Biometric authentication provider authID has launched its new human authentication platform ‘Verified 3.0’ which aims to replace multi-factor authentication (MFA) and stop data breaches caused by human error.
Human factor authentication (HFA) is the key factor being offered by the new platform. It aims to tackle cyber attacks and risks that prey on human error. authID‘s ‘Verified’ platform combines passwordless authentication with biometric identity.
According to Verizon’s ‘2022 Data Breach Investigations Report‘, over 82 per cent of data breaches exploit a human element. Such data breaches are caused by cybercriminals relying on passwords and human error to be successful.
The platform aims to reduce the number of data breaches caused by this. Verified 3.0 enables the organisation to verify the human using a device by capturing a selfie via a browser. This platform plans to limit the risks of using passwords while continuing to protect corporate assets.
Verified 3.0 also claims to have a range of key features that enhance user experience versus MFA systems. These include allowing users to log-in password free across any device. HFA also intends to be a quick experience, offering to take a selfie and verify the individual in 2-3 seconds.
The platform’s passwordless authentication technology is certified by the FIDO Alliance to be compliant with FIDO specifications.
Jeremiah Mason, SVP of product at authID spoke on the importance of enhancing user experience and implementation of the platform. He said: “Accessibility and ease of use are core components of our mission to deliver best-in-class cloud authentication solutions to enterprises globally.
“With HFA powered by Verified 3.0, we can help any organisation build zero trust architecture that best serves their workforce and customers, bound with a biometric chain of trust.”
Why should we be aiming to leave MFA behind?
According to an IBM report ‘Cost of a Data Breach Report 2022‘, the average cost of a data breach ranged between $2.07million to $10.1million – depending on the industry. It showed that healthcare was the highest cost industry for this, for a 12th straight year. Meanwhile, the financial industry on average cost $5.97million per data breach; a rise of $0.25million from 2021.
Verified HFA looks to reduce or close security gaps for workforces and consumer applications. The use of both passwordless authentication and biometric certainty aims to stop access and privileges for any unauthorised users.
Tom Thimot, CEO of authID said: “Because the world is still largely dependent on passwords and compromise-prone legacy MFA, cyberattacks that exploit human behaviour and wreak havoc for organisations are all too common in 2022.
“With the release of Verified 3.0, authID has pioneered HFA, a human-centric authentication solution, which addresses cyber risks that exploit human error. HFA helps businesses disarm hackers and gate critical resources while improving workforce productivity and reducing friction for consumers.”
Image and article originally from thefintechtimes.com. Read the original article here.