Experts Weigh in on Cryptographic Trends
Experts Weigh in on Cryptographic Trends
In April 2021, we kicked off the Futurex Crypto Chat, a Q&A series featuring industry experts sharing insights, trends, and best practices on everything cryptography. Topics have covered digital technologies, quantum computing, encryption, fintech innovations, identity management, machine identities, digital certificates, certificate lifecycle management (CLM), payment solutions and more. Here are a few highlights on trends and innovations from our recent chats:
What payments industry trend are you most excited about?
Paolo Basilio, global head of practice, Foregenix: “The contactless payments on smart devices (tablets, smart phones etc.) is a trend that I am particularly interested in as it is an important step toward making the payment process quick and easy, whilst introducing some serious challenges where cardholder account data security and cardholder authentication is concerned… The possibilities in this space are really exciting and there are some excellent opportunities for the invention of new mechanisms to facilitate security of these payment processes.”
What are the risks to organizations presented by manual updates of digital certificates and why is this so challenging?
Mike Cooper, founder and CEO, Revocent: When a builder builds a house, does he have his workers use a hammer to nail things together? If they are smart, they invest in a nail gun, which does the same thing as the hammer, but is much, much faster. Many IT organizations treat manual certificate processes like a hammer. It works and is cheaper for a one-time task. It’s hard to prioritize budget for a CLM solution when the cheap path is just to throw manual processes at the problem and then move on to the next problem. Today, it’s all about looking at what’s coming this year or sooner and realizing that investing in CLM now will save lots of money, time, and sanity over the course of just one or two years.”
What are the top mobile payment trends?
Karoline Alice Idås, chief partner and marketing officer Europe, Tidypay: “The really big shift in Scandinavia are the mobile wallets that have taken over the cash market. And now with the big American mobile wallets — such as Google Pay and Apple Pay — this will escalate further, in all industries.”
What are the big digital transformation trends taking place in the next few years?
Tal Kuchnirsky, solutions architect, Venafi: “I think in the coming years, we will spend more resources to improve how we handle and govern user and machine identities. We will focus more on the goals to automate identity management because in the digital transformation era, security starts with identity.”
What do you see as the latest cloud security trends?
Chris Poer, director, cloud infrastructure services, Techgardens: “There are two that come immediately to mind. First, there is the migration of traditional private data center cybersecurity functions to the cloud. Cybersecurity as a service is growing at more than 20% yearly because it saves clients significant CAPEX and OPEX money as well as reduce the number of hard-to-find skilled security analysts. A second trend is the seamless integration of cloud and private data center cybersecurity environments.”
What global payment trends are you seeing?
Alejandro Revilla, jPOS project founder: “One of the biggest trends we’re seeing is maximum integration across platforms and external solutions. It goes back to the flexibility demands of consumers. In order to be flexible, and provide the most options to consumers, payment processors need to effectively integrate with other solutions, channels, and capabilities. Vendors and payment processors need to be able to accept credit cards, PayPal, Apple Pay, Google Pay, ACH, split payments, etc. in order to fit the needs of consumers. To do this, technologies must integrate and be accessible across platforms.”
How do you see encryption evolving over the next 5-10 years?
Puneet Singh, founder and CEO, Encryption Consulting: “Quantum computers are evolving swiftly with time. The encryption process, specifically asymmetric encryption, and encryption with keys of a small length, will be at high risk of a breach in the next 5-10 years.”
What is a big innovation in FinTech that you’re seeing?
Rudolf Smit, managing director: Africa, Stanchion Payment Solutions: “Currently, most of the innovation is focused on the customer experience and removing friction from the payment process. Customers are demanding more payment options, seamless integration between channels, and faster payment processing… Many organisations are also building offerings based on Big Data and AI to increase customer engagement through hyper-personalization.”
What new digital technologies are you excited about?
Pedro Gil Torres, CEO and director, Copayment: “Everything that is related to the evolution of digital payments and their technologies, for example QR, contactless, CODI System in Mexico, mobile payment, etc.”
Keep an eye out for more industry chats in 2022, as we continue to seek out the latest trends and insights on cryptography across all industries: #FuturexCryptoChat.