Digital identity solutions  —  why they matter

The reason for the rise in interest in identity solutions is apparent — consumers are looking for security. The identity solutions available to businesses are many and varied, enabling them to handle consumer data securely and in compliance with the major privacy regulations. For business owners or decision makers, this is a good time to consider digital identity applications Here are some reasons why.

Is your business protected?

The Identity Theft Resource Centre reports that the volume of breached personal records in 2018 increased by 126% over the previous year, impacting over 4 billion records.

No matter the size or scope of your organisation, hackers will prey on vulnerabilities in your networks to plan their attack. The goal is to breach business systems, steal user information and disappear.

The most common targets are social logins and traditional password systems, often used in phishing scams. These logins are easier to imitate and consequently increase the chances of a successful breach. According to the Verizon Data Breach Investigation Report, 81% of data breaches involve weak, default or stolen passwords. Identity solutions provide a secure method for users to access a platform. A password-less security framework, which most identity providers incorporate, is almost impossible to breach.

Consumers are on alert

Market sentiment around trust is starting to play a key role in determining if and how a consumer interacts with a business. Businesses in key geographic markets have suffered an acute loss of trust; the 2018 Edelman Trust Barometer reveals some interesting figures.

Source: 2018 Edelman Trust Barometer

There’s also negative sentiment towards social media platforms, as indicated in the graph below. Integrating social logins only diminishes the confidence consumers have in brands and digital commerce websites. The future is at stake and businesses need to partner with trusted digital identity providers to help restore their credibility. Providing users with full ownership of their data and secure access mechanisms is the way ahead.

Source: 2018 Edelman Trust Barometer

Everything is connected

The economy of connected digital devices continues to grow at a radical rate and is predicted to reach $75.44 billion in 2025. Businesses need to keep up with the vast increase in digital footprints by adopting secure digital ID solutions.

Source: Statista

In their attempt to improve operational efficiencies and user experience, businesses often rely on new technology such as AI, Blockchain, Internet of Things and Big Data. Although these innovations promise competences, there’s typically a significant wait time before an application reaches its intended level of performance. Plus, constant funding is required for research and development.

A secure digital identity solution is multi-functional and serves as a practical alternative. Through it, businesses can respect the sovereignty of users, control data liability exposure, offer better user experiences and regularly upgrade data security.

A look to the future

Consumers will hold the businesses they are dealing with accountable for taking adequate precautionary steps to safeguard the privacy and security of their data — independently, outside of government-mandated regulations.

Identity solutions like those provided by Sphere Identity can serve a dual function  in promoting data privacy while at the same time streamlining user journeys. A secure digital commerce interface, these solutions are available now – and provide a compelling use case alternative to traditional sign-up forms and onboarding protocols. In addition, these new identity systems also empower consumers by allowing them to safely store and share verified digital copies of their valuable identity documents.

Editorial Disclosure: Brave New Coin’s parent company, Techemy Limited, is a shareholder in Sphere Identity.