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 Against Cyber Threats?

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.

Final Thoughts

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.

About LoginID

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 here.
Learn more about LoginID’s solutions here.

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