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Businesses, get ready for eIDAS 2.0

Businesses, get ready for eIDAS 2.0
 

By Pedro Torres, CEO and co-Founder of Youverse

eIDAS, short for electronic Identification, Authentication and trust Services, is a regulation established by the European Union to streamline and secure electronic transactions across member states. It ensures things like digital signatures and digital identities are recognized across borders, making online activities like signing documents or service access smoother.

Recognizing the limitations of the original version, eIDAS 2.0 is set to be implemented soon. This update brings a stronger focus on security, expands the range of trusted electronic services, and introduces a standardized European Digital Identity Wallet for users to store their credentials. Overall, both eIDAS and eIDAS 2.0 aim to create a trustworthy and user-friendly digital environment within the European Union.

eIDAS 2.0 elevates online security by mandating stronger user authentication for private services. This, coupled with the introduction of the European Digital Identity Wallet (EUDI), fosters a more user-friendly and secure digital landscape for both citizens and businesses.

EUDI empowers users to manage their digital credentials, simplifying online identification across the EU. This innovative wallet offers a range of benefits:

  • Stricter data protection and verification standards minimize identity theft and fraud, ensuring personal information is handled securely.
  • Individuals can seamlessly use their digital IDs across various services and EU member states, streamlining identification and authentication.
  • Clear consent mechanisms empower users to decide what information is shared and when, fostering greater control over personal data.

What will change for businesses?

eIDAS 2.0 and EUDI wallets usher in a new era for EU businesses, transforming how they interact with customers and manage online identity. It will streamline identity verification, creating a standardized approach that will simplify the process for both companies and individuals.

While an initial adjustment period is expected, eIDAS 2.0 compliance is essential. By 2026, accepting EUDIs will be mandatory, so businesses should begin developing their identity management strategies now.

While some industries may be hesitant to adopt new regulations, ignoring eIDAS 2.0 is not an option. Companies that fail to comply risk falling behind when the regulation comes into effect.

Managers that proactively develop their identity management strategies now will ensure a smooth transition and unlock the numerous benefits of eIDAS 2.0 and EUDIs.

This can involve: evaluating existing identity verification processes to identify areas for improvement; outlining a roadmap for integrating EUDIs into your systems and workflows; and looking for identity management solutions that easily integrate with existing systems and that prioritize customer privacy.

By taking a proactive approach, businesses can leverage eIDAS 2.0 and EUDIs to create a more secure and efficient online environment, ultimately enhancing customer experience and fostering business growth.

About the author

Pedro Torres is CEO and co-Founder of Youverse.

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