The new iShield Key 2: Next-generation security key for phishing-resistant login and physical access

In my latest blog post, I unveil the iShield Key 2, a universal security key designed for both digital and physical access. I explain why the iShield Key 2 sets the global standard for hardware authentication and is the ideal phishing-resistant authentication solution for companies and organizations.

Introduction

Between 2023 and 2024, the number of daily cyberattacks rose to over 600 million. In Q3 of 2024, cyberattacks increased by 75% worldwide compared to the previous year. As the number of cyberattacks increases, so does the extent of the financial damage. A total of $9.5 trillion has been estimated for 2024 worldwide. Consequently, companies of all sizes are facing financial difficulties, and some are even being forced into insolvency.

Depending on the industry, cyberattacks can have devastating consequences for critical infrastructure. One notable cyberattack occurred at the Central Bank of Lesotho. In this case, the national payment system was disrupted, preventing transactions by domestic banks. This significantly restricted economic activity.

As cyberattacks increase, more and more regulations are being introduced worldwide by states and organizations with which companies must comply. In the US alone, over 170 data protection regulations were introduced between 2023 and 2024.

Phishing attacks are a major cause of successful cyberattacks. Phishing remains a perennial cybersecurity threat. According to Trend Micro, phishing attacks increased by 58% in 2023, with an estimated financial impact of $3.5 billion USD in 2024.

Selected Sectors: Healthcare, Finance, and Manufacturing

I was curious to learn more, so I examined the challenges in the following three key industries.

Healthcare

For example, in 2024, there were around 720 cyber incidents in the US affecting over 180 million people and their healthcare data.

Challenges: One of the biggest challenges in the healthcare environment is the numerous different systems employees must log into repeatedly. This also leads to passwords being shared and passed on.

Finance

Cyberattacks are increasingly targeting the global financial sector. In the last 12 months, 64% of financial institutions reported experiencing cybersecurity incidents. These cyberattacks can have serious consequences, including significant financial losses and disruption to economic activity in one or more countries.

Challenges: In the financial sector, cyberattacks via phishing primarily target financial fraud, such as the theft of bank account data and login credentials.

Manufacturing Industry

Cyberattacks are increasingly targeting the manufacturing industry, accounting for more than 25% of global cyber incidents in 2024 — making it the top target for the third consecutive year. Phishing attacks increased by 80% between September 2023 and September 2024.

Challenges:

In the manufacturing industry, ransomware usually infiltrates a company’s IT and OT systems through phishing attacks, which can lead to production downtime.

My conclusion: Phishing plays a predominant role in cyberattacks on companies and organizations in almost all industries. The best solution to make them more resilient and secure against attacks is a zero-trust architecture in combination with passwordless authentication.

The best way to increase the cyber resilience for companies and organizations

Swissbit provides effective support in implementation and provisioning of critical infrastructure protection against cyber threats.

Key strategies:

1. Enable phishing-resistant multi-factor authentication (MFA) to ensure all users are protected.
2. Adopt passwordless authentication and switch to methods not based on passwords as passwords are vulnerable to phishing attacks.
3. Use passkeys with hardware support. Deploy FIDO security keys, such as the iShield Key 2. These use hardware-assisted security to protect critical resources.
4. Implement a zero trust architecture. This verifies access requests, minimizing the risk of unauthorized access. Learn more about zero trust with hardware authentication: Whitepaper Zero Trust solutions with hardware authentication – Swissbit.
5. Empower employees through IT security training. Employees need to recognize the characteristics of phishing emails.

These strategies can improve the security of critical infrastructure facilities against evolving cyber threats. The State of Passwordless Identity Assurance Report shows that these strategies are becoming more popular. The report states:

• 46% of respondents are using passwordless and FIDO-based authentication methods
• This adoption of phishing-resistant authentication is a paradigm shift in cybersecurity, with FIDO passkeys and hardware keys expected to become the gold standard in authentication by 2027

How the iShield Key 2 became the standard for phishing resistant hardware authentication

Invest in multi-factor authentication (MFA) to prevent access to relevant systems and data. The goal should be a robust, phishing-resistant authentication infrastructure independent of passwords. This would strengthen cyber security and increase the cost-efficiency of the architecture. The iShield Key 2 series from Swissbit is the leader in hardware authentication.

• The new iShield Key 2 MIFARE is the world’s first FIDO2 security key that combines digital and physical access in one device.
• The iShield Key series supports all relevant protocols and standards, such as FIDO2, FIPS 140-3 Level 3 and MIFARE.
• The iShield Key 2 family froms the foundation for a zero trust strategy and supports MFA. It fulfills the regulatory requirements of NIS2, CRA, DORA, the U.S. Executive Order on cyber security, CISA ZTMM and OMB M-22-09.

Conclusion

I am delighted that Swissbit is presenting the technologically advanced iShield Key 2 product. Why is that? Not only does it combine digital and physical access in one device, but it also has a remote update capability and a payment function. At the same time, it guarantees maximum security with certificates such as FIDO2 and FIPS 140-3 Level 3, as well as compliance with international regulations.

Does that sound interesting to you? Convince yourself of our expertise and just contact us!