This Business News Story Was Uncovered By Us From: https://www.springwise.com/protecting-digital-identities-and-the-future-of-cybersecurity/
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For many businesses, a data breach can be a disaster. Breaches can cost businesses large sums of money and erode customer confidence. Yet the main source of most data breaches is not malware, but human error. According to information security company ShredIt, 47 percent of business leaders surveyed said human error by an employee had caused a data breach at their organisation. As many as one-third of these errors involved a compromised password.
Los Angeles-based Woven was founded to reduce the risk of enterprise security breaches by eliminating the vulnerabilities associated with today’s digital credentials. Woven does this by replacing passwords with cryptographic keys and multiple layers of biometrics and verifiable digital credentials. These credentials are attached to individuals, not companies, so can be taken from one employer to the next. To learn more about the vision behind this innovation and the future of cybersecurity, Springwise spoke to Woven’s founder, Jeff Hagins.
Hagins’ previous venture was smart home IoT platform SmartThings, which was bought by Samsung in 2014, just two years after its founding. While casting around for new ideas, Hagins was struck by the way that identity rests at the root of many cybersecurity problems. As an example, he points out that the root cause of a phishing attack is the fact that the user has no way of knowing whether the website they are looking at is authentic. Similarly, websites only know whether the person logging in has the right username and password, not whether those credentials have been stolen.
Hagins explains that, “The technology used in cybersecurity systems has actually been around for a long time. It is based on what’s called public key enc… Read More
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