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

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

2019 is the Year of Identity

Identity fraud - which according to Javelin Strategy and Research was an all-time record high in 2017 - has left consumers frustrated with the current identity verification process. As such, identity - and protecting that data - will have greater value than ever before. Trusted transactions are critical to reducing fraud and fueling growth for businesses and governments. When it comes to addressing fraud, digital transformation and improved customer experience are driving change. Here are four changes to expect in 2019 and how business and government leaders should be prepared.

GDPR progress will drive additional identity-related legislation: The progress of GDPR will drive continued adoption of identity-related legislation across the world. The U.S., currently a hotbed of frustration over the mismanagement of personally identifiable information (PII) and lack of protection for digital identity, will begin to adopt similar legislation in 2019. Recent revelations into questionable business practices and Congress' increasing focus on technology behemoths Facebook, Amazon, Google and others will drive the U.S. government to reign in the industry with compliance requirements, similar to Sarbanes-Oxley after the Enron and Worldcom debacles.

Passwords & KBA will continue to die a slow death: The case for multi-factor authentication continues, but it is 100 percent clear that passwords alone are no longer sufficient. Ongoing and increasingly sophisticated hackings and data breaches are evidence that businesses must do more to safeguard sensitive data and Personally Identifiable Information (PII). There are many ways that identity verification technology today allows for more secure options to layer on or replace passwords and knowledge-based authentication (KBA) altogether. Consumers are catching on while businesses catch up to meet new security standards.

Biometrics will gain more traction, especially in travel: In many industries, but particularly travel, we will see the rapid and expanded adoption of biometrics thanks largely to smartphones. 59 percent of flyers think that using biometrics when passing through TSA checkpoints would make flying safer by increasing identification accuracy and the TSA recently revealed its plans to expand the use of biometric technology across airports in the U.S. We are already seeing the trial and expansion of eGates and ePassports in the US and globally.

Self-Sovereign Identity will become popular: Governments and companies are struggling to protect citizen and customer information from escalating cyber-attacks. Self-Sovereign Identity (SSI) can increase efficiency for companies to get the identity assurances that they need and prevent the massive data breaches that have become weekly headline news. SSI can also allow people to decide how their data is shared and monetized which is increasingly important as identity will be seen more and more as currency. 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.

##

About the Author

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.