The adoption of biometrics in IGA solutions raises new challenges and concerns regarding the privacy and security of user data. According to a recent report by Grand View Research, the global biometric market size was valued at USD 24.59 billion in 2020 and is expected to reach USD 109.48 billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 19.7%.
The privacy and security issues related to biometric solutions are not only a concern for users but also for regulators and policymakers. Several countries and regions have enacted or proposed laws and regulations to protect user data and privacy, such as the GDPR in Europe, CCPA in the US, and PDPB in India.
Critics argue that existing laws and regulations are insufficient to protect user data and privacy when it comes to biometric solutions. They point out unique risks not adequately addressed by current frameworks, such as the permanence of biometric data, which cannot be changed if compromised, posing indefinite risks. The invasive nature of biometrics, requiring users to expose personal traits, may infringe on their dignity and autonomy. Moreover, the potential for discrimination due to variations in physical or behavioral characteristics among users can lead to errors, biases, or exclusions, impacting access and opportunities.
To address privacy and security concerns regarding biometric solutions, advocates propose alternative strategies. These include privacy-preserving biometrics, which protect user data while still allowing for authentication. User empowerment and education initiatives inform users about their data rights and choices, emphasizing clear privacy policies and opt-in/opt-out options. Ethical and human-centric design principles guide the development of biometric solutions, ensuring fairness, transparency, accountability, and inclusivity. While these approaches offer various advantages and drawbacks, such as scalability, usability, and security, they face challenges in terms of adoption and implementation, including technical, legal, and social considerations. Therefore, thorough evaluation and testing are essential before deploying them in real-world scenarios.
Biometrics is a rapidly evolving field that offers significant opportunities and benefits for the financial sector but also poses new challenges and risks that need to be carefully managed. As biometrics becomes more pervasive and powerful in managing user identities and access privileges human oversight and governance remain essential to ensure that machines serve the public interest and do not overrule human values.