Over the past years, businesses realized how vital digital transformation is for their success. To cut expenses, minimize risks, and keep up with the changing demands of consumers, companies had to leverage digital technology.
Accordingly, many organizations are highly-reliant on digital networks and channels in conducting daily operations. While digitization might have provided several benefits for businesses, it also presented multiple risks related to digital identity management, online identity verification, and other cyber attacks.
Properly securing and managing the digital identities of customers and employees is crucial to risk management and ensuring true digital transformation. This Identity Management Day 2022, it makes sense to gain more understanding about digital identity and why it matters.
What is digital identity? Digital identity refers to the information found online related to an individual, organization, and even a device. It comprises all unique data that can be linked to an entity as proof that identity is what it says it is. Additionally, it has elements that include login credentials, purchasing behavior, online bank accounts, biometric data, social media activity, etc.
As digital identity includes valuable and sensitive information, an individual or an entity must be able to securely authenticate themselves in the digital world. Passwords are inherently unsecure and it does not provide sufficient protection against cybercriminals.
In today’s new digital ecosystem, individuals and entities must consider integrating a knowledge-based authentication alternative like biometric authentication to ensure robust security.
Furthermore, trust is paramount to the digital world. Without it, companies cannot validate an individual’s identity and people have no way of knowing if the online tool or platform is safe and legitimate. It is expected that digital businesses and digital identities will remain for years to come and it heightens the need for teammates, customers, and loved ones to properly access and secure their digital identities by using strong customer authentication solutions.