Due to the past decade’s rapid digital transformation, several industries could efficiently automate their operations. Many aspects of usual business processes were digitalized, allowing the employees to increase productivity and effectively collaborate. In addition, adopting sophisticated tools enabled companies to make their services more accessible to their customers, allowing them to transact easily using online platforms.
However, adopting modern business solutions also led to the continual increase of cyberattacks across numerous industries. Fraudsters are gaining access to the servers of their target enterprises, mainly due to the vulnerable online security measures being implemented. The attacks already cost countless sectors trillions annually and are expected to reach more than $10 trillion by 2025.
The extensive financial losses many organizations suffer are caused by the rampant hacking attempts by bad actors. In 2021 alone, there will be an increase of 50% in hacking attempts on various networks run by many institutions. Along with these is the record-breaking 900 weekly attacks on firms during the last quarter of the year.
Successful hacking attempts will allow cybercriminals to steal classified data often used for illegal activities. This is primarily done to cause turmoil within a business by damaging hardware or software applications. Countless “black hat” hackers also constantly target vulnerable defenses for financial gains, especially if they could steal sensitive PII (personally identifiable information) like login credentials and card numbers.
This is why investing in robust digital security solutions has become a must for countless companies in recent years. Adopting a mobile identity verification system will help enterprises mitigate the possibility of falling prey to hackers’ tricks. Also, it will help them have a high degree of protection for confidential information stored on their servers.
A sophisticated user authentication solution being deployed by many organizations is biometric identity verification. The use of biometrics for commercial identity proofing has gained traction over the years due to its reliability and accuracy. Fingerprints and face recognition systems are also considered an upgrade over knowledge-based credentials, especially passwords. Biological data are often hard to reproduce, making them a reliable solution against hackers.