Growing concerns about privacy make identity verification service a larger market
Actually, in most of the cases, the customers themselves don’t control their personal data and leave it with the services provider while availing the services. In addition, the service provider also owns any new data generated during the serving procedure. It is also common that most cloud services don’t delete customer data immediately after terminating the contract, which is a great threat to the personal privacy.
Every other day we can hear about any breach of customer data that is shared with or sold to the third party. The hacking of Sony Pictures, back in November 2014, clearly reveals the magnitude of the problem, as well as establishes the fact that it is no longer just the individuals and the small groups of hackers that perpetrate the hacks. An enormous amount of employee data inclusive of salary information, personal records, email correspondence as well as movie scripts and unreleased films was obtained.
An identity verification system is able to cost-effectively provide identity verification services with minimal personal identity information while not compromising on the privacy and security of user data. In recent years, people are paying more attention to privacy of their personal data which means the IDV market would be in great demand, going forward.