Gadget ransomware warnings highlight opportunity to improve identity authentication

Gadget ransomware warnings highlight opportunity to improve identity authentication
17.03.2017 10:45 am

Gadget ransomware warnings highlight opportunity to improve identity authentication

Trading Systems , Retail Banking , Fraud Detection , Infrastructure

Fraud follows the channels of adoption, but as we get more connected, the easier it will become to prove our identity. This week the National Crime Agency and National Cyber Security Centre reported that a particular kind of security breach, ransomware, has grown significantly over the past year, with the popularity of internet-connected gadgets increasing the risk of attacks for consumers. 

Keiron Dalton, a digital identity expert from Aspect Software, suggests that the so-called Internet of Things has had a major impact on trust and security, and will continue to do so as more and more consumers adopt technologies such as fitness trackers, smart watchers and smart TVs. He said: “The more devices that are connected, the more challenging authentication and trust becomes as our digital lives are ever more distributed. Think of it this way – each device uses some of your personal data, and whether that’s an email address or full credit card details, pieces of our ‘identity’ are fragmented and essentially blasted off into the ether.”

Dalton believes that while organisations such as device manufacturers and the associated software providers must to do better in offering protection from ransomware and other takeover-style attacks. However, he said: “Our individual digital identities are growing at a rate of knots; either we run in circles patching vulnerabilities as the issue gets worse, or organisations with a duty to protect consumers from online threats (such as banks and mobile network operators) need to take advantage of the data assets that they have in the shape of all of these devices.”

Dalton commented: “It’s not just smartphones that are vulnerability hotspots - each connected device has an element of vulnerability that can be exploited. To be fair to the consumer, nobody considers the personal security risk when they run around with their fitness tracker on, especially as the data is being used for good reason. However, there is a massive opportunity for organisations. Since cyber-crime – and in particular fraudulent activity – always follows the channels of adoption, all of the data generated by each device could be used to glean new insight to protect us and remove friction from our digital lives.

Related News

BidFX Releases Flagship FX Desktop Trading Application on OpenFin

BidFX, the leading cloud-based provider of electronic foreign exchange trading solutions, today announced a significant addition to its product range delivered... Read more »

NeoXam Expands Itiviti Partnership to Deliver FIX Benefits to the Buy-Side

NeoXam, a leading financial software company, has announced an enhancement to its partnership with Itiviti that enables buy-side customers to... Read more »

Ideal Prediction Awarded ‘Best Surveillance Provider’ By FX Markets

Ideal Prediction (Ideal), the independent trading analysis and data science company for capital markets, has won the FX Markets award for ‘Best Surveillance... Read more »

Refinitiv Wealth Management to Power Trading Central’s Market Buzz Platform With Reuters news and Refinitiv Digital Analytics

Refinitiv today announced a strategic agreement with Trading Central for the provision of Reuters digital news and Refinitiv analytics capabilities to... Read more »

Klarna Raises $650M from Silver Lake-led Investor Group and Becomes Europe's Biggest Fintech Unicorn

Klarna, the leading global payments and shopping service, is pleased to announce it has raised $650 million in an equity funding round, at a post money... Read more »

Integral Launches Next Gen SDP to Meet Industry Demand

Integral, a leading FX technology provider, announced today that it has launched the latest version of its next generation trading platform.

Available... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel