Security threats are rising, need for more advanced technologies increasing along with it to thwart those attacks. The most exciting and promising of these is behavioral biometrics solutions. This new generation of privacy-friendly security solutions is revolutionizing the way financial institutions uniquely identify the user for authentication. We discuss how Behavioral Biometric Solutions are changing the security & authentication space for the better.
The 2022 Cost of Data Breach report by IBM mentioned that the average cost of a data breach globally is $4.35M. In fact, it stated that stolen or compromised credentials were not only the most common cause of a data breach, but it took the longest time to identify. This data suggests how significant the need for more advanced technologies is to ensure user security. Moving one step ahead from things you know (such as passwords, pins, etc.), or something you have (such as authentication, security key, etc.) and the physical authentication (using fingerprints, face/retina scan), behavioral biometrics are the next key technology to look forward to.
Behavioral biometrics records the behavioral traits of the users – how they interact with the device, the way they type, use the mouse, scroll up and down, how they hold the phone, the amount of pressure applied, typing speed, and many other traits – and creates a pattern of behavior that become unique to a user. This stored data is then used to authenticate the identity of the right user whenever they are making a transaction to prevent fraud.
These data are difficult to duplicate, because each person has a unique way of typing, movements, and habits, making these solutions more accurate and effective cybersecurity solutions.
As opposed to other methods of authentication such as passwords, pins, or physical biometrics, these solutions are passive and dynamic. It means that rather than authenticating merely at the point of enrolment, behavioral biometrics continuously records, analyzes, and authenticates users’ traits and interactions throughout in the background without requiring any additional action from the users. Hence, it also gives the advantage of a seamless user experience while simultaneously providing high security.
Besides, there are so many data points collected and used to identify the users, making it more precise and accurate every time. Used in combination with other methods of such as password and MFA (Multi-Factor Authentication), it provides the most powerful protection against insider threats, account takeovers, identity thefts, and other frauds.
Let’s examine in detail how behavioral biometrics makes security and authentication better with the help of some use cases.
- Continuous Authentication
Traditional authentication technologies are single transaction based. They verify the identity at a particular point in time. They also require users to do some tasks like entering the passcodes or pins, answering some question, scanning fingerprints, etc. On the other hand, behavioral biometrics authenticate continuously in the background without any action required from the users. The stored data for the user’s unique profile are compared with the data fed in real-time when the users are accessing and using the account. If they do not match, the user will be flagged fraudulent, and the organizations can take preventive measures.
- Risk-Based Authentication
While Multi-Factor Authentication (MFA) is absolutely essential in the modern authentication processes, behavioral biometrics is used as part of risk-based authentication for passive fraud prevention. It augments the risk-based authentication for all kinds of transactions taking place. It examines all kinds of data on behavioral qualities, supporting factors such as geolocation, IP address, device type, etc. along with historical factors such as typical usage timings and preferences. These make the detection of anomalies and phony activities more accurate.
- Stolen Credentials
Stolen credentials are a very common phenomenon. It poses a lot of risks for businesses, individuals, and the entire IT systems at times. Behavioral biometrics accurately and efficiently identifies whether the person using the credential and accessing the account is really a genuine user or someone else. Then it can take necessary steps to verify that the user has been granted access legitimately. It helps greatly in securing account takeover frauds arising from malicious users.
- Insider Threat Detection
The insiders of an organization have access to sensitive data. Undermining the management of such privileged access leads to many internal threats such as unauthorized leaks, vandalism, and many more. User behavior analytics – as part of behavioral biometrics – uses non-IT behavioral risk indicators as well to detect patterns that could be defined as insider threats. This helps the organizations stay one step ahead of the risks and threats and can take appropriate measures before it is too late.
Of course, there are rising concerns about privacy regulations and compliance. However, the vendors in the space seem confident in assuring both privacy and compliance. The technology is already being deployed in industries such as online banking, e-Commerce, banking and financial institutions, and other high-security industries, and its use is expected to rise rapidly in the coming years to establish more sophisticated and efficient measures for security and authentication. With more players coming into the market space, there will be more user-friendly and scalable applications with advanced functionalities developed.
In any case, it is certain that Behavioral biometrics is the future of security and authentication. Quadrant Knowledge Solutions is excited to keep track of what is happening in the domain and what is to be expected. Stay tuned to find out more about the interesting opportunities and developments in the coming years and where the space is headed.
Vaishnavi Dave, Content Writer at Quadrant Knowledge Solutions.