Despite understanding the need for adopting multi-factor authentication (MFA), many financial institutions struggle with the complexity of implementing effective solutions.
Join Chris Trytten, Market Director for authentication solutions at Crossmatch, as he discusses current trends with Robyn Weisman of ISMG.
Chris offers insights and strategies on:
- The primary barriers preventing financial institutions from implementing a multi-factor authentication solution
- The ways in which multi-factor authentication helps deter cyberattacks
- How Crossmatch simplifies identity and access management for financial institutions
Trytten: What is Preventing Organizations from Adopting Multi-factor Authentication
Let’s talk about what this complexity looks like…the average MFA initiatives have been ongoing for six years. On average, four point solutions are deployed because no one solution secures all IT assets. Organizations incrementally adopt new, partial solutions as they become aware of new threats and as new systems are brought online. Historically, multi-factor authentication systems required everything to be custom-built, Trytten explains. Managing the growing number of systems and the ever-increasing number of employees, partners and customers – all from multiple access points – is difficult at best.
It is now a requirement to adopt multi-factor security. We continue to be breached. We are painfully aware of the costs, and we know the central cause of data breaches is compromised credentials. So, the question is: Why hasn’t this problem been solved? What is preventing organizations from adopting MFA?
Historically, solving this problem has not been trivial. You have many diverse systems with incompatible interfaces and security plumbing. Because of this, they are very difficult to properly secure and achieve governance and business agility. Just look at the number of the systems; the diversity of the systems; the number and diversity of types of users, employees, vendors and partners; the number and diversity of access points; the amount of manual work typically required of IT to install and maintain multi-factor authentication; and the number of IPs that must be involved for all these systems. Plus, historically, multi-factor authentication systems have required everything to be custom-built: account definition, authorization roles, business logic, workflow and approvals, and authentication policies.
Listen to the podcast in the player below or read the complete transcript.