The Coronavirus pandemic and its need for social distancing has
encouraged a lot of businesses to go online. From selling goods over
the internet to providing services and accepting payments online,
companies all over the world have embraced this as a new norm.
Unfortunately, the rise in cybercrime and cyberattacks have risen as
well during this pandemic. Apart from worrying about how to transition
their businesses online with as little disruption to customers as
possible, companies’ cybersecurity teams are now under immense
pressure to ensure their infrastructure, customer data and
transactions are well protected against cyber threats.
Types of Cyber Threats
There was a reported increase in cybercrime since the pandemic began,
of which over 90% were phishing scams. Google, too, reported rejecting
nearly 18 million phishing emails per day earlier this year. These
scams came in various forms, for example, disguised as official
government emails offering financial assistance and stimulus cheques.
Another common type of phishing scam reported was scam emails sent to
internal employees asking them to click on suspicious links. Earlier
this year, hackers hijacked a Chicago hospital’s system, charging the
hospital $300,000 in ransom.
How Can Business Protect Themselves?
To counter against hacking, phishing, and other such scams, businesses
need to put certain measures in place in order to ensure they have the
knowledge and systems in place to thwart cyberattacks. Apart from
common protection methods like being aware of and reporting possible
phishing emails, keeping software updated, and other such measures
companies need to provide their employees and clients with a safe
internal and external experience.
The best way for companies to safeguard their systems is to implement
a multifactor authenticator like LoginID. Such services allow
companies to layer legacy authentication methods like emails and
passwords, with another layer of security, usually biometrics. This
way, even if a customer or employee’s username and password is
compromised, a hacker will not be able to enter the account or the
company’s system. Multifactor authentication requires additional forms
of authentication apart from a username and password, such as a face
or fingerprint scan. LoginID’s solution is quick and easy to implement
with just a few lines of code, and is cost effective to scale.
Cybercrime was said to be the largest threat to companies all over the
world this year, expecting to cost firms over $6 trillion by the end
of this year. For companies, it is not just monetary damage, but
reputational damage as well. Solutions like LoginID ease the stress on
companies’ security and tech teams by offering a safeguard against
external attacks. With LoginID’s multifactor authentication, companies
are assured of a high-end, easy to implement security system with
built-in tools and best practice recommendations, so they can protect
themselves against external attacks and chargebacks, as well as offer
their user base a safe and secure experience.
LoginID is a comprehensive FIDO-based multifactor authentication
solution that offers frictionless authentication. Created with
developers and enterprises in mind, LoginID is FIDO-certified and
adheres to P2D2 principles. With an implementation time of just one
hour, LoginID’s multifactor authentication solution is a quick, simple
to integrate, cost-effective, and regulatorily compliant tool to give
your business peace of mind around security, allowing you to focus on
growing your business.
Get started for free by checking out the demo
Learn more about LoginID’s solutions