In the first few months of 2020, digital channels went from a “nice to have” to a “must have” for countless businesses; for many, digital channels suddenly became the only way to engage with customers.

But as the old saying goes, “haste makes waste,” and the consequences of a rushed digital transformation are already being felt:

• 61% of data breaches involve credentials, highlighting both the need to safeguard sensitive data and to detect when compromised credentials are being used by attackers
• 80% of customers say that the experience a company provides is just as important as the product, and providers who fail to offer convenience, security, and privacy are losing out to those who are
• Regulatory fines for privacy violations increased 40% from 2020 to 2021, and are projected to continue increasing, forcing companies to face up to the necessity of protecting privacy

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