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Acuant 2018 Predictions: Why Identity Will Become the New Currency in 2018

VMblog Predictions 2018

Industry executives and experts share their predictions for 2018.  Read them in this 10th annual VMblog.com series exclusive.

Contributed by Stephen Maloney, Executive VP of Business Development and Strategy, Acuant

Why Identity Will Become the New Currency in 2018

Next year, the concept of the value of personally identifiable information - and where and how it should be accessed - will be brought to the forefront. High profile breaches like Equifax have made people question the methods currently being used to safeguard this data. The emergence of new technologies like biometrics and rapidly increasing value of cryptocurrencies will also introduce new challenges as organizations and government entities struggle to safeguard PII data.

Identity will become a commercial weapon

The continued deluge of data breaches has left consumers frustrated with the current identity verification process. As such, identity - and protecting that data - will have greater value than ever before. This notion will drive consumers to advocate for more ownership over how and when their personally identifiable information (PII) gets shared. They'll expect financial institutions, retailers and government entities to better protect their data while offering greater flexibility around how it's being used. is fast and agile, while also protects users, applications, and data. Identity will help to drive a customer first mentality for business and government alike. Businesses that better leverage identity will transform their businesses in the digital age becoming agile while protecting the consumer. This will drive the identity management market to over $10 billion next year according to Research and Markets.

Mass adoption of biometrics for better UX

The rising popularity of the iPhone X and Samsung Galaxy Note8 brought biometrics to the forefront this year as a user-friendly authentication method. As more end-users grow comfortable with verification methods such as iris scanning or facial recognition software, we'll see biometrics adopted at greater rates across all industries - from medical and banking, to border patrol and hospitality. The quest to offer a better user experience will eventually outweigh the initial privacy concerns.

Cryptocurrencies and bitcoin become the new playground for identity thieves

The rising value of cryptocurrencies will lead to greater attention from hackers and bad actors. Next year we'll see more fraud, hacks and money laundering take place across the top cryptocurrency marketplaces. This will lead to a greater focus on identity verification and, ultimately, will result in legislation focused on trader identity. The EU is currently trying to pass this regulation; other countries will follow accordingly as digital currencies continue to impact the global economy.

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About the Author

Stephen Maloney 

Stephen Maloney, Executive VP of Business Development & Strategy, Acuant

Stephen joined Acuant in May 2016 with the acquisition of AssureTec. Prior he was Co-founder, Director and President of SolutionPoint International, a diversified security and risk management company, and Chairman of Design2Launch, a pioneer in digital workflow software that was sold to Eastman Kodak Company (NYSE:EK). As EVP of MSA, a leader in explosive detection services, he was at one of the first companies to receive Safety Act certification by DHS. Earlier he co-founded and was CEO of i3 Mobile, a leader in wireless information leading the company to a successful IPO (NASDAQ:IIM). He graduated from Fordham, has an M.B.A. and holds or has held TS clearance.

Published Tuesday, January 16, 2018 7:23 AM by David Marshall
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