Entrust, Inc. (NASDAQ:ENTU), a world leader in securing digital identities and information, today announced the commercial availability of Entrust IdentityGuard 8.0, a market first in the delivery of a flexible, strong, risk-based mutual authentication platform.
Customers, analysts and the recently released Federal Financial Institutions Examination Council (FFIEC) report are calling for a range of authentication methods that can be best aligned to the need of the customer or nature of the specific transaction. Entrust IdentityGuard 8.0 offers that range of authentication capabilities in a single solution that can be used individually or together, based upon an assessment of the risk of the transaction or sensitivity of information being communicated.
A recent survey conducted by an independent research firm retained by Entrust, InfoSurv Inc., found a startling 18% of regular online banking customers have either decreased or stopped banking online altogether. One in three indicated their concern that the banking website they usually visit may not be legitimate, but rather one set up to steal their identity or account information. Additionally, 94% of consumers indicated their willingness to use additional security measures such as strong authentication when banking online. However, the solution must be cost effective, as 81% of respondents indicated that they would not pay any additional costs for the increased security.
Unlike other point solutions in the market, Entrust IdentityGuard allows organizations to tailor the authentication for the assessed transaction risk at a single low cost, with the ability to use a "layered" authentication approach based upon the nature of the transaction. For example, a user may initially authenticate based upon their user name and password and the validation of their computer (via machine authentication), done automatically behind the scenes. When performing a higher value, higher risk transaction during the same session, the user may then be prompted to provide additional authentication, perhaps using a grid authentication card or by receiving a one-time password via their cell phone.
In a recent FDIC/Entrust web seminar, 75% of those attending indicated that they are either investigating or evaluating solutions to address the FFIEC requirements, with over 90% considering a vendor or joint vendor/in-house solution.
"Entrust IdentityGuard has witnessed incredible market momentum over the last 12 months, largely due to our ability to address a key void in the authentication market space - the need for a simple, cost effective authentication solution," said Kevin Simzer, Senior Vice President at Entrust. "Today, we're raising the bar by expanding Entrust IdentityGuard to include risk-based, mutual authentication - with a low cost and an ability to scale for the masses."