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Multi-factor authentication market to exceed $1 billion

BYOD is making employees happy but is not helping enterprises secure infrastructure. Businesses have come to understand understood the necessity of a strong bring-your-own-device (BYOD) policy amid a significant increase of cyberattacks due to employee-related vulnerabilities.

The convenience and flexibility of BYOD has diminished corporate system security so, capitalizing on easier management and internal security, the multi-factor authentication market will soon exceed $1 billion, found ABIresearch. Because employees use their own devices for work and to access confidential corporate data, enterprises need more comprehensive security to stay safe from malware and other attacks.

“Enterprises are finally realizing that they should not view MFA as a luxury security technology, one only for IT personnel, managers, and C-Level executives,” says Dimitrios Pavlakis, Industry Analyst at ABI Research. “With the BYOD culture in enterprises, it is becoming a necessity for businesses to deploy newer authentication technologies to fight detection-resistant malware, phishing attacks, credential theft, rootkit deployments, cross site scripting, and other threats.”

BYOD culture has improved productivity at the workplace. However, due to the different types of devices and operating systems, its security and privacy implications increase with risk of data loss,  vulnerability exploit and malware infection.

“The employee-praised BYOD culture is finally meeting the challenges of modern MFA in the workplace,” concludes Pavlakis. “Ensuring workplace authentication while taking into account device mobility, protection from cyber threats, insecure employee practices, and the desire to implement SSO on a wider scale, are just some challenges that enterprises now face.”

About the author

Luana PASCU

From a young age, Luana knew she wanted to become a writer. After having addressed topics such as NFC, startups, and tech innovation, she has now shifted focus to internet security, with a keen interest in smart homes and IoT threats. Luana is a supporter of women in tech and has a passion for entrepreneurship, technology, and startup culture.