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zero trust technology
Biometric Security Cyber Security cybersecurity solutions dark web threats deepfake prevention Identity and Access Management Secure Authentication synthetic ID fraud zero trust technology

The Role of Biometrics in a Zero Trust Landscape

 

The illicit trade of biometric data, sourced from manipulated selfies, fraudulent passports, and cyberattacks on data repositories containing fingerprints to DNA information, has been thriving on the dark web. Despite their untraceability, these compromised biometrics empower attackers to access victims' most sensitive information, prompting criminals to refine their methods and produce synthetic IDs for more sophisticated attacks.

Efforts to safeguard biometric data have proven inadequate, with Gartner noting concerns about novel attacks and privacy issues hindering adoption. The rising threat of AI-enabled deepfake attacks undermining or rendering biometric authentication worthless is highlighted in Gartner's recent study.

VentureBeat reveals that deepfake and biometrics-based breach attempts against major cybersecurity firms have surged in the past year. Even the Department of Homeland Security has issued a guide, "Increasing Threats of Deepfake Identities," to counter these growing threats. All forms of biometric data are highly sought after on the dark web, and 2024 is expected to witness a surge in biometrics-based attacks targeting corporate leaders.

The focus on senior executives stems from their susceptibility to phishing scams, with C-level executives being four times more likely to fall victim than other employees, as reported by Ivanti's State of Security Preparedness 2023 Report. The prevalence of whale phishing, a targeted form of phishing, further exacerbates the threat landscape for executives.

Recognizing the shortcomings in current security measures, companies like Badge Inc. are taking innovative approaches to biometric authentication. Badge's technology aims to eliminate the need for passwords, device redirects, and knowledge-based authentication. By making individuals the "token" themselves, Badge's solution enhances security and privacy by deriving private keys on-the-fly using biometrics and chosen factors, without storing secrets or personally identifiable information. The company's approach aligns with the principles of zero trust, minimizing data access, and reinforcing least privilege access.

Badge's partnerships with Okta and Auth0 indicate its growing significance in identity and access management (IAM) platforms and technology stacks. With a cryptographically zero-knowledge basis and quantum resistance for future-proof security, Badge's technology is positioned as a valuable contributor to organizations' zero-trust architectures. Jeremy Grant, former senior executive advisor at the National Institute of Standards and Technology (NIST), recognizes Badge's compelling technology for addressing both consumer and enterprise use cases.
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Zero Trust
CIO CISO Cyber Security IAM Identity and Access Management ITDR Multi-factor authentication Zero Trust

Things CISOs Need to Know About Identity and Access Management


These days, threat actors are utilizing Generative AI to steal victims’ identities and profiting through deepfakes and pretext based cyberattacks. With the most recent Verizon 2023 Data Breach Investigations Report (DBIR) indicating that pretexting has doubled in only a year, well-planned attacks that prey on victims' trust are becoming more common. Identity and access management (IAM) is a topic that is now being discussed at the board level in many businesses due to the increased danger of compromised identities.

Building IAM on a Foundation of Zero Trust to Increase its Effectiveness

Zero trust is an essential requirement for getting an IAM right, and identity is at the heart of zero trust. CISOs must adopt a zero-trust framework thoroughly and proceed as though a breach has already occurred. (They should be mindful, though, that cybersecurity providers frequently exaggerate the possibilities of zero trust.)

According to CrowdStrike’s George Kurtz, “Identity-first security is critical for zero trust because it enables organizations to implement strong and effective access controls based on their users’ needs. By continuously verifying the identity of users and devices, organizations can reduce the risk of unauthorized access and protect against potential threats.” He says that“80% of the attacks, or the compromises that we see, use some form of identity and credential theft.”

What Must CISO Know About IAM in 2023? 

According to CISO, one of the significant challenges in staying updated with the IAM technology is the pressure that comes with their cybersecurity tech stakes and goals like getting more done with less workforce and budget. 63% percent of CISOs choose extended detection and response (XDR), and 96% plan to combine their security platforms. The majority of CISOs, up from 61% in 2021, have consolidation on their roadmaps, according to Cynet's 2022 CISO study.

As customers combine their IT stacks, cybersecurity providers like CrowdStrike, Palo Alto Networks, Zscaler, and others see new sales prospects. According to Gartner, global investment in IAM will increase by 11.8% year between 2023 and 2027, from $20.7 billion to $32.4 billion. Leading IAM suppliers include IBM, Microsoft Azure Active Directory, Palo Alto Networks, Zscaler, CrowdStrike, Delinea, Ericom, ForgeRock, Google Cloud Identity, and AWS Identity and Access Management.

We are mentioning some of the IAM aspects that CISOs and CIOs must know of in 2023:

Audit all Access Credentials and Rights to Prevent the Growing Credential Epidemic

An Insider attack is a nightmare for CISOs, raising concerns about their jobs that keep them up all night. According to some CISOs, a notorious insider attack that is not caught on time could cost them and their teams their jobs, especially in financial services. Furthermore, internal attacks are as complicated as or harder to identify than exterior attacks, according to 92% of security leaders.

A common error is importing legacy credentials into a new identity management system. Take your time examining and erasing credentials. Over half of the businesses have encountered an insider threat in the previous year, according to 74% of organizations, who also claim that insider attacks have escalated. 20 or more internal attacks have occurred in 8% of people.

According to Ivanti's Press Reset, a 2023 Cybersecurity Status Report, 45% of businesses believe that previous workers and contractors still have active access to the company's systems and files. “Large organizations often fail to account for the huge ecosystem of apps, platforms and third-party services that grant access well past an employee’s termination,” said Dr. Srinivas Mukkamala, chief product officer at Ivanti.

Multifactor Authentication (MFA) can be a Quick Zero-trust Win

Multifactor Authentication (MFA) is essential as a first line of zero-trust security, according to CISOs, CIOs, and SecOps team members interviewed by VentureBeat. MFA is an instant win that CISOs have consistently told VentureBeat they rely on to demonstrate the success of their zero-trust projects.

They advise that MFA should be implemented with as little impact on employees' productivity as possible. The most effective multi-factor authentication (MFA) implementations combine password or PIN code authentication with biometric, behavioral biometric, or what-you-have (token) aspects.

Protect IAM Infrastructure with Identity Threat Detection and Response (ITDR) Tools

ITDR tools could mitigate risks and strengthen security configuration. Additionally, they may identify attacks, offer remedies, and uncover and repair configuration flaws in the IAM system. Enterprises can strengthen their security postures and lower their risk of an IAM infrastructure breach by implementing ITDR to safeguard IAM systems and repositories, including Active Directory (AD).

Some of the popular vendors include Authomize, CrowdStrike, Microsoft, Netwrix, Quest, Semperis, SentinelOne (Attivo Networks), Silverfort, SpecterOps, and Tenable.  

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Zero Trust Security
Adaptive Access Technologies Adaptive Multifactor Authentication Cybersecurity Identity and Access Management Technology Zero Trust Security

Adaptive Access Technologies: Enhancing Security and Agility in Today's Business Environment

Adaptive Access Technologies

Adaptive Access Technologies: A Dynamic Approach to Security and Agility

Adaptive access technologies are gaining traction in the realm of cybersecurity due to their dynamic and intelligent approach to security that can adapt to the ever-changing threat landscape and provide the agility needed for modern business operations. In this blog, we will discuss the benefits of adaptive access technologies, such as Zero Trust security and adaptive multifactor authentication, for improving security posture and enabling organizations to be more agile.

Improved Security with Contextual Awareness

Traditional security solutions have relied on static controls that are often inadequate to keep pace with the rapid evolution of cyber threats. Adaptive access technologies, on the other hand, can dynamically adjust security controls based on contextual factors such as user behavior, device type, location, and time of day. This contextual awareness enables the system to make informed decisions about access requests, allowing for a more flexible and effective security posture. 

For example, Zero Trust security assumes that every user and device is untrusted and must be verified before granting access to resources. This approach emphasizes identity and access management (IAM), which allows organizations to control access to sensitive data and applications based on user roles, rather than just device or network location.

Efficient Access Control for Improved Agility

In today's fast-paced business environment, organizations need to be able to quickly adapt to changes in the market, customer needs, and technological advancements. Traditional security solutions can be a roadblock to agility, with their rigid controls and complex processes. Adaptive access technologies, however, can enable organizations to be more nimble by allowing for faster and more efficient access to resources while still maintaining a high level of security. 

For example, adaptive multifactor authentication (MFA) uses a combination of factors, such as biometric data, device type, and location, to determine whether to grant access to a user. Adaptive MFA can adjust the level of authentication required based on the user's risk profile, allowing for a more seamless and efficient user experience while still maintaining a high level of security.

Future-proofing against Emerging Threats

As the cyber threat landscape continues to evolve, adaptive access technologies will become even more critical in protecting against new and emerging threats. The ability to adapt to new threats and adjust security controls based on contextual factors will be essential in maintaining a strong security posture. 

For example, in the age of remote work, the ability to adjust access controls based on location and device type has become more critical than ever before. Adaptive access technologies can help organizations keep up with these changing trends and stay protected against new and emerging threats.

What can we learn

Adaptive access technologies offer a dynamic and intelligent approach to security that can adapt to the ever-changing threat landscape and provide the agility needed for modern business operations. Zero Trust security and adaptive multifactor authentication are just two examples of these technologies that can improve security posture and provide a better user experience, making them an attractive option for organizations looking to enhance their security and flexibility. 

As the cyber threat landscape continues to evolve, adaptive access technologies will become even more critical in protecting against new and emerging threats. Organizations that invest in these technologies will be better positioned to maintain a strong security posture while enabling agility and flexibility.

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Security
Application Security Cyber Security DeFi Fintech fintech companies IAM Identity and Access Management Security

FinTech Sector Emerges as a Prominent Target for Cybercriminals


Like every other sector that has evolved, thanks to the innovative digital transformation it has adopted, cybercrime has become a significant challenge in the finances of organizations. As per research by VMware’s Modern Bank Heist, there has been an increase of a whopping 238% in cyberattacks on companies’ financial sectors since the wake of the COVID-19 pandemic. 

A series of cyberattacks witnessed recently on the DeFi platform illustrates how fintech companies have emerged as a prominent target and a big prize to cyber criminals. Particularly when it comes to fintech apps, there is often a huge possibility for profit. Attackers can also do greater damage by going after tech users, who may have adopted comparatively less stringent cybersecurity measures. One malicious software can deprive fintech consumers of their assets and ruin the reputation of the financial organization. 

Considering the seriousness of the constantly evolving threat, fintech companies are now required to reconsider their approach including their identity and access control strategies, in order to ensure sure that their platforms are equally trusted by consumers and businesses. It is crucial to implement the right controls to maintain an organization's security posture as this industry continues to transition to the cloud, but doing so presents a unique set of problems. 

Why Are FinTech Applications Hard to Secure? 

While cloud development has emerged as a breakthrough, garnering the opportunity for new apps to be made possible and existing apps to operate more smoothly than before, it has also rapidly increased the number of potential attack surfaces and created additional opportunities for configuration errors, human mistake, and identity management problems. 

Any form of change makes a company vulnerable at the cloud scale, whether it is upgrading an outdated program to a new and better cloud-based architecture or enhancing current capabilities. Due to the fact that an infrastructure's attack surface now expands and is dynamic in the cloud, this can further increase the explosion radius of a single attack. 

Fintech applications must also adhere to strict regularity standards that differ from country to country and frequently incur heavy fines for noncompliance. 

Since operating in the financial sector requires a greater standard of accountability towards clients and the entire sector, which can be a challenging task, organizations must assure visibility, dependability, and proper configuration as a result of fintech. 

Fintech companies need to maintain a tight grasp on security and privacy from the very beginning of growth, especially as third-party services continue to expand, in order to remain competitive in this extremely crowded market. 

How can FinTech Sector be Secured? 

Since fintech organizations are more dependent on vendors and other partners like manufacturers, suppliers, and subcontractors and an increasingly complex supply chain. This further could be a reason for the system being exposed to potential attackers. 

Companies frequently lack visibility into their third- and fourth-party partners, and consequently, the large amount of data that is available to them. Interoperability is crucial in today's software-centric world, but it frequently makes firms even more vulnerable to attackers. 

Fintech developers are thus advised to continuously be vigilant for potential problems with the software supply chain and the security risks that third-party services may pose to their companies. 

We are listing more measures that could be adopted by fintech organizations to safeguard themselves from potential cyber-attacks that could hinder their security: 

  • Companies must be aware of the entities that have access to their data and applications, along with their location and what they do with it. It will be crucial to integrate identity and access management (IAM) systems as dangers inside fintech continue to develop significantly.
  • An organization must have the appropriate technology and tactics in place to safeguard and comply with industry regulations as well as to consistently protect its sensitive data, especially in the cloud. IAM systems, for instance, offer businesses protection without impeding progress or burdening their teams with the extra workload. 
Unfortunately, the security risks offered by financially motivated cybercriminals will only get more advanced over time. The fintech sector must adopt a proactive security posture and a strong identity and access management strategy that can handle the complexity and scope of today's cloud security concerns in order to meet the pressure to protect sensitive client data.   

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