Symantec Unveils Identity Initiative

A new Identity Initiative has been unveiled by Symantec. The Initiative is a combination of services and software that addresses how consumers manage their online identities and ensure the security of online transactions.

A key element of the service is one-time use credentials, such as credit cards, postal addresses, and email addresses. For example, if customers are not familiar with a particular e-commerce site, they can elect for Symantec to generate a one-time use credit card, limiting their financial risk. In addition, the identity service also has the potential to support parental controls and the authentication of other personal information such as age and memberships.

Symantec is taking a user-centric approach, making the identity service protocol-independent. The service will interact with websites supported by different identity exchange protocols, such as CardSpace and OpenID. Symantec expects to roll out its Identity Initiative worldwide over the next 12-24 months. Even without formal partnerships, the Norton Identity Client will be compatible and functional with the majority of websites.

The Norton Identity Client, which is a single interface for consumers, provides consumers with online credentials and gives them protected access anywhere they transact on the Internet. This online identity credential will be similar to how a passport or driver’s license functions in the physical world; however, it could be modified as needed and accepted virtually everywhere.

In addition to solving a key need for consumers, the Symantec Identity Initiative addresses significant business concerns. In fact, 53 percent of Internet users have stopped giving personal information to websites in fear of identity theft and 14 percent have stopped paying bills online, according to market-research firm Gartner. With more secure identities and transactions, businesses will be better able to retain customers and reduce their own risk of fraud.

According to a study conducted by First Analysis Securities Corp, the cumulative market opportunity for online consumer authentication for banks, brokerages and e-commerce is estimated at $1.1B from 2006 through 2010.

Posted by Jon Erickson at 01:38 PM  Permalink