In recent times, the potential threats of ransomware and data breaches have been gaining more attention among corporations around the world. Companies are constantly faced with the threat of loss of control over customer data and the adverse impact of an attack on their brand reputation. This has resulted in cybersecurity risk being elevated to discussions at the most senior levels of corporations.
Despite the C-suite attention the subject has garnered in corporate boardrooms, the implementation of suitable risk-mitigating solutions in organizations has seemingly been lagging. Some of the reasons for this could be a lack of understanding of the level of cyber risk an organization is subject to and willing to accept, and thereafter the inability to decide on which cyber security solutions they would need to implement to stay ahead of potential attackers and protect critical data.
Companies like BIO-key International Inc. BKYI offer Identity and Access Management (IAM) cybersecurity solutions for enterprises and often play a key role in bridging this gap in understanding by providing their expertise to design customized solutions to suit the individual needs of organizations.
Cybersecurity Risk Increasingly Ranks As A Top Corporate Risk Worldwide
Potential cyber incidents and business interruption remained the two leading worldwide corporate risk concerns for the second year in a row, according to a report published by Allianz Global Corporate & Specialty. The report included IBM data showing that ransomware attacks remained the top threat, and the average cost of a data breach hit a record of $4.35 million in 2022, with the cost expected to surpass $5 million this year.
While ransomware has become a serious concern – with threat actors engaging in double and triple extortion against companies resulting in reputational harm – another aspect that has equally become an area of consternation is the tightening of regulations surrounding the protection of customer data. Non-compliance with privacy laws and regulations, like Europe’s General Data Protection Regulation (GDPR) or state laws, including the California Consumer Privacy Act (CCPA), could result in hefty privacy violation fines adding to the cost of data breaches.
With all the attention that cybersecurity breaches and risks have been garnering, it is no wonder that the global cybersecurity market is booming and reportedly expected to reach $403 billion by 2027.
What Can Organizations Do To Reduce Cybersecurity Risk?
While cybersecurity and IAM are about ensuring that legitimate authenticated users are the ones gaining access to data and resources in an organization, risk management has always had a more strategic focus with the goal to understand the threat landscape and make informed decisions on the strategy that would work for the organization.
It has been seen time and again that regardless of the sophisticated technologies being used to keep hackers out, no system is perfect or 100% risk-free. But organizations can indeed take steps to reduce the likelihood and potential impact of such threats, including educating employees, ensuring adequate housekeeping of software and hardware, and restricting staff access in accordance with job role-based needs.
According to BIO-key, the method used to authenticate is a core area that organizations need to focus on when assessing risk and informing their IAM strategy. While relying on passwords to authenticate users may be an easy and inexpensive solution, it comes with the risk of weak security and easily breached networks.
As a result, companies have begun adding an extra layer of security with Multi-factor Authentication (MFA), which is believed to prevent as much as 90% of cyberattacks.
BIO-key says that it incorporates Multi-factor Authentication (MFA), Single Sign-on (SSO), and its one-of-a-kind biometric authentication option (Identity-Bound Biometrics) under a single, unified IAM platform, PortalGuard, to create holistic cybersecurity solutions for its customers.
BIO-key has been a trusted provider of Identity and Access Management (IAM) and Identity-Bound Biometric solutions for over 25 years. The company has been playing an active part in changing mainstream Multi-factor Authentication (MFA) within IAM by offering easier and more secure ways to authenticate the identity of employees, customers, and suppliers, while managing access across devices and applications, for enterprises, educational institutions, and consumers.
Its innovations are backed by years of research and expertise and its products and solutions are trusted by leading organizations across industries, including Fortune 500 companies in financial services, healthcare, education, manufacturing, communication, transportation, military and government sectors.
With a burgeoning global cybersecurity market and increased cyber-risk awareness in organizations, BIO-key seems poised to thrive and grow by offering the most flexible, secure, and easy-to-use solutions to help organizations combat increasing threats.
Learn more about BIO-key’s cybersecurity solutions here.
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