The Benefits and Risks of the New EU eID Scheme for Online Public Services

Evrotrust Becomes Pre-Notified eID Scheme under eIDAS Regulation

On May 31, 2023, Evrotrust Technologies AD, a Bulgarian-based electronic identity and qualified trust service provider, announced that it has been successfully voted by the Cooperation Network at the European Commission as a pre-notified electronic identification (eID) scheme under the eIDAS Regulation. This means that European Union citizens will be able to access public services across all member states entirely digitally with a few clicks. The eIDAS Regulation was introduced in 2014 to provide a regulatory framework for electronic identification and trust services in the EU. As a result, Evrotrust’s eID scheme has been recognized to meet both high and substantial assurance levels, demonstrating its commitment to providing secure digital identity to businesses and individuals across Europe.

Benefits and Risks of Online Identification

As online identification (eID) schemes come to the forefront, it is essential to recognize the benefits and risks of this technology fully. The main advantages of eID include cost-effectiveness, security, and efficiency. For instance, eID eliminates the need for in-person verification services, making it a cost-effective solution for both businesses and individuals. Additionally, eID offers high-end security protocols, such as biometric authentication, to authenticate users, reducing the risk of online fraud. Finally, eID offers efficient, streamlined transactions, promoting faster delivery of public services.

However, as with any technology, eID has inherent risks. One of the most significant risks of eID is data breaches. With more people transacting online, the amount of personal data available on the internet increases. As a result, hackers have more opportunities to breach data security measures, leading to possible data breaches and identity theft. Moreover, the risk of deep and nuanced surveillance of online behavior increases with the implementation of eID. Therefore, technology experts and policymakers must build and enforce mechanisms to protect individuals’ data privacy.

Evrotrust’s Innovation in Digital Transformation

Evrotrust’s recognition as a pre-notified eID scheme is a significant milestone in its mission to help businesses and governments digitally transform their processes and develop sustainable digital channels. The company’s platform offers an end-to-end solution for remote electronic identification and digital signing with qualified signatures, enabling users to remotely register and authenticate for any service using only their smartphone. Evrotrust’s technology empowers organizations to provide an excellent user experience while staying compliant with regulations and minimizing online fraud.

Investment and Growth of Evrotrust

The recognition of Evrotrust’s eID scheme as a pre-notified eID scheme follows the company’s earlier pre-seed investment of €2.5 million. The investment played a significant role in distinguishing Evrotrust as a leader in the Central and Eastern European start-up space. Evrotrust has over one million international users ranging from 18 to 80 years old and has secured over one hundred clients, including fifteen of the world’s major banking institutions, making it a significant player in the digital identity and qualified trust services landscape.

Advice for Organizations and Individuals

Organizations and individuals must adopt the eID system to benefit fully from the technology. However, measures must be put in place to protect personal data and minimize the risk of online fraud. While Europe strives to create a robust cybersecurity system for eID, individuals must also play a role in securing their data. For instance, they should be aware of the risks of sharing personal data online and the precautions to take to secure their digital identity. Additionally, as more companies adopt eID solutions, they should ensure that they comply with data protection regulations and invest in data protection and cybersecurity measures.

Conclusion

Evrotrust’s recognition as a pre-notified eID scheme under the eIDAS Regulation is a step forward in promoting digital transformation and creating a secure and efficient online identification system. The technology will enable businesses and individuals to access public services entirely digitally, saving time, and cutting costs. However, to reap the full benefits of eID, individuals should take measures to protect their personal data from online breaches, and organizations should comply with data protection regulations and invest in cybersecurity measures.