Cybercriminals pose a serious problem for all kinds of organizations today. Though the word may conjure images of shadowy figures behind keyboards, cybercrime is conducted by large, sophisticated criminal enterprises, often with sponsorship by state governments. Worse yet, these enterprises continue to expand their efforts. In 2023, ransomware attacks doubled again, and phishing emerged as the number one way in which threat actors attack organizations.

2022 will go down as the year when multi-factor authentication (MFA) failed. A record number of organizations of all types suffered attacks from malicious cyber criminals, and the losses totaled billions of dollars. Membership in the victims' club is skyrocketing with thousands more joining Uber, Cisco, Hanes Brands, and Rackspace to name of a few of the firms that were breached despite having great people, policies, and tools. In all of these instances, their legacy MFA was defeated. These incidents are hard evidence that legacy MFA is no longer effective against today’s sophisticated attacks.

A single cyberattack can be devastating for any business but even more so for smaller businesses. In 2021, 46% of data breaches impacted small and medium (SMB) businesses. In addition, the average cost of a single breach against SMBs increased from $101K in 2020 to $105K in 2021. In contrast, the average breach cost for larger enterprises fell between 2020 and 2021. It is incredibly difficult for small businesses to recover from a data breach and within a year of a data breach, more than half of small businesses fail.

Enterprise cybersecurity is a war zone. Today, organizations face an ever-increasing number of cyber threats, from system intrusions and phishing scams, to ransomware attacks, web application attacks, and more – any of which can result in serious damage to enterprise assets and irreversible loss of data and intellectual property.