Cloud Expo Silicon Valley: Securing Identities in the Cloud
VASCO’s Mike O’Malley discusses new technologies that can be leveraged for a new breed of cloud-based authentication solutions
By: Pat Romanski
Oct. 8, 2013 11:00 AM
Slide Deck: Securing Identities in the Cloud
As web applications continue to proliferate, identity theft and fraud expand to chronic levels in the US. Back in 2006, the FTC reported over 8M victims of identity theft with cases costing $5000 and 1200 hours to repair the damage, and it's only gotten worse since then. MasterCard and Visa spend over a billion each year to fight identity theft and web companies are increasingly the subject of class action lawsuits due to online security breaches. Web companies need to find a safer method for securing the identity of their users.
Thankfully new cloud solution companies are responding, offering solutions with strong authentication and the convenience of the cloud and your mobile device. These solutions can be easily deployed utilizing new technologies like secure QR codes, smart silicon embedded in laptops and tablets, and secure mobile apps. Recently, a few ASPs like Twitter and Facebook have deployed SMS authentication for additional security. These incremental steps are moving in the right direction but fall short of what is required to stop hackers.
In his session at the 13th International Cloud Expo®, Mike O'Malley, VP of Product Marketing and Management MYDIGIPASS at VASCO Data Security, discussed the challenges to securing customer accounts, leverage research from UCLA and others as to why SMS authentication falls short, and discussed new technologies that can be leveraged for a new breed of cloud-based authentication solutions. Business cases were presented showing how ASPs can secure their users and build trust with these new technologies that have an ROI measured in months not years.
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