In business, everyone talks about terms related to the Digitization Digital Revolution, Industry 4.0, etc. We present the Glossary of Digitization in companies so that you know its meanings:
It ensures that the transaction is carried out by a known user, that is, the platform has authenticated the user who carries out the transaction. Authentication is only trying to ensure that the person signing the transaction is the same as the person who registered the user. If the identity was not verified during the registration process, there is no guarantee about the identity of the user. Generally, a 1-factor authentication is not enough if you want to have or offer the best protection for your accounts. In order to add an extra measure of security, most companies use Multifactor Authentication (MFA). This is one of the main compliance requirements for user identity verification. The main function of MFA is to make sure that the person or entity trying to access the protected assets is really who they claim to be.
We found multiple methods of double Authentication by TOTP (Time-based one-time passwords), Mobile-delivered tokens, security token, coordinate card, OTP (One time Password), SMS, etc. Authentication.
Biometrics is an identification technology based on the recognition of a physical and non-transferable characteristic of people, such as the fingerprint, the recognition of the venous pattern of the finger or facial recognition. The application of this technology is especially interesting, both in the identification process and that of digital signatures.
Digital Certificates are computer files that are used to provide a digital identity to a person, organization or electronic device. They are issued by recognized certificate authorities (CA) and are based on asymmetric cryptography; therefore they contain a public key and a private key. The first is available to everyone, while the second is only known to the certificate holder. In this way, the privacy of the information exchanged between two users is fully guaranteed.
The Digital ID concept refers to all the data that we are generating through the actions we carry out on the Internet: records, comments, interactions,… We could associate it with our digital footprint. Digital ID management is based on dynamic authentication technology, designed for companies that carry out online transactions. Unlike static credential-based authentication, these cannot be forged. But it goes further than simply a way to authenticate someone to access a resource. Digital identity management has become a more holistic model, which, driven by the consumer, drives privacy, strengthens cybersecurity, and responds to increased functional needs. The concept refers to identifying users with a network, application or system and controlling their access to resources within these systems and applications.
It refers to Regulation (EU) No. 910/2014 of the European Parliament and of the Council, of July 23, 2014, regarding electronic identification and trust services for electronic transactions in the internal market. Its origin is in the directive on electronic signature 1999/93 / EC, which it has replaced because it was not mandatory. This fact prevented reaching the goal of a Digital Single Market in the European Union, since each member state had its own rules in this regard. The unwanted consequence was a lack of mutual recognition of digital signatures issued by other states, which could even lead to their rejection between countries.
Financial technology, is the term used to describe any technology that delivers financial services through software, such as online banking, mobile payment apps or even cryptocurrency. See https://kryptoszene.de/fonds-app/ for an example of a fintech app. Fintech is a broad category that encompasses many different technologies, but the primary objectives are to change the way consumers and businesses access their finances and compete with traditional financial services.
The GDPR is the norm that affects large corporations and SMEs alike, many of them very active in the use of data. I know of the new General Data Protection Regulation that came into force in May 2016 and is mandatory for all companies in the European Union as of May 25, 2018. The GDPR grants greater control and security to citizens about your personal information in world 2.0. It also expands their rights to how they want their data to be treated and how they want to receive information from companies.
Hypertext Transfer Protocol Secure is a variant of the HTTP web transfer protocol that adds a layer of security to data in transit. Viewing a website with https guarantees the user that the website is secure and that any data, such as financial information that is entered, we make sure that it will only be recognized by our own and the server, it cannot be captured by an external source. . This security is provided by the SSL (Secure Socket Layer) protocol based on the encryption and authentication technology originally developed by RSA Data Security Inc.
Refers to Identity Access Management, the way to manage a given set of users’ digital identities and the privileges associated with each identity. It is a generic term that covers a number of different products, all with the same basic function. In an organization, IAM can be a single product or a combination of processes, software products, cloud services, and hardware, which provide administrators with visibility and control over the organization’s data that individual users can access.
Know Your Customer (KYC) is the practice carried out by companies to verify the identity of their customers, complying with legal requirements and current standards and regulations. The KYC procedure is based on a process of identification and verification of the identity of a client in which a series of controls are applied to avoid commercial relationships that result in money laundering, corruption and terrorist financing, or among others.
The term that comes from the union of the English words legal and technology, has been related to those technological developments created to facilitate the provision of legal services. However, it is a much broader concept than simply technology for a specialized segment of the economy. Legaltech encompasses all those disruptive projects that seek to innovate the traditional way in which legal services are provided and consumed.
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