Multi-factor Authentication: Why It’s Important for your Business
Cyber-attacks are making headlines almost every day. Cybercriminals are tapping into the wealth of unprotected data and enjoying the rewards. While companies are aware of these attacks and cybersecurity risks, they do not realize the gravity of these activities and their impact on their operations. A lot of companies have yet to take the necessary steps to protect their organizations and their important data.
Over the years, organizations depend on passwords and password encryption methods to protect their data. However, passwords have accounted to the majority for data breaches in the past few years. Unfortunately, computers do not know when a password has been compromised. Thus, companies can reduce vulnerability and hacks by implementing multi-factor authentication (MFA). Using MFA helps with cybersecurity as it is a combination of at last three authentication factors: something you know, something you have, and something you are. For instance, a user can get an SMS code to log in to their email. Alternatively, they may have given a fingerprint or take part in facial recognition technology for entering a building.
Importance of MFA
When MFA is implemented correctly, it can be the most effective tool to protect against remote attacks. MFA adds an extra layer of protection against compromised credentials. With MFA, it can be easy to identify who the user is truly is because passwords are usually easy to crack, guess, or steal. With most MFA, users have to go through every step of the authentication process each time they have to sign in. Also, a lot of MFA solutions require users to create a one-time password or tokens each time they sign in.
Impacts of MFA on your Business
Multi-factor authentication must extend beyond your immediate network. You must ensure any third-party services are also using MFA. Without an extra layer of protection such MFA, attackers can easily exploit an exposed email account or damage an application to gain access to more user information. Implementing MFA correctly offers better security for customers and employees, as well as boost conversation rates because of smoother logins, improve customer trust, and reduce operating costs from data breaches to service fees.