BKYI - Multi-Factor Authentication – Benefits Risks And How You Can Get The Most From It To Ensure Your Organization's Data Is Secure
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By Gita Karunakaran,Benzinga
Cyberattacks are on the rise everywhere today, withorganizations and individual account passwords routinely targeted byhackers – especially where accounts are vulnerable due to a lack ofadditional layers of protection beyond the traditional password itselfto help keep them secure.
According to Microsoft'sDigital Defense Report 2022 , the volume of password-basedattacks has risen to an estimated 921 attacks every second –representing a 74% increase in just one year.
This is why companies inthe cybersecurity space like BIO-key International Inc.( NASDAQ: BKYI)
that provide Identity and Access Management (IAM) solutions toenterprises look to Multi-factor Authentication (MFA) as a mandatoryminimum standard when designing solutions to prevent unauthorizedaccess to company systems.
Theincreasing widespread awareness of cybersecurity risks has propelledmany companies to embark on their IAM journey by implementing astrategy that includes a variety of authentication methods that meetnecessary requirements in security, usability, and flexibility.
What Is Multi-factor Authentication?
Multi-factorAuthentication (MFA) is a core component of a strong IAM strategy.It’s an authentication method that requires the user to provide twoor more verification factors to gain access to an online system oraccount, which helps decrease the likelihood of a successful cyberattack.
The mainbenefit of MFA is that it would enhance an organization's securityby requiring users to identify themselves using more than just ausername and password. Passwords continue to be the weakest link inthe chain and remain vulnerable to brute force attacks or theft bythird parties. Having an MFA solution is therefore able to reduce theprobability of hackers gaining access to company systems andaccounts.
MFA may be based on acombination of two of three different types of authentication factors,including:
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Things you know, such as a password orPIN;
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Things you have in yourpossession, such as a token or smartphone;
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Things you are, such as biometrics likefingerprints, palm, face, or voice recognition.
The options chosen byeach organization may depend on their risk appetites and budgets –but what is certain is that the cybersecurity and MFA market is poisedfor appreciable growth.
The global MFA market was valued at US $10.3 billion in 2020.The market is estimated to expand at an impressive CAGRof 16.08% from 2021 to 2031 and is expected to exceed $51.37billion by the end of 2031.
Some ofthe key players in the Multi-factor Authentication market include Broadcom Inc. (NASDAQ: AVGO), Duo Security Inc. (private), Cisco Systems Inc. (NASDAQ: CSCO), ForgeRockInc. (NYSE: FORG) and Entrust Inc. (TYO: 7191)
MFAIs Great, But What About MFA Fatigue?
As MFA continues to gain prominence across thebusiness landscape, it is seemingly becoming increasingly vulnerableto exploitation by cybercriminals. While there is no doubting themerits of MFA over mere password protection, MFA needs to be managedproperly in order to avoid a phenomenon known as“MFA fatigue”.
Even thoughhaving an MFA in place is a step in the right direction to strongersecurity, the process can become tiring and tedious on account of themultiple additional PINs, codes, and push notifications, instead ofonly a username and password that users needed to recall previously.This could result in MFA fatigue among users.
Cybercriminals who manage to hack into passwords are able togenerate repeated push notifications in what is known as a brute forceattack. While some users will be diligent all the time, MFA fatiguecan result in some users inadvertently approving a push notificationand granting full access to the hacker.
BIO-key May Have AHighly Secure And Nearly Fail-Safe Solution
According to BIO-key,although most organizations have begun to implement a variety of MFAmethods as part of their IAM strategy, the best outcomes can only beachieved by deploying a cohesive solution across the entireorganization. Deploying disparate solutions would make the propositionunnecessarily expensive and difficult for IT teams to manage.
BIO-key boasts flexibleIdentity and Access Management solutions that are integrated withtheir unique biometric authentication option – Identity-BoundBiometrics – making it easy for organizations to secure access usingfingerprint, palm, and facial scanning.
BIO-key’s single, unified IAM platform,PortalGuard, provides security solutions for a wide range of use casesand business initiatives, with Multi-factor Authentication, SingleSign-on, and Self-service Password Reset abilities.
MFA with PortalGuardcould be the most efficient and secure solution, says BIO-key –allowing organizations to consolidate and aggregate existing methodsunder a single, unified IAM platform, with the ability to add morepowerful authentication methods like Identity-Bound Biometrics tofurther strengthen their cybersecurity as necessary.
To learn more aboutBIO-key’s MFA solutions, visit the company webpage .
This article originally appeared onBenzinga here .
BIO-keyis revolutionizing authentication and cybersecurity withbiometric-centric, multi-factor identity and access management (IAM)software managing millions of users. Its cloud-based PortalGuard IAMsolution provides cost-effective, easy to deploy, convenient andsecure access to devices, information, applications, and high-valuetransactions. BIO-key's patented software and hardware solutions,with industry-leading Identity-Bound Biometric (IBB) capabilities,enable large-scale Identity-as-a-Service (IDaaS) solutions, as well ascustomized on premises solutions.
This post containssponsored advertising content. This content is for informationalpurposes only and is not intended to be investing advice.
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