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3 key insights from the Entrust Cybersecurity Institute’s “Future of Identity” Report

We surveyed 1,450 consumers globally to understand how they feel about emerging identity topics — here’s what we found.

Innovations like digital and hybrid identity solutions are a double-edged sword for business and security leaders. On the one hand, these solutions are driving convenience and higher issuance for users, which leads to a more satisfying user experience. On the other, their rapid emergence in the market means business leaders may have more questions than answers when it comes to implementing them. For example, what’s the best way to validate identity? How interested is the public in digital identity? As identity becomes more digitized, how can individuals protect their personal information?

To find the answers to these and other questions, the Entrust Cybersecurity Institute surveyed 1,450 consumers across 12 countries to investigate their experiences with three topics that will define the future of identity: passwordless authentication, hybrid identities, and ownership over personally identifiable information.

Our report uncovered three key takeaways that will shape the future of identity.

1.     Biometrics are poised to dethrone passwords.

Passwords have served as the standard for protecting digital goods and services since their inception in the 1960s. But as Mark Ruchie, chief information security officer of Entrust, says, “Passwords are a necessary evil that is becoming less necessary by the day.”

User and behavioral biometrics are powering new authentication solutions that offer consumers a much more convenient user experience than passwords. Consumers also believe these options are more secure than passwords. In fact, our report found that 53% of consumers believe fingerprint scans are the most secure authentication method, followed by facial recognition technology (47%).

Check out the full report to understand how frequently consumers are using biometrics, and why some holdouts still prefer passwords.

2.     Education around digital identities has a long way to go.

Digital identities have exploded in popularity in recent years, with the market expected to reach $70.7 billion by 2027. However, many consumers are still confused about what a digital identity actually is.

For example, in the U.S. only 27% of survey respondents agree that they have an electronic ID. The catch? Since 2006, all U.S. passport holders are automatically issued ePassports, which fall under the eID umbrella. Although some of the remaining 73% of respondents may not have a passport, it’s clear that most consumers don’t realize they already have an eID in their possession.

It’s worth noting that even though eID awareness needs to improve, respondents are still largely in favor of the concept. Read the full report to understand why consumers either support or oppose digital identity documents.

3.     Decentralized identities could empower consumers to take ownership of their data.

The fight for data privacy is divisive. Some users are fiercely protective of their data, while others accept pervasive data sharing as a necessary trade-off for access to digital goods and services. The seemingly endless sharing of data with banks, employers, and online marketers may be one reason why 55% of respondents believe they don’t own their information at all.

Consumers are also split down the middle when it comes to how comfortable they are with organizations owning and storing a digital identity for them. Skeptics point to a lack of confidence in whether organizations can be trusted to keep their data safe. But these fears would likely dissolve if users had the option to manage their personal information themselves. This is exactly what decentralized identities hope to accomplish.

While still in the experimental stage, decentralized identities give individuals greater control over their data and equip organizations with the information they need to provide personalized experiences. To learn more about decentralized identity solutions and consumers’ appetite for the possible solution, read the full report.

Download the Future of Identity report

The future of identity is changing. As new solutions continue to emerge, enterprises, employers, and governments need to find ways to maintain high-quality security and convenience with their users. Both physical and digital credentials are necessary, but don’t be surprised to see that change as the universality and interoperability of identity solutions improves.

Download our “Future of Identity” report to take a deeper dive into consumer sentiment toward the evolving identity landscape and how your organization can navigate the change.

The post 3 key insights from the Entrust Cybersecurity Institute’s “Future of Identity” Report appeared first on Entrust Blog.

*** This is a Security Bloggers Network syndicated blog from Entrust Blog authored by Jenn Markey. Read the original post at: https://www.entrust.com/blog/2023/03/3-key-insights-from-the-entrust-cybersecurity-institutes-future-of-identity-report/

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