NEW YORK, June 05, 2024 (GLOBE NEWSWIRE) -- HYPR, the Identity Assurance Company, today announced a $30 million investment from Silver Lake Waterman to drive accelerated advancements in technologies to combat the rising threat of generative AI-driven credential-based attacks. This investment validates the expanded adoption of HYPR's passwordless authentication solutions and support for its policy risk and identity verification products – evidenced with recent large-scale deployments by leading enterprises and strategic partnerships between HYPR and key technology leaders. Recent research findings from HYPR reveal that 60% of organizations name generative AI as the biggest identity security concern. It comes as no surprise given the potential for misuse and increasing sophistication of AI-powered attacks over the last 12 months, alone. Yet, many organizations continue to use probabilistic approaches to security that can be exploited, including "phishable" authentication methods such as passwords or knowledge-based identity verification. Even though 89% of organizations believe that passwordless authentication provides the highest level of security, over half (53%) still cling to vulnerable username/ password methods. "HYPR's innovative approach to identity assurance and proactive stance against the growing threats posed by generative AI is a testament to their leadership in this critical field," said Shawn O'Neill, Managing Director at Silver Lake Waterman. "We are excited to partner with HYPR on this journey, with a focus on accelerating the development and deployment of technologies that will protect organizations and individuals in an increasingly complex digital landscape." Secure, Frictionless Authentication for Millions HYPR's market leadership in FIDO passkey-based MFA is evidenced by its expansive customer base, including Fortune 50 companies. Last year alone, HYPR increased passkey usage among the workforces of its customers by ...