Payment Privacy Protection's Next Stop: Cloud
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Payment Privacy Protection's Next Stop: Cloud

CIO Review


LONDON: Payment frauds are on the rise throughout the world, particularly during card–not-present transactions. This calls for a rework of security measures and more robust Identity Access Management solutions, especially in government, financial and healthcare sectors. This security problem goes further downhill when mobile devices come into the picture. The solution to these however, is not simple as the number of transactions and volume of data transmitted impacts the security measure needed to ensure that the payment privacy is protected.



The research firm Frost & Sullivan’s new analysis titled ’Payment Privacy Protection–Global Security Implications’ reveals that companies are now looking to off load the authentication process and identity management to the cloud. Not only is this more economical but it also achieves a single level of security for users globally. The study shows that the IAM market for government and financial services are to grow at a compound annual growth rate of 29.7 percent and 31.2 percent, respectively, between 2012 and 2018.

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The multi-factor authentication process used by most of the security conscious enterprises today is not the most feasible solution from a financial perspective. Software IAM on the other hand, makes more sense in this scenario.



IAM solutions enable companies to identify users and create profiles, and helps determine if the users should be allowed access to sensible data while also simplifying access management. “New entrants and niche players in the payment privacy protection market could significantly benefit from offering flexible, cost-effective, cloud-based payment security solutions,” says Jean-Noël Georges, Global Program Director at Frost & Sullivan.

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