To Protectoria Venture´s business partners, to politicians, to private and public entities, and to those that worry about the mounting risks of cybercrime and the lack of privacy protection in the current state of the internet, we propose this whitepaper.
We discuss here what went systematically wrong under the Web2.0 centralized security and risk management models that do not have an identity layer.
and CEO Trond Lemberg
This business whitepaper presents first why the global digital economy now is facing uninsurable systemic risks. Experts we refer to are estimating that the costs of cybercrime to reach 8.15 trillion USD in 2023, corresponding to about 8% of global GDP and 33% of the value of the total trade of all merchandizes globally, and is expected to increase strongly thereafter.
We urge stakeholders, especially politicians in emerging markets, to have the interest of millions of ordinary people in mind, which now are facing an economically existential threat due to the systemic risks of cybercrime.
We show in this paper why the global cyber insurance industry is probably about to collectively retreat from cybercrime coverage of their insurance products. In addition, new rules for listed companies on cybersecurity disclosure could lead to directors may be held liable for failing to disclose material cybersecurity incidents in a timely manner.
What we find particularly revealing is that 80% of all cyber-attacks are attributed to the fact that there is no digital identity layer of the internet.
Therefore, it is fair to state that the way the current (web2) internet was introduced, without a digital identity layer, may has caused more problems than it has resolved, and that these problems has reached a new more acute level of urgency.
We argue that based on the lessons learned so far, a structural re-design of the internet is highly needed for all the reasons mentioned above.
Currently, web3 decentralized and trustworthy internet is under implementation around the world, including the identity layer. The 27 member states of the European Union, South-Korea, Switzerland, and Canada are all examples of countries which will implement digital identity services based on decentralized Identity Wallets on a whole of nation vision.
The Protectoria way
Protectoria suggests that the most efficient way forward would be a decentralized digital identity infrastructure provided as a service (IDaaS) that is creating public trust and a harmony between all participants in the economy with identity services totally independent of any sectors or business interests. Instead, they will be supported, guided, and orchestrated by trusted service provider(s) to communicate and transact directly and independently with any entity connected to the horizontal ecosystem.
With the Protectoria model, the civil society, public and private sector services providers constitute a triangular harmony, where the sectors lift the burdens together and in return get their shared benefits of a more secure, efficient and interoperable identity infrastructure.
The benefit of our proposal is also a powerful drive for demand in the private sector for interoperable decentralized digital identity services as they lead to improved efficiency, better customer service and easier compliance.
We invite engaged participants to read our whitepaper and share with us and others the lessons of the past and the proper path to the Digital Identity Revolution that modern societies need to fully capitalize on the promises of digital transformation.