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Why Business Leaders Need to Learn About about Digital IDs

Published

8 hours ago

August 5, 2024

Why Business Leaders Need to Learn About about Digital IDs

Opinions expressed by Entrepreneur contributors are their own.

We’ve come a long way from the days when identity verification meant simply presenting a handwritten document or a personal endorsement. The Digital ID movement signals a new era where your identity is a digital entity, stored and accessed online.

This shift promises many benefits, like positively transforming efficiency, security and fraud prevention. Yet, here is the challenge: the transition isn’t an overnight overhaul. It’s a gradual, evolutionary process.

Physical documents aren’t going anywhere – yet

Consider the reliability of a physical document – tangible, verifiable and trusted across various industries. Despite the charm of digital transformation, a 2024 Forrester Consulting study commissioned by Regula reveals that 46% of organizations still manually verify documents, including in remote setups. This reliance is even higher in sectors with stringent security demands, such as Aviation (63%) and Finance (44%).

Why the attachment to paper? It’s simple. Physical documents are trusted and familiar, and they provide unmatched authenticity. They work. For business leaders, this means a gradual transition to digital identity systems is not just sensible – it’s essential. The current systems can coexist with emerging technologies, ensuring operations remain smooth while new methods are integrated.

The barriers to a digital dream

The dream of a global Digital ID system faces significant challenges. Chief among them is the lack of universal legislative frameworks. It’s like trying to conduct a global orchestra without a shared music sheet.

According to the study, 74% of respondents highlight the need for unified global standards to ensure seamless integration and acceptance worldwide. This lack of alignment means businesses are navigating a fragmented landscape, where interoperability across borders is a complex challenge.

Furthermore, technological disparities create uneven progress. While some regions, like the UAE, are racing ahead with advanced digital infrastructures, others, including the US and Europe, are taking a more cautious approach due to stringent regulations. This disparity underscores the importance of tailored strategies considering regional readiness and capabilities.

Concerns and realities

As businesses examine the digital leap, several Digital ID concerns weigh heavily:

50% worry about increased data breaches and cybersecurity threats.
46% are concerned about the necessity of robust security frameworks to mitigate the risks of data breaches.
44% fear the implications for privacy due to surveillance and data tracking.
35% highlight dependence on technology potentially leading to system failures.
35% see the risk of identity theft and fraud with digital credentials.

These concerns are not trivial. They reflect the real and present challenges of a digital transition. But they also point to the need for robust, secure, and reliable systems that can build trust over time.

The hybrid solution

In this complex landscape, a hybrid approach to Digital IDs emerges as the most pragmatic path forward. This strategy embraces both digital and physical verification methods, allowing businesses to transition at a manageable pace. By maintaining physical documents alongside Digital IDs, organizations can leverage the strengths of both systems, ensuring reliability while gradually adopting new technologies.

For business managers, this hybrid model offers a reassuring compromise. It minimizes disruption to existing processes and provides the flexibility needed to explore and integrate digital solutions incrementally.

At the same time, to adopt digital IDs into the current IDV (Identity Verification) process, a business must undertake several steps. First, it should assess the compatibility of its existing infrastructure with digital ID technologies, ensuring it can seamlessly integrate the new system. This involves upgrading or adapting current software and hardware to support digital ID functionalities. Next, the business must select a reliable digital ID provider, prioritizing those with strong security measures and compliance with regulatory standards. Implementing digital IDs requires employee training to effectively manage and operate the new system. Additionally, the business should develop a clear strategy for data privacy and protection, addressing potential cyber threats and ensuring compliance with data protection laws. Finally, a thorough testing phase is essential to identify and resolve any issues before fully deploying the digital ID system, ensuring a smooth transition and maintaining the integrity of the IDV process.

Standard issue

The development and adoption of Digital ID systems will require collaborative innovation from authorities, businesses and stakeholders in the IDV market. Key players like the International Civil Aviation Organization (ICAO) and the International Organization for Standardization (ISO) are working to establish frameworks for Digital ID adoption. Their efforts foster interoperability, security and privacy across different systems. However, creating comprehensive standards is a meticulous, time-consuming process.

However, even if all standards are prepared and fully verified, the next stage involves implementing software according to these standards. This is not just a single module but a comprehensive suite of systems for each vendor, and there will be many vendors. Each vendor may interpret the standards differently, leading to inevitable compatibility issues.

This brings us to the necessity of having process standards as well as testing and certification standards. However, even if vendors pass certification, questions about the completeness and reliability of the software will remain, especially when used by end-users. For example, an SDK might be fully functional, but during integration, developers might cut corners and not utilize all necessary components.

Who will handle the certification? Laboratories will be needed to prepare testing software, and these labs will charge significant fees for conducting time-consuming tests. Not all vendors will be eager to invest in certification. Given that each country might have multiple vendors, the scale of the problem is immense.

Currently, passports function without any online infrastructure, but digital IDs will need online services capable of handling massive volumes of requests, potentially from around the world. Imagine 300 million simultaneous requests in the USA alone. This feels like the scale of Facebook, Instagram or Google, with dedicated data centers and more. The cost could be astronomical. Poorer countries might decide they don’t need such systems or opt for minimal implementations.

As a result, we will have many document variants: not only paper documents, paper documents with chips, and digital IDs but also many different types of digital IDs.

A marathon, not a sprint

The journey to widespread Digital ID adoption is indeed a marathon. Even after the development of comprehensive standards, global adoption will take time. The initial issuance of Digital IDs will still require physical passports or ID cards, underscoring the ongoing relevance of traditional identification methods. Moreover, the implementation costs and the need for robust infrastructure further slow the transition.

For business owners and managers, introducing Digital ID is best viewed as a gradual evolution. After all, in this long road to digital transformation, patience and pragmatism will be your greatest allies.

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Save with FolderFort: a Lifetime Google Drive Alternative for Only $69.99

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Save with FolderFort: a Lifetime Google Drive Alternative for Only $69.99

Published

1 day ago

August 4, 2024

Entireweb News Bot

Save with FolderFort: a Lifetime Google Drive Alternative for Only $69.99

Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

Managing business data effectively is one key to any entrepreneur’s success. While old standby cloud storage services like Google Drive are easy to fall back on, there are others that may work better with your budget.

The FolderFort Cloud Storage Pro Plan offers lifetime access to 1TB of storage for just $69.99. For many businesses, this could be a more cost-effective alternative to Google Drive’s recurring fees.

Unlike other cloud storage services that require monthly or yearly subscriptions, FolderFort offers a lifetime plan at a single payment of $69.99. This means no more worrying about ongoing costs—just reliable, long-term storage for all your business needs.

This one-time payment provides a secure, centralized location for storing and sharing important files, making it ideal for smaller to medium-sized businesses. However, as your business grows, so do your storage needs. FolderFort offers scalable storage solutions, allowing you to upgrade as needed without experiencing any downtime.

Protect your business’s sensitive information with FolderFort’s advanced security features. The Pro Plan helps keep your data safe from unauthorized access, providing peace of mind as you store documents, financial records, and sensitive client information. FolderFort’s Pro Plan also supports unlimited users and workspaces, making it perfect for growing businesses.

You and your team will be able to collaborate from any device, anytime. You can make quick links to share your files and folders easily or restrict users and make public links if you choose.

With FileFort’s 99.9 percent uptime guarantee and a user-friendly, intuitive interface, it’s a scalable storage solution worth considering for any business.

Take control of your business data today and experience the convenience and security of FolderFort for life for just $69.99 (reg. $119) when you order through September 3 at 11:59 p.m. PT.

StackSocial prices subject to change.

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Master Microsoft Technologies for Your Business with This Training Bundle

Published

2 days ago

August 3, 2024

Entireweb News Bot

Master Microsoft Technologies for Your Business with This Training Bundle

Running a small business often comes with the challenge of managing IT infrastructure, ensuring robust security, and keeping costs under control. The Complete 2024 Microsoft Tech Certification Training Super Bundle, priced at $59.97 (down from $429), is designed to help you tackle these issues head-on.

This extensive training package has 11 courses totaling 264 hours of instruction on essentials like Microsoft technologies, focusing on cloud computing, security, and endpoint management.

Key areas covered in this bundle include mastery of the super-popular Microsoft 365. You’ll learn how to manage user identities, services, and Microsoft Teams to boost productivity and streamline communication within your business.

Develop a thorough understanding of Azure administration, infrastructure, development, and security. Utilize cloud services to optimize data management and enhance operational efficiency. You can also expect to get hands-on experience with modern desktop management and Windows client administration. This can help you ensure your systems are running smoothly and efficiently.

You can also use this bundle to focus on security operations and Azure security technologies. Protect your business from cyber threats with advanced security strategies found here.

Small businesses often struggle with the high costs of outsourcing IT support. This training bundle equips you and your team with the necessary skills to handle IT issues internally, significantly reducing these expenses. Learn to efficiently manage your IT environment with courses such as Microsoft 365 Identity and Services and Windows Client.

Robust cybersecurity is essential in today’s digital world. The training bundle emphasizes security operations and Azure security technologies, ensuring you can safeguard sensitive data against potential threats. Courses like Azure Security Technologies help you implement strong security measures to protect your business.

Lifetime access to this bundle is an invaluable resource for entrepreneurs aiming to enhance their IT capabilities, reduce costs, and secure their businesses.

For a limited time, the Complete 2024 Microsoft Tech Certification Training Super Bundle is on sale for $59.97 (reg. $429).

StackSocial prices subject to change.

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Here’s Why Every Content Creator Needs Legal Protection

Published

3 days ago

August 2, 2024

Entireweb News Bot

Here's Why Every Content Creator Needs Legal Protection

Opinions expressed by Entrepreneur contributors are their own.

In 2005, when I started my online business and published my first blog post, legal protection was the last thing on my mind. I believed it was only necessary for established businesses.

Now, with years of experience as an online entrepreneur and a law degree under my belt, I realize how misguided that thinking was.

Whether you’re just getting started as a content creator or an established online business, believing you’re “too small” for legal protection is a dangerous misconception. Let’s take a look at why size doesn’t matter when it comes to legal risks in content creation.

1. The dangerous mindset of “I’m too small to matter”

When you’re just starting out, legal considerations often take a backseat to content creation and audience building. However, the internet and the law don’t discriminate based on the size of your platform.

Consider this scenario: You’re a lifestyle vlogger with 500 subscribers. You use a popular song in your latest video, assuming it’s harmless given your small audience. Suddenly, you receive a cease and desist letter for copyright infringement. Your channel’s size doesn’t shield you from legal consequences.

The “I’m too small” mindset can leave you vulnerable to various legal risks, regardless of your audience size.

2. Size doesn’t matter, but impact does

In content creation, your potential impact outweighs your audience size when it comes to legal exposure. Here are two examples:

A fitness influencer with 5,000 Instagram followers shares a “miracle” weight loss tip that causes harm to a follower. Despite the relatively small following, the influencer could be held liable for the damages.
A podcaster talking about a famous celebrity makes negative statements that are untruthful. Even with a limited audience, this could result in a lawsuit for defamation.

These scenarios illustrate that the size of your platform doesn’t determine your legal risk. Your content’s potential impact does.

3. Three key areas every creator should address immediately

To protect your content and your business, focus on these three critical areas:

1. Intellectual property protection

Safeguarding your brand and respecting others’ IP rights is crucial. This includes your brand name, logo and original content. Equally important is ensuring you’re not infringing on others’ rights, such as using copyrighted content without permission.

Action step: Conduct a trademark search for your brand name and consider registering it if it’s available or discontinue using it if it belongs to someone else.

2. Terms of service and privacy policies

These documents are essential, even for small creators. They set expectations for your audience and protect you legally. For instance, a clear privacy policy is crucial if you collect any user data, even just email addresses for a mailing list.

Action step: Draft basic terms of service and a privacy policy, or consult a legal professional to create these documents.

3. Set up a business entity

Establishing a proper business structure, like an LLC, can provide personal asset protection. This separation between personal and business assets can be crucial in the event of legal issues.

Action step: Research the benefits of forming an LLC or other business entity for your content creation activities.

4. The cost-benefit analysis: prevention vs. reaction

Investing in legal protection early may seem costly, but it’s often far less expensive than dealing with legal issues reactively. For example, the cost of trademark registration is minimal compared to potential damages for trademark infringement.

Consider this: A business colleague of mine recently spent several thousand dollars to settle a copyright infringement claim. Had they simply been aware of copyright law and spent a small amount to license the image, they could have avoided the issue at a fraction of the cost.

5. Starting small: three steps for immediate protection

Even with limited resources, you can take steps to protect your content business:

Educate yourself on basic copyright laws relevant to the type of content you create and use.
Use proper attribution and obtain necessary permissions for any third-party content you use.
Implement basic legal documents on your website or channel, such as a simple terms of use and privacy policy.

Legal protection isn’t just for big creators — it’s a fundamental aspect of running a content-based business, regardless of size. By addressing these key areas early, you’re not only protecting your current work but also laying a solid foundation for future growth.

A sound legal strategy is about recognizing potential risks and taking proactive steps to protect your creative endeavors. Don’t wait until you face a legal challenge to start thinking about these issues.

Your content, your brand and your peace of mind deserve protection from day one.

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