How to Implement Multi-factor Authentication Successfully and Share Data Securely
Keyavi Data Corp., a cybersecurity trailblazer whose game-changing technology is stopping cybercriminals in their tracks and reshaping the very nature of the data security industry, today kicked off its observance of Data Privacy Week by issuing a set of best practices for keeping personal and business data out of criminal hands using multi-factor authentication (MFA).
“Poor password hygiene habits are still very commonplace, and compromised credentials are one of the top causes of data breaches, costing companies millions of dollars annually,” says T.J. Minichillo.
These “Best Practices for Keeping Data Private” explain why MFA remains one of the best defenses for mitigating password risk and preventing cyber criminals from exploiting user credentials. The tips — available at Keyavi’s site here — also provide guidance on choosing the right MFA option to prevent unauthorized users from accessing personal or corporate data.
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“Poor password hygiene habits are still very commonplace, and compromised credentials are one of the top causes of data breaches, costing companies millions of dollars annually,” said T.J. Minichillo, Keyavi’s chief information security officer and VP of cyber threat & intelligence.
More than a third of Americans admit to sharing their password with others, while a majority use the same login for more than one account, according to Security.org. Both practices can seriously compromise online security.
“Today’s cybercriminals have tools to crack even complex passwords in seconds, which is why MFA is an increasingly important means for validating user identities,” Minichillo added. “Used correctly, it can provide an additional layer of security to prevent opportunistic threat actors from compromising credentials, even if those credentials are exposed during phishing campaigns, brute force attacks, keyloggers, credential stealing malware incidents or many other types of sophisticated cyber intrusions.”
As the COVID-19 pandemic continues, and an unprecedented number of people continue working remotely, it is vital that companies reduce their cyber attack surface across every endpoint, including data stored in the cloud.
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Phishing attacks increased 11% last year, according to Verizon’s 2021 Data Breach Investigations Report, which increases the likelihood of a user’s credentials being compromised and exploited by threat actors. The latest IBM-Ponemon Institute study also found that data breach costs hit a 17-year high, costing companies an average of $4.24 million per incident. Another report from The Identity Theft Resource Center states that the number of security compromises increased more than 68% in 2021, setting a new record.
As the cybersecurity landscape evolves, threat actors are also developing increasingly sophisticated social engineering schemes to circumvent security protocols, tools and services — making it even more difficult for the average user to identify and defend against cyber threats.
Protecting data not only improves security, it also pays off financially, a recent Cisco study found. Organizations investing in data privacy gain benefits such as greater agility, increased competitive advantage and greater customer trust that far outweigh the cost of their investment.
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In 2020, Keyavi unveiled breakthrough technology that is shattering antiquated, preconceived IT notions about data security. This industry-leading technology embeds every piece of data with so much intelligence it automatically thinks and protects itself wherever it travels or is stored during its entire life cycle. Multilayered security is infused into every piece of data at the data level so that no single layer can be compromised without triggering protection mechanisms in the surrounding layers. Data infused with Keyavi’s patented technology knows where it’s supposed to be and where it isn’t, when it should open up or stay locked down, and to report back to its owner in near-real time who has it and what device it’s on.
Earlier this month, the company released an enhanced 2.0 product suite with new, single sign-on and account management capabilities that enable global enterprises to share and manage their data with employees and third parties seamlessly and securely on any device, anywhere, at any time. As a result, enterprises can quickly and securely authenticate user identities and grant or change policy permissions for access to business data on the fly.
No longer do files have to exist behind a firewall to be protected from cybercriminals or accidental loss. Now data itself IS the fortress, delivering the ultimate in peace of mind to Keyavi’s customers.
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