The record-high demand for digital identity solutions by customers and enterprises is creating shockwaves in terms of surging revenue, expected to reach $70.82 million by 2028.
Now, according to figures released in several new studies, the number of U.S. businesses using biometric authentication to prevent fraud and boost security for customers has almost tripled from 27% in 2019 to 79% in 2022.
With persistent threats against security, two-factor authentication is even more likely to be implemented in 91% of businesses in 2022 compared to 64% in 2029 as attacks become more sophisticated and common.
Interestingly, in GetApp’s 2022 report, even the supposed protection of two factor authentication has become compromised as hackers find new ways to defeat it. The sharp upturn in authentication technologies being deployed by U.S businesses can be attributed to a 7% increase in cyberattacks in the last 12 months. Remote working has been a driver for an influx of cyber attacks while many smaller organisations turned to using cloud solution rather than in-house IT services.
In June 2021, while lobbying for changes to the U.S. digital identity strategy, Congressman Bill Foster said: “It’s time for the United States to catch up with the rest of the developed world when it comes to digital identity”.
The USA’s cyber defence seems to have been revived with the National Strategy for Trusted Identities in Cyberspace seeking a more integrated ecosystem of interoperable identity service bodies. NIST published a third draft of Digital Identification Guidelines this summer.