Cyberattacks Rising Around the World: Are you Protected?

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This post contains sponsored advertising content. The content that follows is for informational purposes only and not intended to be investing advice.

As the COVID-19 pandemic put digital transformation into overdrive, cyberattacks have become a trending incident.

T-Mobile US Inc. TMUS suffered a heavy cybersecurity hit in September that affected more than 40 million of its current, former and potential customers because of a vulnerability that gave hackers access to the company's system.

Early last year, attackers broke into SolarWinds Corp.’s SWI system and inserted a malicious code into an update of the famous Orion IT software products. An estimated 18,000 customers were first estimated to be vulnerable to the attack, whereas the number that were actually hacked was less than 100. Those who downloaded the compromised update gave attackers access to their systems. Popular companies including Microsoft Corp. MSFT, Cisco Systems Inc. CSCO and Intel Corp. INTC have been identified as 3rd-party victims of the attack.

A recent cyber attack in England, targeting James Hall & Co. in Preston, Lancashire, hit more than 300 Spar International convenience stores, forcing some to close. This occurred a few months after hackers took down cash registers and self-service machines of 500 Coop supermarket stores in Sweden.

For institutions of higher learning, cyberattacks are at their highest. Approximately 87% of educational institutions have had at least one successful cyberattack, and 36% of universities in the U.K. experience one successful hit every hour. 

From big, multinational companies to universities and chain stores, it seems no one can run or hide from cyber attackers. Cybersecurity experts are focused on reducing cyber risk and preventing attackers from gaining unauthorized access into an organization’s systems and data. In particular, how to replace traditional authentication methods, such as a username and password, for access control that have for long been a weak spot for security. Two-factor and multi-factor authentication adoption is at an all time high in attempts to address the vulnerabilities of passwords by requiring additional layers of security. This could include authentication tokens, PINs, and biometric factors such as fingerprint, voice or iris identification. Biometrics are the only authentication method and security measure that links users’ authentication to their bodies or behavior patterns – thereby verifying the actual person behind any transaction, data inquiry, or access request.

Biometrics Protect Identity

Biometrics are the future of identity assurance because of the level of security and the seamless digital experience they provide to customers. One study has revealed that 80 percent of consumers prefer doing business with companies that make authentication both simple and safe, causing businesses to turn to new methods — biometrics in particular.

“Consumers and business leaders agree that identity assurance plays a major role in delivering winning digital customer experiences,” said Donovan Neale-May, executive director of CMO Council and BPI Network.

The adoption of biometric technology by businesses has pushed the market to nearly $40 billion in 2021, and the industry is expected to reach a market size of more than $77 billion by 2026, according to Biometric Research Group Inc.

With over 20 years in the game, BIO-key International Inc. BKYI has been offering Identity and Access Management (IAM) with integrated Identity-Bound Biometrics as a way for organizations to easily include biometric authentication in their approach to improving their authentication strategies. Identity-Bound Biometric methods, such as fingerprint and palm scanning using the BIO-key MobileAuth™ mobile app, offers enterprise-level security to prevent unauthorized access, and delivers a convenient login experience. 

Suitable for workflows across multiple industries, including healthcare, finance companies, higher education, and government agencies, organizations are adopting IAM with Identity-Bound Biometrics as the optimal way to secure access. Orange Bank & Trust, a leading New York-based regional provider of banking and financial services, recently adopted this approach to secure access across multiple business locations and confirm a user’s true identity, without inserting a more cumbersome and time intensive authentication process. 

"Our team at Orange Bank is partnering with BIO-key to provide our financial institution with a cloud IDaaS solution that delivers advanced biometric authentication," states Kathy Pinto, VP IT, Orange Bank & Trust. "BIO-key provides both biometric authentication and a proven suite of IAM solutions that provide security flexibility and value over approaches offered by other vendors."

More information about Identity-Bound Biometrics and BIO-key’s IAM solutions can be found on the BIO-key website.

This post contains sponsored advertising content. The content that follows is for informational purposes only and not intended to be investing advice.