Yash Rathi

@yashrathi29

9 Digital Identity Trends That Will Make or Break Businesses in 2019

February 22nd 2019

1. Payment Fraud Multiplied

In 2019, retail sales via smartphones in the United States will grow at a compound annual growth rate of 18% and will affect more than $1 trillion trillion in revenue at some point in the customer’s journey, according to Forrester research.

Credit card numbers and related identity information are priced at couple of dollars on the black web, due to ongoing data breaches.

2. Enterprises leaning towards SaaS

According to research conducted by an analyst from Gartner, 2019 will be the year of the SaaS market, growing by 17.8%, with a total value of $85.1 billion.

With SaaS as the largest share of the cloud market, Craig Roth, Gartner’s VP of research department, said this was partly because companies wanted to move their content platforms to SaaS. All signs are pointing that this year will be the trending year for the SaaS industry.

3. BAAS Gains Traction

In 2019, we can expect an immense growth in BAAS (blockchain-as-a-service), with centralized blockchain experiments and decentralized and dApp development coexisting in a more mature way.

Blockchain technology has recently come under scrutiny for its industry’s destructive capabilities.

4. Deepfakes mean “Fake News”

With the proliferation of emerging “deepfakes” technologies, news and social media channels will be under pressure to guard against fraud.

This AI-based software allows anyone who appears to say or do anything in their own voice and portrait to make audio-visual content.

The Wall Street Journal is training journalists to spot “deepfakes”. But new concerns about “Fake news” are likely to emerge in 2019.

5. Alexa invites fraudsters to your home

It sounds like fiction, but in the world of hackers, a new threat is emerging and it’s targeting the human voice. “Voice hacking” which can take many forms, but in most cases an attacker tries to imitate an individual’s unique voice pattern to steal his or her identity to locate a voice-controlled system.

6. AI passage for cyberthieves

As multiple companies lose their valuable databases, customers, and information, there is a new category in cyber-attacks. AI found a new path to use it as malware and botnets to attack devices and data more effectively.

AI botnets help hackers in accessing the devices and perform distributed denial of service attacks without being captured.

7. Passwords are fading away

This year onwards password-based, and single-factor authentication is going to be a thing of the past. Due to the proliferation of data breaches, reliance on weak or leaked login credentials accounted for 81% of the data breach.

Look for further shifts to bio-metric identification, behavioral analysis, device identification, and other signals that cannot be forged or stolen. Take a quick look of the Infographic shared by LoginRadius a customer identity management solution.

Image Source: LoginRadius

8. Identity security is threatened by hackers

Personal data and identities are being commoditized and weaponized on all sides. Individual accounts are stolen for resale on the dark web. The Marriott breach was carried out by China’s spy agency.

Hackers packaged leaked emails and passwords into the massive Collection #1, comprising 772 million records for credential stuffing attacks. Bad actors will continue to find ways to profit from personal data.

9. GDPR Compliance is necessity

From 2018 to 2019, the GDPR compliance market will grow by 75%. Vendors in the data security, privacy, and security risk analysis market may be very satisfied with the increased demand.

These changing markets can provide companies with the tools they need to meet the compliance of multiple industries.

Key takeaways

Trust and brand value are becoming critical. Privacy and security awareness among customers has gone up significantly in the last three years, and it will drive more and more consumer behavior.

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