IBM released last week their Cost of Data Breach report.
- 83% percent of organizations have experienced more than one data breach.
- The most common cause of a malicious attack is Compromised credentials, phishing and cloud misconfiguration.
- Data breach average cost increased 2.6% from USD 4.24 million in 2021 to USD 4.35 million in 2022. The average cost has climbed 12.7% from USD 3.86 million in the 2020 report
If people would use MFA/2FA or OTP and would not rely on credentials that are ever written down or memorized, these frauds would never happen. The accounts cannot be compromised with the 2FA enabled.
This is the biggest advantage of 2FA/MFA OTP.
With an inflation of 10% which is crunching the budgets is hard to increase the costs.
Is it wise to risk the security of the accounts by saving budget?
It costs of fortune to enable 2fa in certain countries, perhaps $0.25/authentication. It becomes hard to support the cost when there is an attack on the platform and fraudsters take advantage of your 2fa protection to send SMS on their premium numbers with the sole purpose to generate revenue.
This practice is called OTP fraud. Telecom Wholesales Carriers are aware, Mobile Network Operators are aware, but they all love it because this is an important revenue stream and even if they would be able to stop this fraud (which is impossible currently), they will never do it.
Ok, then the question is, what can be done?
The answer to all these questions is AUTHENTICALLS.
Based on Flashcall, Authenticalls, stops the OTP fraud, saves 40% of cost of the 2fa/mfa/otp and secures the content applications by stopping the fake account creation, or account takeover.