March 7th, 2023 by admin
Prevention is better than cure. We lock our doors whether we're in or out of the house to prevent robbers from entering. Similarly, we use multi-factor authentication (MFA) to ward off hackers trying to access online accounts.
At this point, one might think that passwords are enough protection. But given the rising threat of cyber attacks and hacking attempts, multi-factor authentication is the added layer of security for all individuals and businesses to protect important data. A password is like one lock on the door; multi-factor authentication is an additional bolt to secure the door.
Recent statistics show that passwords are easy to penetrate. This poses a major data breach threat to businesses. Hackers can try multiple password combinations and be successful. After all, 90% of user-generated passwords are susceptible to being hacked. In light of this, all businesses must have two-factor authentication (2FA).
Multi-factor authentication has become even more crucial now with an increasingly hybrid workplace. Employees need access to their company's IT resources to work. As long as employees are in-office, the company has more control over its data security. However, with remote work, the security of valuable company information becomes challenging. There is little to no control over the modems the employees might use, and there is no way to separate business devices on a specific network from the employee's personal devices.
With a higher risk of security breaches, organizations should adopt a zero-trust security policy. This policy requires verifying every device or person who tries to access your account. Moreover, you would require authentication every time you do this, even several times a day. MFA allows you to maintain your business's privacy.
How Does Multi-Factor Authentication Benefit a Business?
All businesses should consider multi-factor authentication to access the following benefits:
Greater Control Over Who Can Access Your Files
A company's data is vital to its success. Multi-factor authentication allows a company to decide who can and cannot access its important files and documents. Employees can pass around passwords or even save passwords on their devices, which gives access to other unidentified users. When you use MFA, you eliminate this possibility, especially with the increasing incidence of remote work.
Increase Cyber Security
MFA is a foolproof way to strengthen your cyber security. Since hackers can manipulate or decode passwords, MFA provides an added layer of protection. A potential hacker might crack your password but will then have to go through a multi-step process to break into your account and access sensitive company information. MFA is great for beefing up security against the plenty of cyber threats around.
Versatile to Meet Your Security Needs
There are three main credentials for multi-factor authentication. These include:
- Security token
- Biometric verification
You would need at least two of the above for multi-factor authentication. Every business can decide which of these would be best suited to their company's security needs. Therefore, MFA is, in a way, a tailored security solution for businesses.
It Helps Save Costs
Data breaches through cyber-attacks can wreak havoc on any business. Data is the lifeblood of an organization, so it is imperative to protect it at all costs. Recovering from a cyber attack can be very costly. Moreover, hackers who access sensitive company information often try to extort money from the organization by blackmailing them. Prevent this dreaded occurrence and save costs by protecting your business with multi-factor authentication.
Protect Company Reputation
Data breaches are not a good look for any business. Customers might be hesitant to partner with such an organization, thinking their information might also be at risk. While you may recover the lost revenue from a data breach, it would be very tough to reinstate your company's reputation. MFA mitigates the risk of a cyber attack, ensuring your business stays away from making negative headlines that can tarnish its reputation.
Multi-factor authentication is the need of the hour in light of rising cyber security threats. MFA appears as the perfect additional layer of security when passwords fail.
Data protection is an important goal for businesses, and rightfully so. Unfortunately, we operate in an uncertain and risky business environment. Cyber security threats have doubled and become more sophisticated, so it is very easy for hackers to try different codes to reach the password. This would give them access to valuable and sensitive company information, which they can use to extort money.
Multi-factor authentication uses three metrics, including a password, a security code, and a biometric verification, before giving access to a user or device. With this added layer of protection, companies can secure valuable data and maintain their reputation in the business world.
If you want to learn how to set up multi-factor authentication for your business, contact us today.
Posted in: Solutions