Creating a strong and trusted organisational identity is fundamental to secure and efficient business. A highly assured organisational identity can help to differentiate an organisation from its competitors by presenting a verified, recognisable touchpoint that builds trust in your interactions. This blog explores the value of a highly assured organisational identity, as discussed by Simon Wood, Ubisecure CEO, when he joined Michael Becker of Identity Praxis and Randy Warshaw of Provenant at the recent Mobile Ecosystem Forum (MEF) event in London:
Organisation Identity builds trust and opens up efficiencies
In a previous blog, Corporate identities are public, we help to make them trustworthy, we considered how a lack of trust can impact an organisation, and also the true cost of organisational misrepresentation. There are many examples of the negative impact caused by bad actors faking an organisation identity. For example, the infamous case involving a fake Eli Lilly Twitter account declaring free insulin, which caused a $15b fall in the company’s market cap.
Utilising strong organisation identity helps avoid these kinds of misrepresentations.
Embracing organisation identity also has a positive impact on an organisation’s bottom line. This is highlighted in the case of the Finnish Government where Ubisecure provided the Identity & Access Management (IAM) solution that connected the Finnish business registry (containing the organisation identities) with verified individual identities. The solution allowed individuals to assert their legitimate representation of their organisation, or delegate digital representation onwards to other organisations or individuals, such as external accountants or payroll providers. Tax filing transactions could then be automated, resulting in 99% cost reductions over the traditional in-person approach. See the case study.
The Legal Entity Identifier is the most compelling Organisation Identity
There are a number of Organisation Identifiers available today (read more about the comparisons). Some are regional, some vertical, some closed to the public… but only one is truly global, standardised and trustworthy to be the one Organisation Identity on which we base all future identity services – and that is the Legal Entity Identifier (LEI).
There is considerable value in combining Organisation Identity (via the LEI), verified Individual Identities (via BankID, eIDs and other initiatives), and delegation capabilities (via IAM services). The combination enables businesses to express:
Who you are, who you represent and the rights that you have to represent them.
Watch the full video from the MEF event to learn more, or feel free to contact Ubisecure directly to discuss your digital identity project requirements.