A solution to cybercrime is urgently needed
With the shift to hybrid working, there has been a huge rise in cybercrime and particularly ransomware, with attackers most commonly exploiting weak password habits and phishing user credentials.
The 2021 Hiscox Cyber Readiness Report found that 74% of ransomware attacks in Germany occurred via phishing emails. In its Data Breach Investigations Report (DBIR) 2020, Verizon Enterprise observed that 80% of data breaches involving threat actors used either brute-force techniques or lost/stolen credentials.
The ability for criminals to exploit these password weaknesses has been a significant driver in the growth of ransomware attacks, with over 304 million attacks in 2020 (over 800,000 every day) and an estimated total loss to business from cybercrime of over $1 trillion.
SIM authentication from tru.ID is a new solution that can help businesses avoid this risk.
Next-gen SIM-based authentication – how it works and why it’s better
When we use our mobile phones, we don’t need to type our email and a password to log in. We are automatically logged onto the mobile network because the mobile operator performs a cryptographic check of the SIM card, silently in the background, to prove it is valid. From that point forward, all communication between the device and the network is fully encrypted.
Now this authentication capability is being made available as a possession factor API. Simply add the tru.ID SDK into your existing mobile app to instantly have possession factor security available to all your customers.
Paul McGuire, co-founder and CEO of tru.ID, commented: “Businesses urgently need help to protect customers and employees from cybercrime. We are excited to bring this next-generation security solution to the world and are delighted to be working with our mobile operator partners in Germany to help businesses prevent cybercrime.”
About tru.ID
tru.ID helps businesses to reduce the threat of cybercrime by replacing passwords and PIN codes with a secure possession factor API for multifactor authentication (MFA). This revolutionary approach leverages the core cryptographic security built-in to every mobile network and is now being made available, for the first time, to businesses via API.
tru.ID uses mobile network cryptography based on the SIM card – the same highly secure technology that is already present in every credit card - to deliver strong MFA protection for Customers and Employees.
tru.ID is easy to deploy and simple to use. The service is already available in 20 markets covering over 2bn users, and is rolling out globally.
Book your free demo today here.
This press release originally appeared in Business Wire.
