The growth in the popularity of smartphones and tablets are just two of the key drivers for security and trust across the mobile economy, according to a top industry expert.
Patrick King, Sales Director at Wave Systems was speaking at E RADAR's Mobile Enterprise Summit in London, organised in partnership with the Digital Policy Alliance, ICT KTN and Bircham Dyson Bell LLP.
According to King, e-commerce is now worth around $8 trillion per year globally. Yet, over one third of customers won't do business if they simply don't trust you. Three quarters of people are worried about data privacy and investors don't tend to invest in organisations with a poor reputation for information governance.
He added that the gathering of big data, concerns over privacy and IP, enterprise reputation and the proposed EU Data Protection Regulation are all helping to drive security and trust issues to the top of the mobile and digital business agendas.
Lack of trust in the mobile economy stifles innovation, decreases value in corporate shares, and prevents the European Union from achieving its goal of a digital single market.
— Will Roebuck (@ERADARtweet) March 7, 2014
If the UK and Europe is striving to become the world's trusted data hub for a mobile economy there are important opportunities to consider. These include
(1) for telecoms operators and carriers
- The delivery of personal trust services to consumers;
- The development of consumer identification management services;
- The provision of device and application management services;
- Mobilisation of security services.
(2) for technology and service providers
- Development of location-based security services;
- Development of enterprise-integration-as-a-service;
- Offer of secure content services;
- Creation of hardware-based security assurance technologies
Concluding his speech to delegates from business, academia, government and the law, Patrick King concluded that 'trust' is now the currency of the mobile economy. Reputation is everything and security should be embedded by design and not by software. He insisted that consistent, unified policies and regulatory frameworks were essential to ensure legal and market certainty in this exciting new economic climate.