The COVID-19 pandemic ushered in significant changes, one of which was a shift in workspace. Enterprises have been able to provide remote working options to their employees as a result of digital transformation. For at least a few more years, the online and remote working culture is here to stay. Although convenient and cost-effective, this scenario has a number of problems, the most serious of which is the vulnerability to cyber-attacks. Because everything is digital, threat actors can more easily manipulate systems and humans into believing false identities.
Threat actors have been targeting companies for identity theft, data breaches, account takeover attacks, and other types of fraud. Companies must recognize and respond to the looming threat.
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According to the Identity Defined Security Alliance’s recent report, 2021 Trends in Securing Digital Identities, 79 percent of enterprises have experienced an identity-related breach in the last two years alone. These figures serve as a sobering reminder that all businesses, regardless of size, or industry, are targets, and that threat actors are continuously looking for new ways to attack and breach them.
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Robust Identity Verification
The global post-COVID-19 identity verification market size is predicted to grow from US$7.6 billion in 2020 to US$15.8 billion by 2025, at a CAGR of 15.6 percent between 2020 and 2025, according to a recent Research and Markets study “Global Identity Verification Market.”
To combat escalating cyber-attacks, businesses should use a variety of approaches for enhanced identity verification and security. To address financial fraud, businesses can establish Anti-Money Laundering (AML) regulations.
More data privacy rules, such as California’s Privacy Rights and Enforcement Act 2020, are needed to secure data and combat threat actors. AI and machine learning should be leveraged by businesses to continuously monitor networks and systems in order to identify and prevent threats in real time. Advanced biometrics and multi-factor authentication can make data more difficult for hackers to crack.
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