Frost & Sullivan: cloud-based solutions widen payment privacy protection market potential

security

Widen payment privacy protection.

Analysis from Frost & Sullivan, ‘Payment Privacy Protection – Global Security Implications’, finds that the government and financial services market for IAM solutions will grow at a compound annual growth rate of 29.7% and 31.2% respectively during the 2012-2018 period.

As Europe continues to witness high fraud rates, mainly during card-not-present payments, the need for robust identity access management (IAM) solutions, especially in the sensitive government, financial services, and healthcare sectors, is intensifying.

The rapidly increasing uptake of mobile data services further highlights the need to comprehensively secure mobile devices. However, the rise in transactions and volume of data exchanged impacts the number of security processes required to ensure payment privacy protection as well as the total time taken to perform them. As such, the market is looking at solutions that externalise authentication and identity management to the cloud, thereby optimising cost and creating a single level of security for users globally.

Effective IAM solutions enable companies to identify users and create profiles. This helps determine whether they should be allowed access to sensitive data and also to simplify access management. The single sign-on (SSO) technology requires users to be identified only once,” said Frost & Sullivan Information & Communication Technologies Global Programme Director, Jean-Noel Georges. “In fact, new entrants and niche players in the payment privacy protection market could significantly benefit from offering flexible, cost-effective, cloud-based payment security solutions.”

“To maintain the consistency and integrity of stored information, security processes and practices should be aligned with enterprise policies,” remarked Georges. “It is also important for vendors to adhere to local and national policies to ensure payment privacy protection across Europe.”

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