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Cryptshare 2019 Predictions: Data Privacy Goes Federal and Password Management Gets Easier

Industry executives and experts share their predictions for 2019.  Read them in this 11th annual VMblog.com series exclusive.

Contributed by Mark Forrest, CEO of Cryptshare

Data Privacy Goes Federal and Password Management Gets Easier

2018 has been another year riddled by headlines of hacks, phishing attacks, ransomware negotiations and poor security practices of the global online community leading to privacy concerns and subsequent complex legislation.  According to the FBI, business email compromise (BEC) scams are one of the fastest-growing fraud schemes globally, with more than $5 billion in losses worldwide since 2013.  Will 2019 be more of the same?  Probably so, unless some practical security precautions are taken.

Take for example the use of passwords as part of a multi-factor authentication process.  As online security best practices continue to play an increasing role in our everyday lives, users are suffering from password fatigue - either using the same password many times, or creating work for destination sites to reset continually, which is often an exploited weakness. In fact, password misuse and mismanagement are the primary cause of most data breaches.  Is there a better way?

Imagine the first time you communicate with your bank a one-time password is agreed, by email or another chosen private channel after which all future communications between the client and the bank can be by email, but fully secured with unique credentials for each message and no limit on size or type of content.  Contracts, statements, notifications, sales offers could go direct to the client's email inbox fully secured, no password needed.  Fantasy or reality?  I predict that 2019 will see new technologies hit the market that simplify the exchange of passwords used to protect encrypted files.

The U.S. has traditionally lagged behind Europe when it comes to protecting online privacy. Look no further than the headline-grabbing events of 2018 such as the GPDR's Privacy by Design and Default requirements and Facebook's misuse of 50 million user accounts.  These events have shined a spotlight on data privacy shortcomings globally, prompting U.S. companies, and Congress, to take notice and seek proven, solutions to guarantee privacy protection now and into the future.  Data privacy legislation in the U.S. will have a dramatic influence on the tech industry and the clients we serve in 2019 and beyond. Taking a cue from our European counterparts, new GPDR like legislation has already passed in States like California and Vermont - will the Federal level be next?

While GDPR took the EU many years to formulate a viable approach, many companies are still ill prepared for the requirements of this legislation.  2019 is likely to see landmark fines levied against companies like British Airways and Facebook for avoidable data breaches.

GDPR's Article 25 Privacy by Design and Default, sets good precedent for a U.S. Federal Law to follow.  It requires that those handling personal and private data must be obligated to encrypt this data when in transit and when stored.  Personal data collected and used by organizations must also be readily available to share with those individuals, if requested, and on-demand. Here again, this data must be secured, protected, and in a readable format. Not an easy task.

Organizations and individuals alike are clamoring for ways to securely exchange messages and large files with employees, customers, prospects and partners in a simple, fast, and auditable way.  This trend will continue in 2019 and beyond as new technologies, new methods, new legislation and new challenges arise around protecting data and individual privacy online.

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As Chief Executive Officer (CEO), Mark Forrest has led the company since 2010 taking responsibility for the company's financial performance and management as well as for team development, and international business. Together with Dominik Lehr, the founder of the company, they form the executive board.

Forrest has many years of experience in the IT market and has held various leadership positions in sales and marketing throughout his career. Prior to joining, he was for six years Managing Director of C60, a consulting firm for technology providers. Prior to that he worked for six years as a sales and marketing director and chief operating officer at the UK IT security provider Sophos. He previously worked for Digital Equipment Corporation (also known as DEC or Digital), which was taken over by Compaq in 1998. Starting his career at DEC in sales, Mark was quickly promoted through various management roles culminating in a highly successful role for four years in the Middle East. He graduated from the University of Sheffield with a Bachelor of Arts degree in Geography.

Published Thursday, October 18, 2018 7:36 AM by David Marshall
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