Andrew Dutton, Pismo’s Information Security Architecture Manager, took part in an intriguing webinar on the future of regulatory compliance and security this week.
The discussion, hosted by Pismo partner Sumsub, tackled various topics, including cryptocurrency, single points of identity, and the future of security.
Entitled “Compliance in 2023: Regtech & New Trends”, the webinar also featured:
- Dr Stephen Strickland, Chief Compliance Officer at Elements Digital
- Christopher Murrer, Senior Legal Counsel at Checkout
- Tony Petrov, Chief Legal Officer at Sumsub
Andrew, in particular, tackled a question about standardised digital identity across jurisdictions, especially in Europe. This ties into the developing of a harmonised digital identity wallet by the European Council, eIDAS 2.0.
Currently, adds Andrew, there are “various components in various European countries, which all have different service provisions”. Yet while this new standard aims to ensure harmony, there may be some stumbling blocks along the way.
“The biggest challenges for me are getting various governments to agree that they need a single or to use a single platform,” he says. “But I think this will be less of an issue with businesses, which are more flexible. They can move and react faster than some more structured government departments.”
Sumsub’s Petrov agreed with Andrew. He believes that the idea of harmonised identity may clash with emerging trends. He says that users are used to proving identity using third-party firms like Facebook or Google. Would they appreciate yet another method?
Digital infrastructure
Regarding the future of digital identity, Andrew says there will be a change in how we carry out banking services. “It’s going to become a completely digital infrastructure,” he says. “People will carry fewer individual documents, cards and physical banking tools.”
He adds: “We’ve all seen digital cards appearing now, with services like Apple Pay and Google Pay the norm. We’ll see more of that, and the emphasis will change on what is most important to us.
Kevin Healy of Sumsub, moderating, asked how customers might adapt to these new digital identity solutions.
“I think we’re all consumers. We’re all looking at how the services are used,” answered Andrew. “We’re all concerned with protecting ourselves as well. So the critical area of concern I might have is if you’re carrying around all your documentation, all of your means of identity, on an individual device. What happens if that device is hacked?
“There’s a good chance you could lose a lot of vital information, and it costs people a lot of money. I think it’s going to be a challenge. The more of that we centralise, the more risk there is.”
