Expert Urges Data Security Against $6tr Loss

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Chief Executive Officer, Youverify, Dr Gbenga Odegbami, has advised individuals and companies to take data security seriously.

Speaking on the sidelines of the launch of YouID in Lagos at the weekend, he said  more people have embraced technology and rely on the internet for communication, transactions and the storage of personal information, warning that criminals are also at work in their bid to steal information for personal gain or even malicious intent.

Already, he said the Nigeria’s Consumer Awareness and Financial Enlightenment Initiative has projected that by 2030, the country will lose a whopping $6 trillion to cybercrime within and outside the country and that these crimes will be committed mostly through phishing and identity theft.

Odegbami said YouID was birthed against the backdrop of this because the firm realised how important it is for personal information to be protected, adding that YouID provides that extra layer of security, ease and comfort everyone needs to make life a little easier.

He said: “On the heels of these costly and recurring threats that individuals and organisations have to grapple with, Youverify; a technology company focused on identity and access management with biometric identity verification and other digital identity solutions, has resolved to build an Africa where every African, and African business can build economic relationships and trust without worrying about fraud or compliance difficulties. YouID is a secure digital ID wallet that lets individuals safely store personal details in an encrypted format and use it to access online services securely without having to fill a KYC form.

“Apart from providing a secure digital wallet for the storage of personal information, YouID instantly notifies users when any of their passwords have been breached or their credentials have been leaked by a third-party data breach. YouID continuously collates and reports data breaches and leakages globally thereby keeping users informed and their credentials secure at all times.”

Designed with individuals as well as businesses in mind, Odegbami said YouID is equipped to help businesses gather their customers’ KYC information easily, track and verify physical addresses.

He said with the click of a button, businesses can collect and review the data of their customers and prospects without subjecting them to the dreary task of filling out forms, thereby simplifying onboarding processes and giving them the assurance they need to transact with individuals or other businesses.

“YouID also gives users access to a robust marketplace where they can secure the best deals from verified and trusted merchants and at the same time provides businesses the visibility and appeal they require to attract more patronage.

” The YouID App is available for free on the Google and Apple Stores for users to download and begin their journey to a smarter and more secure lifestyle,” he added.

He said technology and technological advancements continue to shape and, in some cases, determine the course of human lives.

According to him, blockchain technology, Machine Learning, Artificial Intelligence (AI) and others  have informed rapid changes in how people interact with the world around.

“We are now able to obtain and process information faster than we could a decade ago.

“Mobile devices now come with more storage and functionalities than we could have ever imagined possible, thanks to continuous advancement in technology and its application at different levels.

” The global COVID-19 pandemic which left individuals and businesses with no choice but to pivot to digitally powered remote operations, also accelerated the adoption of a digital lifestyle from which there is no turning back.

“Recent studies confirm that there are more people literally living and transacting businesses online than there are within brick and mortar stores.

“Businesses that thrive post COVID-19 lockdown do so, not only because of the revolutionary products, crucial services, or the exceptional customer experience they offer; but largely because they have been able to integrate technology into their operations, enabling them to stay connected to their target market and abreast of happenings within their industry.

“However, the rapid advancement in technology has not been without its peculiar challenges.

‘’Sadly, cybercrime is on the increase and this poses a huge threat to everyone regardless of age, status, or affiliations,” he said.

Odegbami said the advancement in technology has not only brought cybercrimes, but has come with innovative tools that can instantly alert users of security breaches.

“YouID collates and reports data breaches and leakages globally, keeping users informed with their credentials secure at all times, from identity theft and other forms of cybercrime.

“From the security of your personal information and credentials to the access it gives you to hundreds of thousands of service providers and services from verified merchants in Nigeria and across Africa, be rest assured that as you make YouID a part of your life, you will enjoy the limitless benefits it offers.

“The YouID App is available for free download at the Google Play Store and the iOS App Store,” Odegbami added.

– TheNation

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