Data breaches have become increasingly common in the last few years thanks to an increase in the sophistication of data collection and infiltration technology. The frequency and severity of such breaches are only expected to increase.
Because of this, it is crucial for organizations to take proactive measures to secure their sensitive data. To do this, it’s best to begin by exploring the reality of data breach frequency and the importance of investing in advanced authentication methods, such as Netlok’s Photolok technology, to protect against cyber threats.
The Reality Of Data Breach Frequency
According to IBM’s annual report, more than 550 organizations in the United States have been affected by serious data breaches in the past year. In total, there were more than 493 million individual ransomware attacks globally in 2022 and more than 3.4 billion phishing scam emails – including those posing as LinkedIn, which accounted for more than half of the total scam emails.
That same IBM report states that the global average cost of a data breach in 2023 has risen 15% in the past three years, to more than $4.45 million, while Cybersecurity Ventures estimates that the cost is even greater, at more than $8 trillion in 2023. They predict that the cost will only go up from there, to as much as $10.5 trillion in 2025.
Forbes reported in March of this year that, “While cybersecurity capabilities and awareness seem to be improving, unfortunately the threat and sophistication of cyber-attacks are matching that progress.” Cyber attacks have evolved from obviously false emails to well-manicured duplicates with disguised senders and from simple smash-and-grab data mining to well-planned DDOS takedowns of massive industry standards and even government software including a Ukrainian satellite.
Possibly the most threatening advancement is that of AI tools, which can process password decryption much faster than previous programs. These programs can then use the data collected to improve phishing attempts and collect even more data as well as expose vulnerabilities with assets like cryptocurrency.
Investing In Advanced Authentication
Roughly 51% of organizations have plans to increase security around their customers’ data and personal information. To do this, the Cybersecurity and Infrastructure Security Agency of the United States recommends implementing multi-factor authentication (MFA) into your organization’s data security network. MFA is the use of multiple identity verification methods to ensure that only authorized individuals have access to sensitive data.
While traditionally, MFA relies on passwords and devices, these options are quickly becoming the targets of scammer AI training and replication programs. There are, however, newer options available to you for MFA. One excellent example is Netlok’s Photolok technology.
With Photolok, users are asked to verify their identity by uploading and labeling an image. This image can be of anything, and, when the user or anyone else attempts to access their information, it will appear alongside other similar images. Users will need to select the appropriate image as a secondary identification format.
Photolok also includes a method of alerting authorities in the event of a dangerous situation that may force a user to log in while under the influence of a bad actor. This Duress photo option can help to ensure a user’s safety and the prompt response of authorities in one quick and undetectable – from the user side – move.
With no passwords or questions to crack, many AI programs are rendered useless against Photolok. The system also includes protections against lateral penetrations, bots, ransomware, keylogging, SIM card swapping, and shoulder surfing with features like one-time-use photo verifications and device authorization.
The growing frequency and sophistication of data breaches in the modern world present a significant threat to organizations and individuals alike. Investing in advanced authentication methods like multi-factor authentication (MFA) is now more than ever crucial to protecting sensitive data from cyber-attacks.
With options like Netlok’s Photolok technology, organizations can implement a highly secure MFA system that is resistant to AI programs and other forms of cyber attacks. As the threat of data breaches continues to increase, it is essential for organizations to stay vigilant in protecting their data and invest in advanced security measures to safeguard against cyber criminals.