Mobile payments will drive more secure payments
2015 will be the year mobile payments go mainstream. Considering mobile payments are in many ways more secure than current point-of-sale purchases, consumers will increasingly adopt this form of payment as a viable method for purchases. This will ultimately make payments more secure in the short term. China's Ministry of Industry and Information Technology identified mobile payment as an accelerator for business innovation. It unveiled its nationwide outline for mobile payments, detailing development and security initiatives. In Australia, there has been a healthy appetite for contactless payments. There are more than 320,000 contactless terminals in use across the country. This makes the country a candidate for Apple's next innovation in mobile payments with Apple Pay. Meanwhile, industry watchers have said Apple will find Japan a tough market to enter with its mature mobile payment landscape. In South Korea, regulatory body Financial Service Commission (FSC) announced that it is amending and relaxing existing regulations to encourage the growth of the mobile payment market.
Upswing in user privacy
The region's countries are taking steps to enhance privacy laws in order to protect consumers and enhance their markets. Australia has been a leading advocate of privacy regulation, ensuring personal information is protected. Its government introduced the 13 Australian Privacy Principles (APPs) in March this year to further protect consumer privacy. China views user privacy as a nation-wide issue. Several regulations on user privacy have been implemented and for the future, the government is looking to implement more regulations to optimize its security systems. And in Korea, in response to recent high profile incidents such as the data leaks of customer information, the government amended the Privacy Protection Act to ban all public and private operators from collecting resident registration numbers unnecessarily and introduced the 'My-PIN service,' an alternative identification method. In Japan, organizations and the public are taking notice and bearing down on privacy following a high-profile leak incident by publishing and educational content giant Benesse, who now has to report to the Japanese government on policy structure and upcoming initiatives to better improve security.
Two-factor authentication will apply to the masses and kill the password
More and more companies will adopt two-factor authentication and introduce it to their general user population or by default. Apple, Google and Microsoft have been utilizing it for some time, but other companies ranging from SMBs to large enterprises will employ the verification process to get away from the relative insecurity of passwords. This could reduce the frequency of credential hacking of cloud and other online services in the short term. However, this means that hackers will focus their attention on breaching these new systems.
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