Concept: New York’s tech startup Beyond Infinity has developed an invisible and un-phishable multi-factor authentication (MFA) platform that provides secure and frictionless authentication. The platform eliminates passwords and other phishable factors, enabling organizations to confidently validate users’ identities.
Nature of Disruption: Beyond Infinity claims that the new platform cryptographically binds a user’s identity to their devices. It creates and securely stores users’ private keys on each device’s Trusted Platform Module (TPM), and it can never leave the device. The MFA removes insecure factors such as passwords replacing them with device biometrics and private keys on the device. The private keys are developed on every device and cryptographically validated during each login using X.509 certs. It analyzes risk signals during every authentication attempt, limiting access to critical resources only to known users and secure devices that meet the organization’s compliance requirements. The security platform enables organizations to adhere to regulations including the Health Insurance Portability and Accountability Act (HIPAA) to protect protected health information (PHI). The platform completely removes passwords from the authentication and account recovery process instead of obscuring them.
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Outlook: Phishing attacks are increasing across the globe and more than 80% of the breaches are caused by weak passwords set by the users. Organizations are looking at innovative technologies that can remove passwords from the MFA framework. Beyond Infinity claims its un-phishable MFA platform cryptographically binds a user’s identity to their devices and eliminates passwords from the MFA procedure. The platform ensures that only authorized users and devices are granted access to company data and that every device complies with security policies before and after the authentication request. In February 2022, the startup raised $100M in a Series C funding round led by Evolution Equity Partners. The startup aims to use the funding to expand its R&D functions and expand its geographic presence.
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By GlobalData
