SecureAuth acquires Acceptto to boost biometric MFA efforts, market projected at $40B by 2030
The move will reportedly help SecureAuth to support companies in better-securing identities to support a hybrid workforce with biometrics, increase digital engagement with customers, and move to the cloud and Zero Trust networks.
“With this new AI-based identity assurance technology from Acceptto, we can expand the SecureAuth Identity Platform to provide a Zero-Trust security model for virtually every situation, simple or complex,” said the company’s CEO Ravi Khatod.
Specifically, integrating Acceptto’s BioBehavioral approach, which includes behavioral analytics and biometrics, within the SecureAuth ecosystem will provide the platform with improved evaluation and broader user context for passwordless continuous authentication, as well as adding threat intelligence insights for adaptive multi-factor authentication (MFA).
The terms of the acquisition were not disclosed.
Hobart and William Smith colleges deploy SecureAuth solutions
Hobart and William Smith Colleges (HWS) in New York State has recently adopted SecureAuth’s solutions to strengthen its security posture.
The decision follows a gradual migration of HWS’s critical college applications from their on-premise locations into the cloud, and an ensuing necessity to keep them safe from malicious online actors.
“Their robust rollout and transition to MFA resulted in a successful implementation that led to 100 percent end-user adoption across their more than 2,000 undergraduate, staff, students, and faculty,” commented Matt Ulery, chief product officer at SecureAuth.
Thanks to the new partnership, the SecureAuth Identity Platform, and its MFA capabilities were now set to be the default login standard for access to the colleges’ online services.
“As a matter of fact, we put in place an always-on MFA for our systems that house sensitive or restricted data,” said Derek Lustig, director of Infrastructure and Security Services at Hobart and William Smith Colleges.
“We are on this journey of migrating and better protecting applications and resources. SecureAuth continues to give us options and the ability to fine-tune our approach to authentication, depending upon the system that it is protecting and the audience that is using it.”
Global MFA market to reach $40B by 2030
SecureAuth is only one of the companies driving the adoption of MFA solutions.
A new report recently released by Allied Market Research suggests the global MFA market generated $10.30 billion in 2020 and is expected to reach $40 billion by 2030.
According to the report, this would mark a compound annual growth rate (CAGR) of 18 percent from 2021 to 2030.
The new data links the rapid growth in adoption to a rise of cyberattacks during the pandemic, as well as to supportive government policies, and a strengthened need for improved privacy solutions.
The rise in internet applications and flexibility of multifactor authentication solutions will also potentially create new opportunities in the coming years.
Among the factors that may slow down the adoption of MFA would be high installation charges and deployment’s inconvenience and delay for users.
In terms of authentication type, password authentication accounted for the largest share in 2020, with more than three-fourths of the total share.
Industry-wise, the military and defense segment accounted for the highest share in 2020, with almost one-third of the global MFA market, followed by the commercial security segment.
The country that contributed to the highest adoption of MFA in 2020 was North America, but the report suggests Asia-Pacific is estimated to register the largest CAGR of 19.8 percent during the forecast period.