Passwords are our weakest link in the fight against cybercrime. In 2017, 81% of hacking-related data breaches leveraged either stolen, weak or guessable passwords according to Verizon’s Data Breach Investigations Report.
Behavioral biometrics enables the measurement and analysis of patterns in human activities. It’s a breakthrough cybersecurity technology that identifies people by how they do what they do, rather than static phyiscal characteristics, like what they know, or what they have access to. It is the advanced solution for fighting cybercrime in an age when criminals have more access to our personally identifiable information (PII) and more sophisticated hacking methods than ever before.
In 2017, a record-breaking 16.7 million consumers experienced fraud or identity theft. And fraud rates are only continuing to rise, according to the latest Javelin report, 2018 Identity Fraud: Fraud Enters a New Era of Complexity. In particular, account takeover attacks, one of the biggest sources of fraud for businesses, saw exponential upward growth. Last year, instances of account takeover fraud hit a record high, nearly tripling over 12 months.
Digital Journal recently highlighted how BioCatch behavioral biometrics are allowing insurance companies to undergo digital transformation with less risk to their business and customers. The article cited our recent white paper, Digital Transformation in the Insurance Sector, reiterating the challenges insurance companies face as they look to offer enhanced digital capabilities.
BioCatch took the stage at the 2018 OurCrowd Global Investor Summit, the largest investor event in Israel, to showcase our behavioral biometrics technology alongside the hottest tech companies coming out of StartUp Nation.
Recently, there’s been an uptick in the adoption of the NIST Cybersecurity Framework, a set of guidelines aimed at helping organizations improve their overall cybersecurity process. In December 2017, NIST released the second draft of its Framework. Among the updates were two critical additions to the Identity Management, Authentication and Access Control guidance.