Putting a stop to cyberattacks via Identity verification

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The process of digitalization is on the rise, big companies and businesses have allow their employees to operate from home. Companies all over the world have accelerate their digitalization structures and made Stop a cyberattacks via identity verification possible for their staff to work from home. Those changes were mostly compell by the pandemic, however, the model that was put in place is here to stay. Subsequently, many companies have become more susceptible to cyberattacks. Digitalization can be a life-changer, or more accurately, a company saver, but Stop a cyberattacks via identity verification must be done correctly with phishing attacks and include cybersecurity tactics. Because of the overwhelming increase in the number of cyberattacks, businesses have had to up their identity verification and fraud prevention game and work more on cyber threats.

Impact of digitalization

Without any doubt, ever since we start using the internet our whole world has turn upside down. We are not only depending on it for our daily work life but we have made it an essential part of our private lives. In order to run a successful business in this time and day, digitalization has proven to play a key role in the process. We have unlimit access to the services available online and the number of options grows by the day. To keep in touch with the world, businesses are more incline to offer online services. Companies not investing in cybersecurity are more likely to become a fatality of cyberattacks. Small businesses that can not afford to invest in cybersecurity are mainly endangered by these attacks as 43% of the cyberattacks are aim at small businesses. And out of this 43%, 60% lose their business in a short period of time.  

Cyberattacks

Current cyberattacks around the world have disrupt operations in critical parts of not just the economy but also our lives. The military, media houses, hospitals, food and grocery chains, banks, and many more. What happens when a company’s data is breach and what impact does it have on the customers? The information we disclosed to the company could have been compromising. As was the case with Marriott’s data breach, which predisposes the phone numbers and addresses of 5.2 million of its visitors. Even if we do not travel we may be in danger. Zoom, a successful video communication software, was a victim of a cyberattack and the data of its users were compromised. These incidents cause significant reputational harm to the companies and individuals affected by the attack. And regaining trust after it has been lost is extremely difficult. 

Why do cyberattacks thrive? 

It’s because it’s the most convenient option. Remote attacks necessarily involve only knowledge and internet access. In addition to that, due to the nature of the internet, these attacks can therefore be anonymous and bad actors get away with it. As a result, attackers can obtain the information they desire while avoiding punishment with minimal effort. 

Numbers game

A data breach costs $3.9 million on average around the world. For public organizations, the average amount of data infringement is $116 million. Small businesses spend approximately $955,429 to recover from the damages dealt by a successful cyberattack. The cost of determining what causes a cyberattack to occur could be around $15000. Cybercrime ends up costing small and medium-sized businesses over $2.2 million per year. Worse, nearly half of the small companies have no idea how to defend themselves from cyberattacks. And 25% of them were unaware that cyberattacks would put them out of business. 

Identity verification to the rescue

What can businesses do to counter cybercrime? First and foremost, invest in cyber security. Compliance with KYC compliance is a big part of that. Companies must recognize who their customers are and if they really are who they say they are. They can run background checks on customers along with the investors. Identity verification is an effortless process of verifying the users’ identities. Companies become aware of the potential benefits of this technology and begin to indulge in identity verification techniques. According to a report by Research and Markets, the global identity verification market is predicted to stretch from $7.6 billion in 2020 to $15.8 billion by 2025. 

What other ways can the identity verification system be used to prevent cyberattacks? There are infinite possibilities. When data is transmitted to a user, it is possible that it will be lost. Data can be encrypted to palliate the risk. Cryptography is the most widely used data protection mechanism. Identity-based encryption and identity verification have the potential to confirm that a user is who he claims to be. However, this would necessitate technical knowledge on the part of potential users. Identity verification can also be used to preserve customer satisfaction and depicts that businesses care about the security and privacy of their customers. These measures boost trust and instill confidence in the reputation of the company.

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