There is a rush happening in the digital world. This digital world also involves cybercriminals attempting to access essential data and then selling it on the dark web.
The solution?
Multi-factor authentication!
Globally, MFA is expected to grow by 16.2% from 2021 to 2026. Major driving factors that have accelerated the growth of MFA are frauds, data breaches, average application security, the surge in the IoT devices, high demand for cloud-based devices, etc.
MFA solutions can decrease such cybersecurity threats in higher volumes. If you want to know more about everything that entails Multi-factor authentication, then keep reading!
What is Multi-factor authentication?
Multi-factor authentication is an authentication method that requires the user to do verification two or more times to gain access to an application or a website.
The best example of applications that use Multi-factor authentication is Google, banking applications, payment methods, LinkedIn, etc. When you want to login into such applications, you will need to log in more than one-time.
How does multi-factor authentication work?
When users log in to the account, they have to log in with their username and password. Secondly, they will have to verify their identity by a couple of other options.
A couple of other options include OTP via SMS, phone call, authenticator app, biometric information like a fingerprint, or a face scan.
Why do modern businesses need multi-factor authentication?
From the past few years, businesses have gone through a series of changes. Modern companies rely on cloud applications as they have to utilize powerful features. The COVID-19 pandemic has shown how secure organizations need to be. With the millions of data breaches happening on a daily basis, it is crucial for companies to implement MFA.
Some of the companies may want to set up MFA for all the users, and it is more effective when combined with single sign-on solutions, which means that many passwords will be removed. The security will be strengthened by improving the user experience.
That said, some industries may require high-risk solutions to ensure complete security.
Here is the example from two major industries:
- The retail industry may want to set up MFA to kick in when a vendor logs into their platform from a new device. MFA will ensure that it is not a hacker who is trying to log in.
- The banking industry cannot allow customers to log in to their online accounts just using their standard username and passwords. To make sure the transaction is fully secured, they require a second authentication.
Read More: How is Multi-factor Authentication Improving in the Digital world?
Data privacy and protection are two imperative aspects for all businesses today as they could be prone to security breaches.
Many small and medium organisations tend to ignore application security as they believe only large enterprises are targeted by hackers.
However, statistics tell a different story, 43% of cybercrimes happen against small businesses.There are several reasons behind a cyber-attack against these organisations’; from old, unpatched security vulnerabilities to malware or human errors which make take them a lucrative target for attackers.
This indicates that businesses need to implement security best practices to protect their applications and assets from future threats.There are several security standards and online communities such as OWASP and NIST who work hard to produce freely available articles, methodologies, tools and documentation that can help organisations strengthen their IT environment and safeguard from security breaches.To support with facts, here are some chilling stats that will give an idea of how these cyber security threats impact an enterprise:If we talk about the current scenario, data breaches exposed 36 billion records in the first half of 2020.86% of cyber security breaches are financially motivated and 10% are motivated by espionage.Looking at the categorisation, 45% of the breaches feature hacking, 17% include malware, and phishing is involved in 22%.One of the biggest reasons for such attacks is the accessibility of files to every employee on a large scale.
The million-dollar question is, what can organisations do to keep attackers away from compromising sensitive and confidential information?The answer to this question is simple – Proactive Cyber Security Strategy to protect organisation’s assets such as web applications, information systems and servers.In this blog, we will list and discuss the top 5 web application security threats, and then some of the best security practices to protect your web applications against evolving cyber threats.TOP 5 SECURITY THREATS ASSOCIATED WITH WEB APPLICATIONS1.
INJECTION FLAWSInjections flaws allow an attacker to insert malicious code in another system such as interpreter using an application.
"Many businesses are re-opening their offices, here are some cybersecurity tips for organizations to consider as they navigate the transition of returning to the office.
According to market research report on "Security System Integrators Market by Security Type (Application, Endpoint, Network, Data, Risk and Compliance Management, and Business Continuity and Disaster Recovery), Organization Size, Industry Vertical, and Region - Global Forecast to 2022", is expected to grow from USD 9.76 Billion in 2017 to USD 14.72 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 8.6%.The significant powers driving the security system integrators market are rising system complexities because of mergers and acquisitions and outsider application sending, absence of gifted cybersecurity experts in endeavors, developing security requirements for Internet of Things (IoT), Bring Your Own Device (BYOD) slants, and expanding reception of cloud-based administrations.Browse and in-depth TOC on “Security System Integrators Market” 76 - Tables 35 - Figures 143 - Pages Request For PDF Broucher @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=251994420The system security type is evaluated to have the biggest market share in the security system integrators market in 2017The system security type is required to have the biggest market share and overwhelm the security system integrators market from 2017 to 2022.
System security incorporates security items and administrations that are utilized to identify and counteract digital dangers in a PC system and system available assets.
Indeed, even workers' cell phones, associated every minute of every day to the web and frequently unbound, make the undertakings' basic system framework powerless against different security dangers.
System security shields the information from different dangers, for example, Structured Query Language (SQL) infusions, Distributed Denial of Service (DDoS) assaults, and cross-site scripting assaults.The administration vertical is relied upon to develop at the most elevated CAGR in the security system integrators market amid the conjecture time frameThe administration vertical is relied upon to develop at the most noteworthy CAGR in the security system integrators market amid the figure periodThe government vertical is required to develop at the most astounding CAGR in the security system integrators market amid the conjecture time frameSpeak With Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=251994420North America is relied upon to add to the biggest market share in the security system integrators market amid the conjecture time frameNorth America is relied upon to have the biggest market share and overwhelm the security system integrators market from 2017 to 2022, because of the nearness of significant security merchants, security system integrators, and Managed Security Service Providers (MSSPs).
The associations in this area are progressively receiving propelled security answers for ensure their basic IT resources.
Different drivers for the expanding interest for security system integrators incorporate the requirement for administrative consistence and simple mix of security arrangements with associations' current security framework.The significant security system integrators incorporate Cisco Systems, Inc. (US), FireEye, Inc. (US), Hewlett Packard Enterprise (HPE) Development LP (US), International Business Machines (IBM) Corporation (US), McAfee, LLC (US), Accenture BCR (Ireland), Cognizant Technology Solutions U.S. Organization (US), Deloitte Touche Tohmatsu Limited (US), HCL Technologies Limited (India), Wipro Limited (India), CIPHER Security LLC (US), Integrity360 (Ireland), Vandis, Inc. (US), Anchor Technologies, Inc. (US), and Innovative Solutions Co (Saudi Arabia).OpportunitiesAdvancements in IoT and Development of Smart Cities Across the WorldExpanded Digitalization in Developing CountriesContact: Mr. Rohan MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 [email protected]
Increased awareness is driving sales of various public safety solutions, such as computer-aided dispatch solutions, jail management systems, and record management solutions, to name a few, with strong growth forecast for North America, Europe, APEJ, and Japan in the coming years.The most recent edition of MarketNgage's 'public safety software' market study provides an up-to-date analysis of this industry, with a focus on its driving and restraining factors, as well as the impact of the COVID-19 pandemic on demand-supply trajectories for the forecast period of 2021 to 2031.
The report also offers insights into new market trends and strategies being implemented by both leading players and new entrants in this space.With the rapid digitization of the past few years, the demand for public safety solutions has increased significantly.
The rise in cyber security threats, terrorist attacks, and natural disasters has boosted sales of public safety solutions such as mobile police software, court management solutions, and scheduling solutions.
Furthermore, increased mergers and agreements between vendors and technology partners in the public safety software industry have increased sales over the last five years from 2016 to 2020.In the notorious dark web, cybercrime as a service is emerging as a business model.
A cyberattack exposed 40 million customers' personal information, including social security numbers and driver licence numbers.As a result, the incident is expected to reduce customer traffic.
Despite the best efforts of cyber security experts, frequent attacks have highlighted the need for technological advancements to ensure data integrity.
