers of people and devices to manage. Every company will have a different set of digital identity challenges and a unique approach to identity management. Deloitte suggests that all digital identity programs should, at least, include the following qualities.

A digital identity program should be:

In a digital economy, every outcome depends on digital identity as a point of trust, a perimeter of security, an index of relationship management and a means of service personalization. Companies that harness digital identity should be better positioned to reap the benefits of security and long-term customer value.

Identity security professionals from Deloitte Risk & Financial Advisory's Cyber practice will be in Booth #130 at the Gartner Identity and Access Management Summit, Dec. 10-12, 2019 in Las Vegas, Nevada. Anthony Berg, principal, Deloitte & Touche LLP and Naresh Persaud, managing director, Deloitte & Touche LLP will present during the conference:

About the online poll
More than 2,500 professionals across industries and positions participated in and responded to poll questions during the Deloitte Dbriefs webcast, It takes two: pairing digital identity with digital transformation held Oct. 23, 2019. Answer rates differed by question.

About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 5,000 private and middle market companies. Our people work across the industry sectors that drive and shape today's marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Our network of member firms spans more than 150 countries and territories. Learn how Deloitte's more than 312,000 people worldwide make an impact that matters at www.deloitte.com.

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SOURCE Deloitte