As part of Data Privacy Week, industry leaders have predicted that the cybersecurity landscape will continue to shift in 2024.
Artificial intelligence (AI) in particular was cited as being challenging to navigate, as individuals and businesses seek to have better control over their data. As AI continues to be integrated further into everyday life, businesses are clamouring to understand how these systems can be utilised in a positive way for their digital strategies.
What does the current business market look like for AI?
The UK AI market is currently worth more than £16.9 billion (US$21.5bn), according to the US International Trade Administration, and is expected to grow to £803.7bn (US$1.02tn) by 2035.
With 68% of large companies having already invested in at least one AI technology, and 33% of medium-sized companies and 15% of small companies following in the same footsteps, the versatility of AI, across sectors, is only expected to become more apparent.
However, while AI offers a wide spectrum of possibilities to support digital transformation across industries, it is also important that organisations experiment and test solutions carefully before large-scale use. This can require significant investment of both time and resources but ultimately results in finding the best practices for your company.
One of the most promising sectors in which it is important to continue investing resources is digital identity, where AI can be used to improve security, efficiency and user experience.
What do businesses need to consider when it comes to cybersecurity?
With an ever-increasing number of services that require the identity of a person to be verified remotely, during onboarding processes for example, businesses need to turn their attention to technologies capable of providing equivalent assurance, in terms of security and reliability, to physical presence.
To achieve this, businesses need access to robust solutions that implement the highest quality and security standards for all phases of the onboarding process.
This is where AI comes in handy. AI algorithms can analyse large amounts of data, including biometric data, to verify users' identities with greater accuracy and speed than traditional methods. This can help to reduce fraud and improve the user experience.
How can AI protect digital identities?
Failing to keep pace with evolving cyber threats and investing in new technologies can put businesses at a significant disadvantage, jeopardising both financial stability and reputational integrity.
When it comes to protecting digital identity, AI can also be used to encrypt and anonymise user data, making it more difficult for hackers to steal or misuse. AI can also be used to detect and respond to data breaches more quickly.
Creating a remote onboarding and identity proofing solution is just one example of how artificial intelligence can support identification processes and more generally the development of digital identity. AI will likely play a growing role in the protection and encryption of data ensuring that solutions are able to adapt to new scenarios and guarantee the highest quality standards, safety, and reliability.
AI can also be used to develop more convenient and intuitive ways for users to manage their digital identities. For example, AI can enable logins without passwords and create personalised digital identity experiences.
Onboarding processes are fundamental for activating various services, including digital identity services. Customers expect immediate responses and a smooth user experience at all stages of their journey, but above all, from the initial onboarding stage.
To ensure this, businesses would benefit from experimenting and making good use of generative AI resources to identify anomalous behaviour patterns, and report potential fraudulent registration attempts and, at the same time, facilitate identity verification to strengthen all operations.
What does the future of digital identity look like?
In years to come, digital identity security will rely on continuous adaptive security, using AI to constantly monitor, learn, and adapt to changing threats and user behaviours.
AI has already transformed the digital identity security landscape, offering innovative solutions that reduce risks, protect users' information, and build trust in online interactions.
As technology evolves, adopting AI-powered security measures will become essential for ensuring a safe and secure digital environment for individuals, organisations, and society as a whole.
By understanding AI's versatile role and following best practices, we can harness its potential to improve digital identity security and usher in a more secure digital age.
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