Security News
Amid the COVID-19 crisis, the global market for multi-factor authentication estimated at $8.6 billion in the year 2020, is projected to reach a revised size of $21.3 billion by 2027, growing at a CAGR of 13.9% over the analysis period 2020-2027, according to ResearchAndMarkets. The U.S. MFA market is estimated at $2.3 billion.
This change has profound implications: customers unable to implement MFA across their access by the set date can continue to use Salesforce without MFA at their own risk. Thales statistics suggest that 90 per cent of cyberattacks utilise compromised credentials in some way, which if correct implies that failing to implement MFA on Salesforce is potentially shifting responsibility for almost all cyberattacks involving the service.
A fake Android app is masquerading as a housekeeping service to steal online banking credentials from the customers of eight Malaysian banks. The app is promoted through multiple fake or cloned websites and social media accounts to promote the malicious APK, 'Cleaning Service Malaysia.
Konstantin Gizdov, an IT professional, was locked out of his Microsoft account by a bug in the company's Multi-Factor Authentication, but says support refused to acknowledge the bug or recover his account. A Microsoft account is distinct from a Microsoft 365 account, and although it is mainly aimed at consumers it is hard to avoid, for logging onto a new Windows PC or obtaining apps from the Microsoft Store.
That lesson was hammered home through a recent phishing attack that stole money from Coinbase customers. The attackers were able to move funds from Coinbase to their own accounts, thus stealing a vast amount of money in the form of cryptocurrency.
The accounts of at least 6,000 Coinbase customers were robbed of funds after attackers bypassed the cryptocurrency exchange's multi-factor authentication. The attacker(s) used a flaw in Coinbase's account recovery process to seize the SMS two-factor authentication tokens needed to break into customers' accounts and transfer funds to crypto wallets unassociated with Coinbase.
Crypto exchange Coinbase disclosed that a threat actor stole cryptocurrency from 6,000 customers after using a vulnerability to bypass the company's SMS multi-factor authentication security feature. In a notification sent to affected customers this week, Coinbase explains that between March and May 20th, 2021, a threat actor conducted a hacking campaign to breach Coinbase customer accounts and steal cryptocurrency.
Microsoft is investigating an ongoing Multi-Factor Authentication issue preventing some customers from logging into their Microsoft 365 accounts. "We're investigating an issue with Multi-Factor Authentication that is preventing some users from accessing Microsoft 365 services. Additional information will be provided in the admin center under MO287933, the company tweeted."
ManageEngine announced that ADSelfService Plus, its integrated Active Directory self-service password management and single sign-on solution, now offers multi-factor authentication for Outlook on the Web and Exchange admin center logins to add an extra layer of security to Exchange environments. "Going beyond passwords has become necessary for organizations of any size given today's cyberattack landscape. Users rarely take their passwords seriously and, as a result, even simple brute-force attacks are highly successful," said Parthiban Paramasivam, director of product management, ADSelfService Plus.
In part, MFA was intended to thwart a range of compromises that include phishing, spear phishing, credential stealing, and man-in-the-middle attacks. Protecting remote workers from sophisticated phishing attacks requires a toolbox that extends beyond MFA and covers several attack vectors.