You want to know that the person you’re dealing with really is who they say they are. You do, and this is why an up-to-date secure customer authentication method is the cleverest of business strategies.

Saying it like it is – companies and organizations that continue to depend on passwords alone as their first method of identity verification are seriously negligent. It is not just about the disaster that come in the wake of a security breach, it’s also about owning up to your promise to keep your customers safe. We’d like to disentangle how you can remedy this slip without overloading yourself, your users, customers or workforce.

Three simple advice to convince your users of the benefits of MFA
You want to know that the person you’re dealing with really is who they say they are.

Nobody wants to be the prey of identity thieves

You can no longer dispute that there are severe security vulnerabilities that come with the evolvement of third-party payments services, connected IoT-devices, or the already known problems with unsecure public WIFIs as well as BYOD (Bring Your Own Device) policies in workplaces. This is the constant headache for IT-professionals and management in most industries providing digital services today (and honestly, what company doesn’t?).

By basing your cyber protection strategy on watertight verification of the user underlaid by smart, tested multi factor MFA-tools that authenticates and grants your customer access to systems and services you are well on your way! This can be done in many ways, of which the worst is using many different tools for mobile identity management as cost and complexity can quickly spiral out of control.

Is MFA really necessary, and if so, how do I get my customers onboard?

People nowadays have colossal amounts of online accounts for banking, social media, digital utility tools, health records – the list goes on and on. By illustrating and communicating the need for identification, authentication and verification on a basic level you can help your users to better understand why MFA is so crucial. Here’s some bullets on how to break it down in a way that makes sense to the average user.

  1. Explain multi-factor authentication to your customers/users very basically
    It takes just one carelessly crafted password to invite an attack – it’s just like leaving the door open and unlocked when you go to work. In worst case, depending on what is stored in the account, sensitive data like credit card numbers, passwords recklessly stored in a text file on Google Drive, pincodes or just fraudulent emails can result in a person’s entire identity is hijacked. Inform your users that this can happen everywhere, anywhere, on any account.
  2. Be persistent and provide plenty of support, guides and information. 
    Change is often tough and convincing a user to trust a new app doesn’t come easy. By being open and giving the users all the support they need, easy-to-read manuals you could win your customers over. Even better – by choosing a security app that you can white label makes the transition easier as the customers sees that the app comes from a familiar and trusted source (you).
  3. Make it easy 
    The best way to convince your users of the benefits of multifactor-factor authentication is to supply them with an all-in-one mobile app that authenticates, verifies, and grants the user access. Choose an app that provides MFA with as little hassle as possible.As with everything, there are learning curves to implementing MFA. Everyone may not understand the necessity for it, but once implemented the benefits outweighs any and all potential drawbacks and protects everything – whether it be identity, data, or money.As for which app to use, Covr offers a lean user experience backed by a company with a exemplary security record!

A new market segment is rapidly emerging within the tech sector that perhaps is one of the fastest, if not the fastest, segment of market growth – mobile security software and services.

Mobile transactional security and cyber defence has become increasingly critical since companies continue to collect, handle, and store enormous amounts of confidential information and sends that data across networks – many of them scarily unsecure and unprotected. There is also a “bring-your-own-device” (BYOD) culture in almost all modern companies today and that is one reason cyber security is crucial for all points in the network, including smartphone connectivity. Cyber security is not just a matter for the IT-department anymore, but for all executive decision makers in a company.

“Protecting mobile devices is in fact harder than to protect a traditional company IT environment”, says Peter Alexandersson, CEO of mobile security company Covr Security.
It’s because employees have personal control over their own device and can choose to download any type of app and can decide what protection to use – or in worst case, not use.”

What is driving the growth in cybersecurity?

Cybersecurity isn’t new, but it’s definitely a red-hot area when it comes to protecting mobile devices. The ransomware epidemic and sensational rise in cybercrime has in recent years leapfrogged from PCs and laptops to smartphones and other mobile devices affecting companies and consumers resulting in catastrophic losses globally. So, there is a snowballing demand for secure mobile transaction solutions across all industries world wide which is, according to most analysts, expected to drive massive market growth in the coming years. One well-known example is Bank of America that has said that they have an unlimited budget when it comes to fighting cyber attackers, fraud and hackers.

“Every year, banks and other financial players are spending enormous amounts of money to stop fraud”, Peter Alexanderson continues. 
“And every year, their losses multiply. This is why the solution to combat cyber crime, especially for mobile devices, has to be more holistic than just installing security software on a server. This is exactly the reason we have developed Covr.”

Peter Alexandersson, CEO COVR Security

According to an article in Forbes market research firm Cybersecurity Ventures expects that companies will spend more than $1 trillion over the next five years in cybersecurity for PCs, mobile devices, and Internet of Things (IoT) devices. In addition Business Insider’s research service BI intelligence has estimated that $113 billion will be spent on protecting mobile devices alone. A recent compilation article from Nasdaq also discloses that Bloomberg and IDC considers mobile security to be one of three that has the biggest market growth potential.

A glimpse into the near future for the market

As companies and consumers grow increasingly nervous about new and gruesome cyber threats entrepreneurs rush to develop a multitude of innovative solutions – and venture capitalists are (sad to say?) seeing big openings here and pour money into the sector.  While most tech industry sectors are operating on a more mature market with big competition, forced to improve profitability – cybersecurity is driven by online fraud, crime and felonies where innovation needs to evolve quickly to keep up with elaborate new threats.

New and innovative solutions, Covr in particular, guarantees extreme protection from advanced epidemic threats like phishing, malwares, viruses, network spoofing, connection to unsecure public networks and inadequate company policies for data protection. According to the predictions in this article we firmly believe that Covr is in pole position to protect enterprises and individuals on a large scale.