Intercede launches MyIDaaS a convenient and affordable cloud-based service for enterprises

Richard Parris, CEO of Intercede

Digital identity and credentials provider Intercede has announced MyID as a Service (MyIDaaS). It is claimed to be a convenient and affordable cloud-based ‘strong credentials’ service for enterprises.

With 25% of breaches involving ‘internal actors’, and 81% of hacking related breaches exploiting stolen or weak passwords, user authentication is currently the weakest link in the security chain and the potential for catastrophic business impact is real.

To navigate this environment, MyIDaaS removes the need for passwords completely, replacing them with unique, highly secure, government-grade digital identities and an authentication process that enhances the user experience.  Critically, MyIDaaS is designed to provide this level of security in a cost-effective manner, allowing enterprises to strengthen authentication methods without compromising budgets.

Recognising the vulnerabilities associated with today’s digital economy, regulators across the world are establishing rules to ensure that security not only catches up with internet development but seeks to “future proof” interconnectivity from emerging threats.

For example in the US, president Trump’s Executive Order on Cybersecurity requires public and private providers of critical infrastructure and digital services to ensure that the highest recommended standards for cybersecurity are applied universally.

This is manifest in New York State 23 NYCRR 500 Cybersecurity Requirements for Financial Services Companies. NIST Special Publication 800-171 for government contractors also mandates multi-factor authentication to ensure enhanced levels of identity assurance.

In Europe, the Second Payment Services Directive (PSD2), the General Data Protection Regulations (GDPR) and the Markets in Financial Instruments and Derivatives (MiFID II) Directive, all mandate enhanced levels of digital trust enabled by strong customer authentication.

These international regulatory frameworks create a large global market for password replacement technologies, which MyIDaaS has been specifically designed to satisfy. By adhering to the most stringent of regulations all companies, regardless of sector and size, can meet compliance obligations quickly and with ease.

The latest solution from Intercede has been created by envisioning and re-engineering the company’s existing MyID solution to operate as a secure, self-service, multi-tenanted Cloud service.

It is designed to enable organisations to replace employee passwords with more secure and convenient digital identities on real or virtual smart cards, pluggable tokens, mobile devices and embedded security modules. The solution manages the lifecycle of credentials, for example revoking them if a user leaves an organisation or updating them in advance of the credentials expiring.

“Regardless of the organisation in question, weak or compromised credentials continue to be today’s security downfall. Usernames and passwords are the number one cause of the majority of data breaches. While there have been solutions to this problem for a number of years, most of them have been inaccessible to companies with limited IT budgets, scarce resources and a lack of in-house security skills,” said Richard Parris, CEO of Intercede.

“For over 20 years, Intercede has been at the forefront of securing some of the most sensitive and critical industries, including defense, aerospace, government and financial institutions. Through MyIDaaS, we’re now offering that same level of security to businesses, without the pain of infrastructure overhaul or hefty costs.

This is a game changer for enterprises of all sizes who need to comply with new regulations for protecting customer information but lack the necessary budget and cyber security expertise to build their own digital trust solutions.”

MyID is currently deployed by governments and defence companies to secure some of the world’s most sensitive data. MyIDaaS brings that same government-grade security to businesses to significantly reduce their exposure to cyber-attack. The service packages digital credential deployment into an easily-consumed cloud service.

Businesses using the service will be provided with a dedicated certification authority and the ability to deploy digital identities on to hardware-secured zones within existing enterprise computers and devices. This includes Intel Authenticate or IPT on Intel powered computers and Trusted Platform Modules on platforms running Microsoft operating systems. Future support for physical smart cards, smartphones and Internet of Things connected devices is planned.

Reference:

  1. Verizon 2017 Data Breach Report

Comment on this article below or via Twitter: @IoTNow OR @jcIoTnow

FEATURED IoT STORIES

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, iot home automation is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more
RECENT ARTICLES

How can IoT optimise the bearing supply chain?

Posted on: September 24, 2021

In 2020, stock management issues were estimated to cost UK manufacturers 66 billion GBP  because of disruption caused by the pandemic. Consequently, the quest to improve efficiency, cut waste and enhance supply chain operations is one that suppliers know all too well. Here Chris Johnson, managing director at miniature bearings specialist SMB Bearings, explains how the Internet of Things

Read more

Guardara uncovers key zero day vulnerability in IoT message broker software

Posted on: September 24, 2021

Developer-focused code security specialist Guardara announces it has uncovered a Zero Day Vulnerability in open source software from EMQ, the provider of open source software for IoT devices. The vulnerability, which was uncovered by a non-security expert using Guardara’s powerful testing tool, could have significant implications for connected IoT devices depending on NanoMQ.

Read more