Identify individuals, eliminate fraud, and protect privacy through Identity-as-a-Service (IDaaS)

A new form of identity verification is helping organizations truly identify individuals rather than simply "matching" certain elements that the user supposedly possesses or knows.

The exponential increase in cyber threats, especially those associated with the illegitimate use of credentials, accounted for 48% of security breaches in 2021 (this type of threat is experiencing a growth rate of over 35% in 2022, according to data from ForgeRock), resulting in losses of over 56 billion euros, according to Protocol and Javelin data, respectively.

As a result, many companies are starting to explore more secure approaches to identity verification and credential protection. Decentralization of identity verification is one of the methods that organizations are currently considering.

B-FY has sought the opinion of IDC to address relevant aspects in today's business world. In this regard, José A. Cano, Director of Analysis and Consulting at IDC Spain, has provided answers to their questions that we share in this Analyst Connection.