BankID BankAxept AS is working with Tata Consulting Services (TCS) to solidify the security of Norway’s financial ecosystem.
Through the partnership, TCS will be working on a 24/7 command center, which it will build from the ground up. The command center will ensure that responses to security issues, client requests, and service disruptions for all BankID users and clients is supported.
“BankID is currently used by 4.4 million users across Norway, and BankAxept handles approximately 8 out of 10 in-store payments,” said Øyvind Westby Brekke, CEO of BankID BankAxept in a prepared statement. “Any downtime of these systems will have a severe impact on the country’s public institutions, businesses and citizens.”
An Increasingly Digitized World
Norway is one of many countries whose society is becoming increasingly more digitized, and any compromise of its digital infrastructure would be devastating. That’s because any interruption would mean a disruption to access of critical services such as transportation, energy, healthcare, and their funds.
With the mobilization towards a more digital society, fraudsters are always around the corner, ready to identify any potential weak links and launch cyberattacks.
To curve this ever-growing threat, digital identity infrastructures that are robust and secure are becoming increasingly important and more countries are looking to implement these structures. Digital identity infrastructures are used to authenticate users as well as manage sensitive personal information.
In India, for example, the Aadhaar solution has already been implemented, collecting biometric as well as demographic information and entered into a national database.
Within Europe, the European Commission’s digital ID initiative is on track to providing to becoming available to 80% of EU citizens by the year 2030.
With the growing adoption of digital identification platforms comes the need to utilize the latest technology to ensure all sensitive information is secure. Expect to see more structure and development for years to come.
