WatchGuard Technologies, the network security solutions provider, has launched the AuthPoint cloud-based multi-factor authentication (MFA) service for small and medium-sized businesses (SMBs).
AuthPoint can be deployed and managed from any location and does not require any hardware, according to a prepared statement. It leverages WatchGuard’s ecosystem of third-party integrations to help SMBs safeguard access across cloud, network and virtual private network (VPN) applications.
In addition, AuthPoint enables organizations to create personalized “DNA” signatures for users’ devices, WatchGuard indicated. This ensures authentication messages not originating from a legitimate user’s device will be rejected.
AuthPoint is now available, and the AuthPoint app can be downloaded and activated on a user’s smartphone and enables users to view and manage any login attempts, WatchGuard stated.
Password Security Is a Problem for Many SMBs
SMBs often struggle with password security, which is reflected in a WatchGuard study of business owners and IT decision-makers at companies with less than 1,000 employees.
30 percent of respondents said they believe their organization’s employees share passwords.
31 percent believe employees use network passwords for personal applications.
47 percent believe employees use weak passwords.
84 percent said they would prefer to have technology solutions in place to enforce password best practices instead of password policies and training.
Eighty-three percent of business owners and IT decision-makers said they are interested in using MFA solutions, according to the WatchGuard study. Furthermore, 65 percent have plans to purchase an MFA solution in the future.
Global MFA Market Expected to Grow
MSSPs that add MFA services to their portfolios could capitalize on the rising demand for password security solutions in the years to come.
The global MFA market is projected to expand at a compound annual growth rate (CAGR) of 15 percent between 2018 and 2025 and could be worth nearly $17.8 billion by 2025, according to industry analyst Grand View Research. Also, increasing implementation of bring-your-own-device (BYOD) and cloud-based services and new security regulations are expected to drive this market’s growth.