Why and How Risk-Based Authentication Improves Data Security
Incidents of data and security breaches have increased by over 50% in one year. The numbers grew to 36% in 2021 from 22% in 2020. To keep their data protected and customers secure, business enterprises are responsible for preventing unauthorised data access and employ protocols for adaptive authentication.
Risk-based authentication is an access and identity management system comprising various protocols that verify user identities. RBA systems determine if a user trying to access a system is dangerous or not by measuring several factors. These factors could be authorisation protocols, devices used for access, unusual behaviour patterns, etc.
Businesses are equally liable to protect customer data, including their processes and personnel. Using the appropriate authentication solutions to ensure enhanced cybersecurity helps companies adhere to safety laws and regulatory compliance. A risk-based solution helps enterprises keep their data and systems secure and increase brand trust and customer loyalty.
Benefits of Risk-based Authentication to Your Business:
- Enhanced user experience:
RBA adds a new layer of security without compromising on customer engagement and the overall digital experience. Only suspicious transactions and devices get flagged and require users to fulfil additional authentication requirements. Detecting these transactions is possible through machine learning and AI designed to provide the most seamless customer experience possible.
- Better defence against cyber criminals:
Using an RBA system ensures a flexible and tiered approach. A reliable system considers data from multiple sources and makes decisions in real-time regarding the degree of authentication required for every transaction.
- Stay ahead of market trends and regulations:
and IT regulations get regular updates from their governing bodies. Using an RBA system helps enterprises to keep up with these security regulations and ensure more sophistication in authentication protocols. They help enterprises stay ahead of cybercriminals by providing the highest level of mandated security.
Implementing Risk-based Authentication:
When it comes to RBA implementation, there are two leading options.
- Develop an in-house RBA system.
- Partner with a leading risk-based authentication solution provider.
With the right amount of resources and dedication, businesses can create in-house RBA solutions tailored to their specific business needs. Some of the factors to consider before starting are:
– What will the total costs be?
– Will this solution provide a superior user experience?
– Do you have the resources, capabilities and time to create and maintain an in-house RBA system?
– Can you keep updating it to stay ahead of cyberattacks without losing focus of your core business offerings and solutions?
Most small and medium businesses partner with an RBA solution provider instead of creating a solution from scratch. When selecting a provider for risk-based authentication, several questions need answers first.
– Is the solution you choose easy to maintain and implement?
– Are you getting groundbreaking risk profiling techniques that allow faster configuration?
– Can your in-house team customise the solution’s statistical models and AI to suit your unique needs?
– Does the solution integrate with the existing authorisation infrastructure?
– How effective is the solution in stopping account takeovers in real-time?
Any credible RBA solution must minimise security risks without hampering the user experience. Hence, after evaluating a risk-based authentication vendor, businesses should finalise the one that suits their needs.
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