Before a user, stakeholder or IT professional can access a database, application or any form of secure resources, RBA systems authenticate their identities. Every organisation today with data to protect requires a secure system that ensures only authorised users can access this secure information. If users don’t meet the predetermined security standards, they will have to submit more data that can prove that they are who they say they are. This could be a biometric verification, one-time SMS password or security questions.
In 2017, over 2.2 billion data records were lost due to security problems. Since then, enterprises have rapidly moved towards securing their data more strongly. Using behavioural analytics and risk based authentication can help enterprises identify authorised parties and prevent malicious threats that could leak, damage or destroy data.
Reasons Why Risk-based Authentication Is Important Today:
In today’s data-driven world where the mobility of users impacts security significantly, risk-based authentication (RBA) is instrumental in the deployment of zero-trust networks. There are several reasons for this.
- Today, users connect to central company resources using unprotected devices and networks.
- With flexibility in working hours, users access secure and sensitive information for longer hours.
- A single device is possibly used by multiple family members not in the same network.
All these reasons make networks more vulnerable and open to hackers who can exploit new situations. Risk-based authentication accounts for multiple risk factors during the authentication decision. It doesn’t stop at static authentication, which allows administrators to draft rules modifying authentication behaviour. The level of authentication varies depending on whether the risk is high or low.
Benefits and Considerations:
Authentication processes shouldn’t change randomly. Enterprises must weigh the pros and cons to find the right balance for their organisation. For instance, too many authentication processes might spoil the customer experience, but insufficient authentication could result in the compromise of sensitive data.
Some of the leading benefits of RBA are:
- Widespread usage: Several agencies promote the usage of risk-based authentication. It has already been widely adopted by enterprises both government and private, which means consumers are used to this model. This means it doesn’t disrupt the user experience too much.
- Few deployments: With a risk-based authentication system that is properly set up, it will deploy fewer times. According to data shared by MasterCard, 80% of all transactions are categorised as low-risk transactions that don’t require additional steps.
- Reduces risk of data fraud: There is a growing number of cases of data fraud today. A single incident reported lost an enterprise 12 million unencrypted details of credit cards. Since the merchant is responsible for any data loss, having an RBA system in place prevents such instances and protects both customers and merchants.
What to Look For in a Risk-Based Authentication System:
Today, you will find a wide range of organisations providing risk-based authentication services. However, there are several features you must look for in an RBA system before deploying it for your organisation. This includes:
- Identifying potential threats by accessing real-time data on threats
- User context analytics, which includes data about their network, device and location
- Ability to deploy extra steps for authentication during high-risk situations
Using the right risk-based authentication system can protect customer data, build customer trust in the brand and ensure higher profitability.
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