By Jay Khan on 15 Nov 2018

Cybercrime; The $1.5 trillion problem. Yes!

Cybercrime industry, oops I mean business, is supposed to generate $1.5 trillion in 2018. The business surely seems to generate a massive revenue, which is roughly equal to the revenue of the whole technology sector in U.S. and more than that of Walmart or Apple. Scary, right?

Source:- Into the web profit report

Majority of these illicit happenings take place due to the compromise of credentials. Where, most of us think that setting up strong passwords is a good way to go, cyber criminals think the other way. They know how to morph their methods in such a way that the access to the accounts stays easy for them. However, in the middle of data breaches making headlines in the news every day, relying on the bliss of ever evolving technology is imperative.

Using MFA

MFA (Multi-Factor Authentication) arises as one of the best way outs to stay clear of data security risks. MFA adds an extra layer of security to your system, ensuring reduced data breaches. By adding multi-factor authentication in the system, users have to provide another piece of evidence to access the account/s. The very piece of evidence can be in the form of one-time password, push-notification, email, or any other chosen authentication way out. Be it for the personal use or the organizational benefits, sticking to MFA is indeed helpful.

Why MFA?

Latest Technologies Demand Advanced Security – Today, every technology is on our fingertips. We do not need to physically go anywhere to get most of the work done. From banking to social media, we can transfer payments or communicate with other people with the help of technology. However, the bliss doesn't stand alone, it comes with its repercussions. If technological advancements are helping in solving problems, the same are also empowering cyber criminals to opt for advanced way outs to indulge into illicit activities. Thus, deploying extra security layers in the system with the help of MFA is desirable.

Because Passwords Can't Help You Completely - We are living in a world, where around 81% of data breaches happen due to hacked passwords. This implicates that relying solely on set passwords is certainly not a smart move. Hackers undergo phishing, keylogging, and pharming to retrieve passwords and intrude privacy, thereby, formulating an extra layer of security is a must.

Adaptive MFA Capabilities - Adaptive Multi-Factor Authentication provides users with the flexibility to access the resource and accounts from anywhere at any given point in time in a secured manner. It has been made to fit the needs of the organization. The extra layer of security can be setup in different ways like:

Role-Based Authentication - Every user needs to access different resources and apps to complete their work. With Adaptive MFA, the users can establish role-based authentication through several modes such as SMS, email, mobile app.

Diverse Detection Criteria - Adaptive MFA promotes diverse detection criteria, setting up authentication based on a user’s geographical location, network, device, browser etc. At any time, if an unknown access is made, MFA stops the authentication and secures the data.

Challenge Questions – Organizations can set challenge questions for user verification. It ensures that only the owner or authenticated person is logging in the account/s.

Fingerprint Authentication - Organizations can configure fingerprint recognition for authentication as well. Individuals using touch-enabled devices can leverage this exclusive way out.

The Bottom Line Is

Identity theft or such illicit proceedings have exceeded the sophistication of many advanced technologies, creating grave security concerns among all. Yahoo, the once biggest internet giant, has not been spared by the leash of data breach. In 2017, Yahoo revealed the compromise of 3 billion user accounts, by different hackers, took place in 2013-14. Not only this, other companies like eBay, Equifax, and Uber have also faced such data breaches. No matter how big your organization is or how strong your credentials are, deploying extra security measures in the system is vitally important. Multi-factor authentication is one such progressive step towards cyber security, one must second to deploying. Have you tried MFA yet?

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