Thursday, March 3, 2011

Spyware/Malware Protection is Not the Answer to Identity Theft

Spyware/Malware Protection is Not the Answer to Identity TheftIn today’s world, Cyberspace has become the main avenue for businesses to prosper, but as always… Each new path to the Promised Land is wrought with hardships that must be overcome in order to reap the rewards. For companies to succeed and grow in the 21st century an Internet presence of some sort is a must, but many risks are associated with putting your information out there on display, so to speak, that deter and delay the development and growth of so many good concepts and ideas. The main risk I speak of is of course, Internet security and more specifically identity theft.

First off, let me put to rest any confidence and assurance invested in malware/spyware prevention. This is like trying to stop a leaking dam by plugging your fingers into each hole until you eventually run out of fingers when instead you should be figuring out what to do with the water once the dam breaks. In the case of malware/spyware prevention… installing security measures that confuse and frustrate the malware/spyware hackers once they get into your system (which they always do). Just read all the headlines of late related to the WikiLeaks security breaches of so-called top-tier “secure” databases.

A company I ran across recently with this business model in place is StrikeForce Technologies (OTC:SFOR) who makes it their mission to tackle the hackers once the easily-evasive “firewall” is breached. Recent interviews and webinars with company executives Mark Kay and George Waller have really opened my eyes to how “un-secure” so many of my everyday sites actually are… but like many “world is not flat” ideas that play out, the education factor of their customer base proves to be too demanding before they can generate significant revenues and garner profits.

I asked Mark Kay, CEO of StrikeForce Technologies, to comment on their business model and why they chose this approach instead of the traditional firewall: “Bolton, the majority of the solutions are about managing the security leak (malware) or identity theft once it has occurred, which is rarely successful and almost impossible to win the leapfrog game against the sophisticated, well paid and in most cases well organized, hackers and thieves. Therefore, we developed a business model that keeps the keystrokes, passwords or secret pin-codes out of the reach of the malware authors through “Out-of-Band” authentication and keystroke encryption processing.”

They are a resilient bunch though with a solid investor base and skin in the game having personally contributed moneys and raised capital for something they believe in to be not merely a successful business, but also an important cog in the evolution of Internet security and the ability of circumventing identity theft. After all, they have the earliest known patent for “Out-of-Band” authentication that they were awarded on January 11th, 2011. On the conference circuit and in the trenches of the SmallCap space since 2003, StrikeForce Technologies has my vote to have their progressive thinking identity protection software added to platforms already in place… And this vertical is quite abundant to say the least.

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