Token, a revolutionary provider of secure, wearable authentication solutions, announced the new Token Ring with BioTouch Secure, a simple, fast, and user friendly way to protect organizations against phishing and ransomware cyberattacks. The new Token Ring features a high-resolution 508 DPI capacitive fingerprint sensor, a large capacity secure element, a capacitive-touch bezel, and NFC and Bluetooth communications. BioTouch Secure integrates fingerprint biometrics, the most secure form of user authentication, into an attractive wearable device for convenience and to prevent the loss or theft of authentication devices. The new Token Ring will be available starting in late Q2. The company will be demonstrating the new Token Ring at RSAC 2024 in the Token Booth, NXT-1 in the Next-Stage Expo.
The Ransomware Epidemic
Losses from ransomware attacks and data breaches are reaching new highs every year and will set another record in 2024. In numerous surveys of CISOs, the threat of ransomware attacks and data breaches is reported as the greatest cybersecurity risk to the organization. This year has already witnessed the first billion-dollar-plus ransomware loss, something unthinkable just a short time ago. Organizations of all types and sizes have become attractive targets for cybercriminals because most are using 20-year-old legacy MFA technology as their primary defense. The Cybersecurity and Infrastructure Security Agency (CISA), an operational component of the Department of Homeland Security (DHS), reports that 90% of successful cyberattacks start with a phishing email. The easy availability of non-technical tools on the dark web, including Ransomware-as-a-Service and Fraud GPT, have democratized cyberattacks and removed the technical barrier previously limiting the number of attacks.
The Benefits of Next-Generation MFA
The sophistication of cyberattacks and the technology integrated into modern cybersecurity solutions has advanced at an incredible pace while human skills have not kept pace. User vulnerabilities are the number one risk factor. The adoption of generative AI by cybercriminals means that phishing emails are becoming increasingly difficult for even the best trained user to detect. According to Rob Joyce, the Director of Cybersecurity at the National Security Agency (NSA), cybercriminals are using generative Artificial Intelligence (AI) Large Language Models such as ChatGPT to make their attacks appear more legitimate to native English speakers. The advent of deep fakes compounds the risk. Organizations that rely on 20-year-old MFA technology are at significant risk of credential theft, MFA prompt bombing, BYOD compromise, Adversary-in-the-Middle (AitM/MitM), and other common attack methods. Next-generation MFA eliminates all these vulnerabilities by removing user vulnerabilities from the process.
Also Read: LatticeFlow AI joins the US AI Safety Institute Consortium
A Market in Desperate Need of a Solution to Ransomware
First introduced in 2023, Token Ring has received a tremendous response from the market. It offers security that stops phishing and ransomware attacks, has very fast implementation, integrates easily with every IAM, SSO, and PAM solution available, and is easy for users to adopt. The growing list of organizations awaiting evaluation (Proof of Concept) rings and engaged with Token includes:
– 5 of the top 10 US financial institutions
– 3 of the top 5 consulting firms
– 3 of the top 5 US wireless providers
– 2 of the largest healthcare providers
– Major retailers, insurance providers, automakers, and businesses
Organizations have invested countless millions of dollars and innumerable hours of lost productivity training every user to be an expert at identifying phishing attacks and ways to avoid falling victim to attacks on MFA. Increasingly, these efforts are failing because outdated legacy MFA has not kept pace with modern cyberattacks.
“When the incredible power of generative AI meets the 20-year-old defenses of legacy MFA, the outcome is very easy to predict, unfortunately with devastating consequences both financial and human,” said Token CEO John Gunn. “We are asking far too much of our users to expect them to be our number one defense mechanism against the most sophisticated cyber attacks using technology from the era of floppy disks and dial-up internet. Next-generation MFA removes the reliance on people and will stop the overwhelming majority of the most damaging attacks we see today.”
Source: BusinessWire
