The EU as a forerunner in boosting the digital economy
On 23 July 2014, the European Parliament and the Council of the European Union have adopted the regulation EU 910/2014 on electronic identification and trust services for electronic transactions in the internal market (the eIDAS regulation).1 Repealing the European directive on a community framework for electronic signatures,2 this new regulation aims at providing a common transnational foundation for secure electronic interaction between European citizens, businesses, and public authorities. Thus, by providing the building blocks for ensuring trust, convenience, and security in the online environment, eIDAS represents a major contribution to the European Digital Single Market.
eIDAS brings an important change for the current European digital market, as the regulation defines a framework for cooperation between member states for a cross-border mutual recognition of eIDs.
Over the past 20 years, the rise and rapid evolution of information and communication technologies has led to new digital services and usage responding to customers’ need for mobility, convenience, efficiency, and rapidity in the service response time. In the banking industry for example, this evolution was reflected by the development of services such as online and mobile banking and their rapid adoption by the customers. However, as these new electronic services grow in magnitude, the risks related to cybercrime, identity fraud, and leakage of personal data are also increasing. Consequently, many organizations have the following" concerns:
1. How can I ensure the identity of a counterpart (natural or legal person) during an electronic transaction?
2. How can I ensure the authenticity of an online service (e.g., online public service, electronic commerce)?
3. How can I perform digital business or administrative transactions in a convenient, secure, and seamless manner while maintaining the legal value of these transactions?
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Inside Magazine Risk Global edition, February 2018
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