Security measures to prevent cyber-attacks on critical communications infrastructures are becoming increasingly important for governments. A successful attack on a nation’s telecommunications could wreck financial systems, emergency services, transportation, and more.
Arguably, it’s a great time to be a hacker. The Economist suggests the annual cost of cybercrime will hit $27 trillion by 2027. The International Monetary Fund reports that malicious cyber-attacks doubled since 2019. So, pressure is on businesses to address the growing threat.
In a move setting it apart from competitors, Squire Technologies is unveiling two-factor authentication (2FA). The added layer of security mitigates the human error factor in cybercrimes, giving customers improved core network security.
Two-factor authentication and state-funded cybercrime
Almost any cyber security company will tell you that humans are the weakest part of a security system. Squire Technologies 2FA, an optional extra in all its core network platforms, reduces the risk of human errors.
Core networks are already reasonably secure; typically, non-publicly accessible, sitting behind firewalls and accessed through VPNs. However, there is still the potential for mistakes with devastating consequences. If hackers successfully obtain usernames and passwords, 2FA makes network access almost impossible.
The impact of not having 2FA – The SolarWinds attack
The 2020 SolarWinds cyber-attack is still under investigation. Insurance claims following the attack are as high as $90 million. The hackers used Orion, SolarWinds’ flagship platform, to infiltrate over 18,000 networks worldwide and even breached US government networks.
SolarWinds believes the attack was due to human error and started with a spear-phishing scam in September 2019. However, nobody raised the alarm till December 2020. The US Securities and Exchange Commission (SEC) has charged SolarWinds and its Chief Information Security Officer with Fraud and Internal Control Failures.
Joey Sylvester, Managing Director at Gallagher, a leading insurance and risk management company, commented on the SolarWinds attack. Pointing out the human error factor, Sylvester stated, “In late 2019, multi-factor authentication was not the standard insurance requirement that it is today.”
Squire Technologies’ two-factor authentication
Squire Technologies’ two-factor or multi-factor authentication (MFA) provides extra security for core networks. The optional security measure is available to new customers. Existing customers will receive the feature with the latest update of their software.
Flicking-a-switch will secure platforms and core networks at the graphic user interface level. It also puts mobile network operators ahead of legislators seeking to close the gaps hackers exploit.
“In recent years, governments have fallen victim to several state-sponsored hacking organisations. Telecommunications are often a high-priority target for bad actors due to the impact on infrastructure it can have.
“The beauty of 2FA is that it creates a huge barrier to socially engineered security breaches, such as phishing scams. Two-factor authentication is a little feature we’re adding that can have big consequences, and we hope our customers find it useful.”
Bradley Knight, Chief Operating Officer at Squire Technologies
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