Cybersecurity - How Multi-Factor Authentication Can Save Your Enterprise From Cybercrimes

By Jay Khan on 4 May 2018

I came across a report which said, Cyber Security market maintained an average annual growth rate of 8.45% from $65880 MM in 2013 to $84040 MM in 2016 which is further expected to reach $130460 MM by 2021. What do you think could be the possible reason behind such a massive surge? Today, the security space is evolving at an unimaginable pace and I believe, it is due to the occurrence of some of the outrageous security breaches that happened in time and the need for it to solve the same.

A report revealed that more than 2.5 billion records were stolen, lost or exposed worldwide in 2017, which is an 88% increase from 2016. All such statistics alarm enterprises about the security threats they can come across at any given point in time. If you are among the handful of people, still counting on the strong passwords that you’ve set for your online accounts, you need to come out of the rock you have been living under for ages.

Let's look at this report published by Statista, which shows an alarming rate of online data breaches around the world, as of March 2018. These are ranked by the number of records stolen.

Scary, right? Well, the cybercriminals are smart enough to break codes, hack your systems, and have insights into your company accounts/records. The tricky part is you will not even realize the intrusion for months. After looking at all these headlines revolving around such instances, I assume understanding and taking preventive measures against such breaches is a mandate for any organization, unless they are prepared to embrace such a blow which can even lead to shutting down of the business.

EVC Ventures realized how organizations/enterprises around the world are prone to cybercrimes and how can such attacks be prevented. Keeping this in mind, EVC Ventures supported QuickLaunch, a next-gen AI-based Identity-as-a-Service platform that transforms how institutions & organizations manage user identities, endpoint security and authentication. The platform enables the users with an adaptive MFA Multi-Factor Authenticator, which acts as a strong cyber-defence system. The QuickLaunch platform also compliments your BYOD security and more.

How QuickLaunch’s Multi-Factor Authentication Provides The Needed Security Against Cybercrimes

QuickLaunch MFA provides users with the flexibility to access their accounts from any location at any time, yet in a secured manner. It comprises of added parameters that help in authenticating the users on the basis of their roles and privileges. Let’s look at few ways how QuickLaunch's MFA can help the enterprises to fight against the cybercrimes.

1) Introduction of Customized Questions - We know that passwords can be easily cracked, thus, strengthening the security system becomes unavoidable. One of the best ways to keep your data/records safe is to put a second layer of authentication. MFA helps in creating the list of customized challenging questions which can only be answered by the user who owns the account, thereby enhancing security.

2) Push Notifications for Authentication - Another way to steer clear of the cybercrimes is to enable push authentication notifications. One can use conventional ways, like SMS or E-mail for getting notified of the account access. This will help in keeping all the cyber threats at bay.

3) Self-Service MFA - It is of utmost importance that the user is able to recognize any unauthorized intervention in an account. QuickLaunch MFA trains its users to detect such phishing activities and empowers them to reset the passwords at that very moment. This immediately blocks the possible security breach of the account.

4) Other Detection Criteria - Quicklaunch next-gen MFA system is not just limited to the above-mentioned criteria. It also considers factors like geographical location of the user, the network & device in use, behavioral attributes of the user, etc. In this way, if any unauthorized access is initiated, QuickLaunch MFA stops the authentication right away, thereby securing the data/records present in the account.

The Bottom Line Is

In today’s data-driven world, every information is present online and you never know who can get access to what. Thus, securing it from the hands of cybercriminals become one of the highest priorities. QuickLaunch adaptive MFA will certainly add the much-needed layer of security to your organization. With all the breaches happening around us, it is important that we get our security ducks in a row. Have you tried the QuickLaunch MFA yet?

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