Risk-based Authentication (RBA), also known as adaptive authentication, is a new identification and access solution that determines a risk score for each access attempt in real time using a preset set of rules. When authenticating users, criteria such as user behaviour, devices used to connect, and other variables are examined, and extra authentication factors are requested if a specific risk level is discovered.
The growing trend of remote working has also increased the risk of data losses and breaches, leading to an increase in the use of RBA tools to ensure multifactor authentication throughout the user network, making it more difficult for an attacker to gain access to someone’s system.
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Impact of COVID-19 Pandemic Outbreak on Authentication Service Market
In the first quarter, the world’s economy was devastated by the rapid spread of the COVID-19 pandemic. The growth of IT service companies has also slowed significantly this fiscal year.
However, demand for RBA solutions is increasing as organisations face increased security demands as a result of the increased risk of cyber-attacks caused by remote workforce. The RBA market has grown rapidly in recent years, with a significant growth rate of around 20% CAGR over the last five years.
The outbreak of COVID-19 and the lockdowns caused by outbreak has increased the market growth by nearly 8%-10% in Q1-Q2 2020 and is projected to show rapid growth in the coming quarters of 2020.
To ensure the health and safety of employees, organizations has reduce the number of people who need to be in the office, and implemented a “work from home” policies for employees to manage their duties remotely.
To ensure high security within the network, organizations has implemented Multifactor Authentication (MFA) technologies that offers endpoint protection, logging, and monitoring of systems across the network.
Increasing attempts of Cyber-Attacks and Data Breaches is spurring the growth of Risk-based Authentication (RBA) Market
The Cyber-attacks and data breaches on individuals, groups, organizations, and governments is on rise. Companies are experiencing crippling security breaches and cyber threats. There is tremendous increasing in number of data breaches in the year of 2019.
As per Risk Based Security, more than 3,800 data breaches have hit organizations in 2019, around 50% increase over the last four years. Due to increasing frequency of data breaches, companies are continuously working on different ways to better secure their data.
RBA and behavioral analytics helps companies to prevent external, as well as internal threats. Behavioral analytics is one of the major component of RBA that helps in tracking user activity and identifying suspicious activities.
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Increasing Smartphone Penetration and Trend of BYOD
The smartphone penetration across the world is still growing at a steady rate and it is also expected that the trend will continue in the coming years as well.
Smartphone penetration has almost doubled in the past five years. Also the Bring Your Own Device (BYOD) trend is gaining momentum in the recent years, wherein employees are encouraged to bring their own devices like laptops and smartphones to access the company’s enterprise system and data.
In today’s evolving threat landscape companies with password-only protection are operating at risk. Hence, the RBA provides and additional layer of security to protect enterprise assets, which would fuel the market growth.
Risk-based Authentication (RBA) Market: – Key Players
Key players in the Risk-based Authentication (RBA) market are focusing on product innovation and strategic partnerships with the technology vendors to collaborate for offering advanced RBA solution and services to mitigate potential threats. The major players offering Risk-based Authentication (RBA) solutions include –
- IBM Corporation
- CA Technologies
- Micro Focus
- Okta
- Gemalto
- RSA Security
- LexisNexis and among others.
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Risk-based Authentication (RBA) Market: – Segmentation
By Component, Risk-based Authentication (RBA) Market is segmented into-
- Risk-based Authentication (RBA) Solution
- Services
- Professional Services
- Consulting
- Training and Education
- Audit and Reporting
- Managed Services
By Technology, Risk-based Authentication (RBA) Market is segmented into-
- Multi-Factor Authentication
- Push Notifications
- One-Time Passwords
- Smart Card Authentication
- Single Sign-On
- Behavioral Biometrics
- Web Access Management
