Cybersecurity – Revisit Your Pa55w0rd Protection
Now more than ever with the Russian invasion of Ukraine, we need to be extra vigilant in the day-to-day management of our online presence. Now, the topic of the office is cyber hygiene, which is something we all need to be very aware of. In today’s ever-changing world, cybersecurity is of paramount importance. We only have to look at the litany of disasters that happened during covid lockdowns, the most damaging of which was the cyberattack on the HSE. As one General Manager of a major Irish hospital said, ‘’there was no fear of us being attacked as our systems are so old and out of date.’’
Talking amongst our peer group of cybersecurity professionals, bad actors/hackers can easily beat the two-factor authentication using smart phones. This process involves a text being sent to a phone number after a password is entered. The hackers can easily do this by redirecting or intercepting the text message, so beware.
We have certainly witnessed in the past nine months many new companies such as New York’s Beyond Identity, which is currently enjoying a market valuation of over $1 billion. Beyond Identity authenticates users and their devices with proven, government-grade cryptography. An authenticator generates an immovable private key on each user’s device and stores the public key in the Beyond Identity cloud, making two-factor authentication extremely secure and straightforward.
The major players such as Microsoft’s Authenticator, uses a similar app which generates a code, while Apple’s uses a biometric system that allows the user with a phone to unlock it with face or fingerprint scans.
We noticed a huge spike in cyberattacks during the pandemic, with many corporate users working from home. While at home, they were using domestic wireless networks to integrate their daily work with the corporate’s networks. The fallout of this was a series of massive cyberattacks.
There are many companies now offering legacy tech solutions, including unique password companies such as LastPass, which raised over $12 billion, built on an already $1.3 billion business.
Market consultant Mordor Intelligence believes the value of the market could rise to around $3.5 billion by 2026.
One company, One Password, is charging business users $7.99 per month and has already $100 million and is currently enjoying a £2 billion valuation, seventeen times its annual reoccurring revenue. The company says it has 90,000 paying business customers.
It is clear that the market is pricing in the belief that cybersecurity is going to be a major issue in the days and months ahead. As dark forces continue to target the West, the future is uncertain and everyone is more security-conscious than ever.