With nine out of ten breaches related to passwords, MyCena’s segmentation and cyber-resilience model ends password phishing, stops supply chain attacks, and prevents ransomware
LONDON, February 23, 2022 – MyCena, the market leader in access segmentation and encrypted password distribution, today announces the launch of a new mobile device add-on to complete its enterprise segmented digital access security solution. MyCena’s mission is to eliminate password phishing, stop supply chain attacks and prevent ransomware in today’s hybrid workplace. MyCena’s approach to securing digital access solves three major cybersecurity problems: password creation and distribution; risk aggregation; and committing passwords to memory.
Digitalisation has increased rapidly during the Covid-19 pandemic, with the global use of services such as video-conferencing having grown ten-fold. As a result, ransomware attacks have increased in frequency and sophistication and are the biggest concern for today’s businesses. Phished passwords are the number one threat vector, responsible for 83 per cent of all cyberattacks last year. In the UK, businesses are subject to an average of 2,000 cyberattacks per business per day, an average of one attack every 43 seconds. And the average total cost of a ransomware breach is £3.66 million per incident
“Following a huge surge in cybercrime and ransomware attacks over the past two years, businesses are under siege,” says Julia O’Toole, founder and CEO of MyCena Security Solutions. “The vast majority of cybersecurity breaches today involve the use of legitimate passwords. Today’s hackers don’t ‘hack in’, they log-in, repeatedly looking for an easy lock to pick through password phishing, social engineering, brute force attacks and credential stuffing. It’s also important to remember that beyond the ransomware headlines and financial costs, there are substantial risks of operational stoppages, supply-chain risks, IP loss, commercial espionage, industrial sabotage, and loss of data integrity, ultimately threatening jobs and human lives.
“How did we get here? The explanation is rather simple. As the workplace moved from a physical to a digital environment, the security rules used in the physical world have not been transferred to the digital world. The first mistake was to have employees create their own passwords: the equivalent of asking people to bring their own keys, fobs and passes to enter the company building, office or server room. The second mistake was to aggregate more and more systems behind a single point of access, whether a master password or biometric, using tools such as Single Sign-on (SSO), Identity Access Management (IAM), Privileged Access Management (PAM): the equivalent of people having a single key for their house, their car, their office, and their bank account. The third mistake was to require people to remember and type their passwords: the equivalent of asking people to cut a key every time they need to open a door. The result of these mistakes is hackers only needed to find one password (for example, through phishing or social engineering) to log in. Once in, with repeated success, they can quickly escalate privilege to take over command and control of the whole infrastructure within hours or days.
“MyCena is based upon a very simple idea: digital access must reflect physical access. The first step to take in cybersecurity is to apply your company’s physical security rules to your digital environment. Don’t let employees make and share their own passwords. Don’t aggregate all systems behind a single door with one key that can open everything. And ensure all passwords stay encrypted from end-to-end, during creation, distribution, storage and use, so that no one can see, share, or phish them.”
MyCena’s patented Segmented Access Management solutions enables businesses
to strengthen their digital access security by generating and distributing encrypted access credentials to the right users: ensuring only the legitimate user can access his or her credentials fortress through multiple levels of security. MyCena also allows the company to easily distribute, remove or expire access keys to any system in real time, creating a watertight access command and control security system.
MyCena offers a credentials-based segmentation and cyber-resilience strategy that is zero-trust by default and scalable to withstand future quantum computers’ attacks. By closing all access security gaps and simplifying people’s lives, MyCena helps companies to eliminate the security risks, as well as the costs and productivity losses associated with password resets, as people have no more passwords to know. Cost-effective and easy-to-implement across OT, IT and IoT without any infrastructure change, MyCena’s security model eliminates the huge problems associated with stolen, phished, or shared passwords, especially when people work from home. Using MyCena prevents the loss of command and control over a company’s network and, ultimately, protects organisations from ransomware attacks and furthering the cyberpandemic.