Intelligent Fin.tech Issue 05 | Page 36

FEATURE

such as digital driver ’ s licenses and corporate credentials .
4 . The industry embraces contactless biometrics to eliminate fraud
Biometric technologies represent a major break from more conventional means of access control . Using biometrics as an additional authenticating factor ( e . g ., biometric scans to verify an individual ’ s physical identity ) can help organisations eliminate unauthorised access and fraud . The use of biometric technologies will likely grow shortly , according to the survey .
Key considerations :
• Adopt privacy and data protection ; know the law – End-to-end encryption will reinforce the already strong privacy protection of using a biometric in Multi-Factor Authentication . And while
The security industry as we know it had to adapt quickly and seamlessly . the organisations that gather biometric data are primarily responsible for protecting it , users should be provided with the knowledge needed to protect their biometric data . Finally , regulations and compliance regularly change , so it ’ s important to stay informed of the law and related timelines .
• Understand and prepare for the challenges – Objections to biometric use are largely based on perception and the public concern that an identity tied to physical characteristics could lead to some form of surveillance . At the same time , the public has largely accepted biometrics , especially in the case of fingerprint and facial recognition as a means of unlocking a smartphone or authenticating a bank account . The convenience factor has largely outweighed the concerns , but organisations should recognise and be ready to address user hesitations as they emerge .
5 . Optimism around supply chain constraints begins to emerge
Supply chain issues impacted many security organisations in 2022 , although there is optimism that conditions will improve in 2023 . Small companies , those with fewer than 1,000 employees , were highly impacted .
Key considerations :
• Think globally , act locally – Look for suppliers who have a global strength but a local presence . These organisations have more reach and can help you in regionally specific ways thanks to their proximity to those markets .
• Be flexible ; get creative – If what you ’ re initially looking for isn ’ t available , there may be a competent alternative that meets your needs , even if you haven ’ t heard of it .
• Rely on data , communication and patience – Data and analytics can be used to better predict buying patterns and support forecasting , as well as help you to identify underlying drivers that provide better visibility into needs and lead times . Keep an open dialogue with your partners and suppliers , who can help you understand your options and make sure you are the first to know as the environment changes . Most of all , be patient .
By better understanding the aforementioned topics , security professionals will be better prepared to adapt faster , deliver exceptional digital and physical experiences , and capitalise on breakthrough innovations in solutions and services . �
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