The answer is yes, undoubtedly, since your digital ID will be the only way you can live.
No food, no purchases online, or in person, plus no bill payments, or travel will be possible without showing digital ID. That’s the Agenda 2030 plan as stated by the WEF and its many powerful supporters in the finance sector. Leaving aside the obvious totalitarian aspects of such a society, assuming this is implemented it will offer an opportunity to insurers to sell cover on ID theft or impersonation.
The potential risks to HNW individuals in particular will be huge, since their digital currency tokens or carbon offset credits will be much more valuable than the digital pounds “owned” by less wealthy citizens. In short, those with more wealth will be permitted to spend more, thus attracting identity thieves since impersonating the poor wouldn’t allow a Rolex or house purchase.
So the market for ID insurance might be very niche, and very lucrative one day, quite soon in fact as banks rush to abolish cash by closing branches, removing ATMs or restricting cash transfers via their T&Cs. Here are some stats on the current ID protection market;
Research from digital identity security specialists, ID Crypt Global, reveals that the digital ID theft protection services industry is forecast to keep growing, year after year, as the security of our online identities is increasingly at the forefront of our minds. ID Crypt has analysed the changing market size, based on annual revenue data, for the UK digital ID theft protection industry since 2018 to understand how the influence of the sector is evolving.
In 2018, the UK digital ID theft protection industry generated revenue of £361 million. But over the next few years, the market struggled to maintain this level of success with revenue declining year on year until hitting a low in 2021 with total revenue of £311 million. In 2022, however, the market started on an impressive recovery, with revenue increasing by 4.3% to reach £325 million.
ID Crypt forecasts that 2023 will see a further increase of 2.2%, before growing again in 2024, by 2.7% when the market will generate £341 million revenue. While this sustained period of growth is promising, it still leaves the market £20 million smaller than it was during its 2018 peak.
CEO and Founder of ID Crypt Global, Lauren Wilson-Smith, commented:
“Our online identities are becoming an essential part of our lives, and there have been numerous occasions where this identity has been stolen, breached, or misused. For these reasons, the digital ID theft protection industry is growing, and revenue will continue to increase over the next few years.
We fully expect it will keep growing until it reaches or even surpasses 2018 levels. This is because the subject of digital ID, its uses and protection, is only going to become more central to public and political discourse.”
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