Ikusi Enhances Cybersecurity with Workforce Password Management

Despite investing in cutting-edge technology to enhance digital security, financial organizations remain vulnerable to mistakes made by employees lacking cybersecurity awareness. For example, employees with low IT expertise tend to use weak passwords, presenting a major threat to financial organizations that hold access to web applications containing confidential and sensitive information. To address this concern and mitigate the security risks associated with easily accessible passwords, Ikusi has developed a digital solution known as Workforce Password Management (IWPM).

According to Verizon’s Data Breach Investigations carried out in 2022, 82% of data breaches are directly correlated to human mistakes made by employees. Many of these errors involve the use of passwords that are appealing targets for cybercriminals due to their lack of complexity. Furthermore, these weak passwords are often reused across various platforms within organizations, creating an extensive surface area for potential cyberattacks.

Hackers frequently exploit these security lapses, as they offer straightforward access to an organization's network. Such breaches can lead to costly ransomware attacks, data breaches or even disruptions in day-to-day operations. Additionally, cybercriminals who gain access through employee mistakes can further penetrate an organization's web applications, intensifying the impact of their cyberattacks and complicating prevention efforts.

Ikusi's cybersecurity solution is poised to strengthen password-related security practices, significantly reducing the likelihood of employee errors. "The solution was created to enable companies to securely store and manage password-based credentials, as well as key licensing elements and PINs, all while applying robust controls to access corporate applications," says Gustavo Valdez, General Director, Ikusi Mexico.

This innovative solution is built upon three key capabilities. First, Ikusi's Workforce Password Management (IWPM) employs multi-factor authentication to eliminate the risks associated with using a single master password across multiple platforms. Second, IWPM ensures the secure storage of credentials for corporate applications, eliminating the need for vulnerable or untrustworthy password storage methods. Furthermore, Ikusi's solution empowers organizations to exert strict control over who can access, share and modify access credentials, as well as manage ownership changes.

Additionally, adopting IWPM's approach provides comprehensive visibility across web applications, simplifying access to shared applications while ensuring compliance with credential storage regulations. Ultimately, Ikusi's user-friendly platform enables even digitally inexperienced employees to securely store URLs, usernames and passwords, offering multiple channels for storing and retrieving this critical information.

Ikusi’s cybersecurity measure could be substantially beneficial for Mexico, given that the average cost of data breaches in Latin America recently rose to US$3.69 million during 1H23, according to IBM. Cyberattacks exploiting stolen credentials incurred costs exceeding US$2.55 million, underscoring the importance of implementing resilient and complex password management solutions in a secure interface environment. The prevalence of weak passwords and employee errors compounds these risks, making it imperative for organizations to take proactive steps to secure their networks and sensitive data.

By addressing the fundamental issue of weak passwords and providing a user-friendly platform to manage credentials securely, IWPM offers a tangible solution that can significantly enhance the overall cybersecurity posture of Mexico's organizations. Moreover, it can effectively improve the lack of cybersecurity awareness within Mexican users and employees, enhancing their resilience to increasingly sophisticated cyberattacks.