Even before COVID-19, says Enveil’s Williams, there was a growing awareness of data privacy and a call for privacy-enhancing technologies, and the pandemic — with the sudden shift to remote work and an increased need for secure collaboration as well as contact tracing — has fueled that narrative.
“While innovation is awesome, it is important to ensure that convenience and efficiency never eclipse security,” she says. “That understanding has been prioritized, thanks to an increase in privacy regulations on a global scale. But businesses need to also start acting based on business needs and consumer demand. Security and privacy protections need to specifically be designed into the system rather than added later just to check a regulatory box.”
The changing economic landscape means there will likely be a fair amount of focus on “build vs. buy” in corporate boardrooms, says Brad Bialas, CEO of New York City-based Xformative Payment Systems, which empowers embedded financial services via its cloud-native issuer processor platform. “I’d speculate that the timeline for this topic is being condensed as the economic environment is pushing things to happen faster. For example, if there is a hot topic at a corporate level, the current economic climate may reward those that are able to move faster, thus ratcheting up that pace to make a decision.”
Collaborating across the ecosystem to tackle these changes is creating a silver lining in these tumultuous times. “I personally find it refreshing that both innovation and collaboration seem to be focused in the right place,” Bialas says, “which is fixing things that we all knew were broken but have been further exposed due to the current economic situation.”
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