From: RegTech Analyst
Protecting customer data is not always easy. Nomidio is looking to change that with the launch of its new service.
It has developed and launched an identity-as-a-service (IDaaS) cloud solution where companies can securely store personally identifiable information (PII) about themselves or their customers.
That way, it argues, companies will reduce the risk of being hit with the double-whammy of both being hacked and having broken the rules of the EU’s General Data Protection Regulation (GDPR). Breaching GDPR could land businesses with massive fines.
Nomidio’s PII Cloud is set up to securely house PII once so multiple subscribing organisations don’t have to. The ideas is that businesses need to access PII for things like marketing campaigns it simply communicates with the Nomidio PII Cloud via a secure API.
The IDaaS service uses industry-leading biometrics engines to authenticate customers via the web or call centre. Consumers provide their identity information once and re-use it with the multiple organisations they interact with. The user’s ID is tokenised so organisations can interact with the identity data without the risk of actually storing it.
“Nomidio offers people a convenient and secure way to prove who they are using biometrics within a mobile web browser,” said Philip Black, commercial director of Nomidio. “The identity service can be easily integrated by virtually any organisation to improve customer experience and reduce compliance risk.”
Importantly, the individual retains control over their identity and manages consent for how their data is used, via an app.
Nomidio is a spinout from the government-grade encryption specialists Post Quantum, whose algorithm is a finalist in NIST’s competition to identify a new global public-key cryptographic standard, replacing or supplementing RSA. A trusted supplier to NATO, NCSC and the UK Government, Post-Quantum has more than 35 patents relating to its innovations.
“Nomidio is a novel re-think of today’s privacy dilemma,” said Andersen Cheng, CEO of Post-Quantum. “Rather than hundreds of firms trying to secure PII in order to satisfy regulators, with many ultimately failing, why not do this once and extremely well? Businesses are waking up to the fact they don’t need vast amounts of PII to be successful and are increasingly prepared to help individuals regain control of their identities.”
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