Securing identity in a digital world
Author: ObjectTech, a member of our second cohort
As our world becomes increasingly connected and more people around the world come online, data is becoming so valuable some dub it the new oil. And as technology evolves, so too does the depth of the data about people’s lives that’s needed to continue to fuel the process.
Much of the data that’s used to bring us personalised services and enable our digital lives contains highly personal details regarding our identity, including our names, dates of birth, addresses or even our favourite songs or eating habits. While disclosing this allows us to benefit from using different digital services, how this data is stored and managed is a growing concern. Now more than ever, we need durable and robust cybersecurity initiatives to protect people’s data against exploitation. We’re at a pivotal moment in time where we can influence people’s experiences of digital services through the choices we, the cybersecurity innovators, make when applying cybersecurity principles.
And since identity data is the access key to many digital services, it makes sense that ensuring identity privacy and protection is the first logical step to creating systems that embody cybersecurity.
Many of the security issues surrounding data can arguably be distilled into how data is stored. Centralised identity databases, regardless of whether they’re used for employee or customer data, draw malicious actors to them like bees to honey. By breaking into a centralised database, a malicious actor can copy, alter and delete thousands – if not millions – of account details. This can seriously compromise the organisation and the safety and security of the people whose data’s been breached.
Back to cybersecurity basics
To protect people from scenarios like this, we need to go back to basics with our cybersecurity methods. As Stephen Holmes, CTO and head of security system at ObjectTech has previously argued on LinkedIn, “we need to reduce our data emissions and only store the minimum data we need for each transaction.” Data minimisation means less personal information is put at risk (and there’s less identifiable information to attract malicious actors).
Basic principles don’t equate to basic technology, however. Innovation will continue to evolve and, as our data requirements continue to increase, the way we manage our own identity needs to adapt
At ObjectTech, we believe the time has come for digital identity management. We’re on a mission to redefine how identity is managed and create a global, interoperable system that works for businesses, organisations and people. Uncompromising on security and driven by privacy principles, our decentralised, self-sovereign identity platform ensures people have complete confidence in keeping their identity data safe and private. They also have full control over who should access it – and when. With the support of LORCA, we’re redefining and future-proofing the way we protect people’s identity so we can stay safe while fully embracing the technological innovation still to come.