Cloud7 is gathering opinions of the important names in cloud computing, web hosting, cybersecurity, data center, Linux, and other industries for 2022 in the Cloud7 Expert Series. Alongside their evaluations of 2022, they will share their expectations for 2023.
Travis has worked extensively with organizations that are adopting cloud and mobile computing. His deep knowledge of legacy standards like SAML, WS-* and XACML coupled with current best practices like REST, SCIM, OpenID Connect, and OAuth provides him with a unique and cutting-edge perspective on digital identity and access management.
The industry shift for 2023: Digital Identity
2022 was a pivotal year for cybersecurity. As more technologies came to the forefront, businesses expanded their investments to ensure the protection of valuable customer data. However, as technology becomes more advanced, so do the skills of people looking to exploit any vulnerabilities, and last year we witnessed the exploitation of outdated identity systems, leading to an increase in security incidents across several industries.
To combat this, 2023 will see continued development and innovation in the digital identity space, as governments and businesses work to evaluate new applications for individuals to manage their online identity. The EU is proposing a new way of storing, proving, and managing citizens’ online identity that will launch at the end of the year – a digital identity wallet. And as the industry continues to innovate rapidly, we will begin to see a rise in the adoption of these digital identity wallets.
Global actors, such as J.P. Morgan, are already working on innovative solutions to provide verified identities, enhancing the way we process online recognition. The goal for all this work is to ensure we have the technology to support frictionless verification and provide end users with greater control of their personal information.
End users who are early adopters will need less personal information to prove who they are, and such information will not necessarily reveal their identity to the applications they interact with. Instead, a “zero-knowledge proof” will be computed. This alternative is a statement computed in a way that the receiver of the statement can trust that it is correct even if it cannot ascertain the specific identity of the person the statement pertains to. This is of significant benefit for most organizations as they will no longer have to manage and secure large amounts of Personal Identifiable Information (PII) that is irrelevant or unnecessary for their interaction with a user.
This development will give users a greater ability to protect their online privacy and identity, ultimately putting them in control. This coming change impacts all of us and will be a big focus for innovative cybersecurity vendors in 2023 and beyond. Organizations should begin to think about how they can prepare for this change in customer and user expectations and should consider this as they evolve their systems.
2023 expectations for Curity
As the year progresses, Curity will continue to follow the ongoing developments in digital identity. Decentralized Identifiers (DIDs) and Verifiable Credentials are under active development with beta releases planned in the coming months. We believe that these new technologies will help further simplify the complexities that businesses face from the current and changing Digital Identity and IoT demands.
Curity will help organizations better provide consistent authentication experiences for their entire customer bases. As a leading supplier of API-driven identity management, Curity has plans to grow further and is actively pursuing new financing to hasten its expansion.
The company was recently named as the top innovator and best presenter in the VC-selected technology category at the Florida Venture Summit in Miami in December. Following Curity’s funding success, having raised $5M in equity financing through multiple rounds, the company has reached 53.8M SEK (approx. $5.2M) in ARR to support customers in Europe, the US, South America, and the Middle East. With this strong performance, Curity confidently expects operations to expand in what is already set to be a strong year of growth, despite the macroeconomic conditions.