Access Management , Blockchain & Cryptocurrency , Governance & Risk Management

Will Banks Be Custodians of Identity?

Which entities will be custodians of our identities? David Birch of Consult Hyperion discusses why banks could be likely candidates for this emerging role.

See Also: Conversational Cyber Insurance: How Cybersecurity and Cyber Insurance are Interwined

”The reason why I would trust a bank with my identity … is not because I trust my bank; it's because I trust the banking system,” Birch says. “If some social media giant screws up my identity, or it gets taken over by somebody else, or it gets undermined in some way … who you gonna call? Whereas if it's the bank that's managing my identity and something goes wrong, they have a branch I can go to and sort something out.”

In a video interview with Information Security Media Group, Birch discusses:

• Why banks could become custodians of identities;
• Why identity is the “new money”;
• Why he believes the time for a shift to digital currency has arrived.

Birch is an author, adviser and commentator on digital financial services. He is global ambassador for Consult Hyperion, the secure electronic transactions consultancy that he helped to found. He’s also a technology fellow at the Center for the Study of Financial Innovation, a London-based think tank, and a visiting professor at the University of Surrey Business School.