DATA PROTECTION, ENCRYPTION KEY FOCUS IN BUSINESS DEVELOPMENT

Protecting digital identities through decentralised verification procedures is especially true for the banking and digital payments industries.

In the Middle East, hybrid working is still thriving, and for good reason; consequently, there is an increasing reliance on cloud solutions. Businesses may take advantage of a variety of appealing features from greater scalability to remote access from any location at any time with cloud storage. But even though cloud storage is a growingly common choice for companies today, it’s not always the most secure. Data protection and encryption will need to be the focal point of all business development strategies going into 2023. Protecting digital identities through decentralised verification procedures, this is especially true for the banking and digital payments industries.

As the threat landscape grows and continues to evolve, boards are increasingly concerned and want to hold leadership accountable for the security of sensitive data. Business leaders now understand that it’s not IF, but WHEN an attack takes place, so they want to be as prepared as possible.

CIOs will be involved in strategic decision making

ANUDEEP PARHAR

for the safety of the business’ data, and in doing so, they have an overt opportunity to enable business growth and create a competitive advantage. In line with the widespread adoption of multi-cloud environments, and remote working continuing to fuel this, organisations need to take extra heed of the risks this level of digital transformation poses on their data, if unprotected.

Key Takeaways

l CIOs they have an overt opportunity to enable business growth and create a competitive advantage.

l Organisations need to take extra heed of risks, which digital transformation poses on their data.

l Decentralised identity will enable digital identities for individuals and corporations without handing over control of their data to third parties.

l Users will have control of their identities and can enter different worlds in the metaverse.

l Cloud storage is a growing choice for companies but it is not always the most secure.

l Data protection and encryption will need to be the focal point of all business development strategies.

With more companies hopping on the Metaverse and Web3 in 2023, decentralised identity will enable digital identities for individuals and corporations without handing over control of their data to third parties. Users will have control of their identities and can enter different worlds in the metaverse and interact with various companies or entities by establishing trust using verifiable credentials to prove their identity without handing over personal data.

Another key space to watch this coming year is that of digital payments and online banking, which will become more mainstream than ever before. However, security remains a key priority for consumers. Released in 2022, The Great Payment’s Campaign, global study by Entrust, revealed that 94% of respondents in UAE and 91% of respondents in Saudi Arabia said they were concerned about the potential of banking or credit fraud as banking and credit become more digital.

The banking sector will need to keep up the pace of their digital transformation as more consumers will require flexible, convenient, and secure payment methods, and the demands for security will only grow from here.

Entrust is focused on the impact of AI infrastructures on customer enterprises of all sizes, and how to help customers with not just the security aspect, but productivity and cultural impact as well. AI infrastructure will continue to evolve at a rapid pace in 2023, and platforms like Open AI will reshape the way some industries operate.

Entrust, offers breadth of solutions that are critical to enabling trust for multi-cloud deployments, mobile identities, hybrid work, machine identity, electronic signatures, encryption and more.

Entrust is currently watching the space of Web3 and the metaverse. These environments are inseparably linked to each other, and both are still in their early stages of development. n