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Digital identity providers (IdPs) can change the cybersecurity landscape. It may provide more security against threat actors. Experts believe that IdPs can help bolster Australian businesses’ cybersecurity measures.
According to Biometrics Update reporter Larisa Redins, “an identity provider (IdP) is a trusted entity, whether it be from the public or private sector, that issues digital identities for people to use in daily financial and government activities.”
Australian Manager of Opposition Business Paul Fletcher noted that IdPs might significantly strengthen security for Australians, individuals, or businesses. “The underlying problem with the hacking of businesses is that businesses store a lot of our personal information, name, address, driver’s license, and so on. This data can be vulnerable to cyber-attacks. To combat this problem, we need to establish our identity digitally where each of us has a so-called trusted digital identity provider,” he added.
Fletcher added that the system adds a layer of security for individuals. IdPs provide individuals with a certificate that authenticates their identity instead of allowing businesses to store customer data that hackers can attack.
Fletcher added that IdPs would only provide a unique identifying certificate of individuals as they conduct their online transactions. Businesses and banks will no longer need to store personal data, reducing the risk of sensitive information falling into the wrong hands.
With this in mind, OCR Labs, a leading identity verification technology company, became a gold member of FinTech Australia’s corporate partnership program. General Manager Rehan D’Almeida reported that ORC would join other partners to develop better cybersecurity solutions, such as IdPs for fintech companies.
“We’re pleased to confirm that our partnership program continues to grow from strength to strength. We evaluate organizations based on their interest in engaging with our members and giving back to the community. With this in mind, we welcome OCR Labs as a gold partner,” D’Almeida added.
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