Here is the converted article in Markdown format:

NORTHERN MARIANA ISLANDS: Fintech Industry Warns of Rising Cybercrime Threat

The cost of cybercrime is expected to reach a staggering $15 trillion globally by 2025, surpassing the GDP of China and the United Kingdom combined. The financial and reputational fallout from data breaches can be devastating for organizations in the fintech industry, with many struggling to regain customer trust after an attack.

Legacy Identity Authentication Solutions No Match for Sophisticated Cybercriminals

According to experts, legacy identity authentication solutions are no match for sophisticated cybercriminals, who are increasingly using phishing, smishing, password spraying, and other techniques to infiltrate systems. Outdated solutions like one-time SMS pin codes and knowledge-based authentication (KBA) have proven vulnerable to hacking, with even the most novice attackers able to bypass these measures.

Northern Mariana Islands’ Fintech Industry at Risk

The Northern Mariana Islands’ fintech industry is particularly at risk, with many organizations still relying on outdated identity authentication methods. A recent report by authID.ai found that 84% of fintech and banking leaders expect to increase investment in IT security, including identity authentication, in the next year.

Cloud-Based Facial Biometrics: A Secure Solution for Fintech Companies

However, despite growing concerns about legacy solutions, many organizations have yet to adopt more secure alternatives. Facial biometric identity authentication is gaining traction as a solution, with 70% of executives surveyed indicating they are likely to consider this technology in the next year.

Cloud-based facial biometrics eliminates the need for passwords and provides a more secure digital infrastructure for fintech companies. This technology has already proven effective in preventing hackers from wreaking havoc, and market interest is growing rapidly.

A Business Imperative: Adopting More Secure Identity Authentication Methods

As the fintech industry in the Northern Mariana Islands looks to future-proof its security infrastructure, it’s clear that change is needed now. Cyber threats are a growing concern for leaders, and the need for more secure digital solutions is top of mind. The message is loud and clear: the future of cybersecurity is password-less, and facial biometrics is poised to revolutionize the industry.

Quotes from Tom Thimot, CEO of authID.ai

“The growth interest in cloud-native identity management products has nurtured a more digital-first IT security industry overall.”

“Cyber threats require investments in security, but these cannot compromise ease-of-use and efficiency.”

Conclusion

As fintech companies in the Northern Mariana Islands navigate this critical juncture, it’s clear that adopting more secure identity authentication methods is a business imperative. The future of cybersecurity may be password-less, but with facial biometrics leading the charge, the industry can rest assured that a safer, more secure tomorrow is just around the corner.