Business Tech

MFA: The Security Feature Your Business Needs

What is multi-factor authentication? 

Multi-factor authentication (MFA) is a security feature that requires employees to verify their identity in two or more ways when accessing an online network or system. 

The first authentication method tends to be a complex password, the second typically involves receiving a one-time code via SMS. Some MFA systems involve a third layer of security, for example testing a biometric trait such as a fingerprint.

Why is multi-factor authentication important for business security?

Businesses of all types are targeted by cyber criminals. Data from Statista showed that “in 2019, the number of cybercrime incidents exceeded 31,000 cases worldwide, and the global number of data breaches with confirmed data loss rose to almost 4,000 that year.”

Multi-factor authentication is important for business security because it helps to protect companies from cybersecurity attacks. According to a Google Study, a 2-Step Verification process helped to prevent “100% of automated bots, 96% of bulk phishing attacks, and 76% of targeted attacks.”

If your business falls victim to an attack, you’ll have many issues to deal with. Experiencing a cyber attack means loss of data, loss of money and in some cases, damage to your reputation. According to Forbes, “The average cost of a data breach is $3.86 million as of 2020.”

What are the benefits of multi-factor authentication?

There are so many benefits to adopting multi-factor authentication including:

1. Extra Security: MFA provides your business with extra layers of security, making it harder for hackers to break in.

2. Ensure compliance: Certain industries must use multi-factor authentication for compliance purposes. For example, organizations that store or process card payments must adhere to PCI-DSS, a process that legally requires at least two authentication methods.

3. Supports SSO: ‘Single Single On’ processes can help businesses to improve security and save time. SSO empowers employees to login to multiple networks in one place, using a single password.

4. Protect your business reputation: According to CSO Online, “2,000 respondents stated that they were ‘not at all likely’ or ‘not very likely’ to do business with an organization that had suffered a data breach involving credit or debit card details.” 

MFA can help to protect your business from a cyber attack, and preserve your reputation at the same time.

Which type of cybersecurity attacks does MFA prevent?

Multi-factor authentication stops cybercriminals in their tracks by asking for extra credentials from the web user. MFA can prevent many types of cyberattacks including phishing, keyloggers, brute force attacks, credential stuffing, and more. 

A phishing attack might gain the users password, however, because the hacker does not have access to the user’s phone, they cannot receive the code and complete the login process.

To protect your business online it’s advisable to invest in managed IT services.  These services can support your business security as well as offering general IT support and troubleshooting. With the help of a managed service provider you can protect your business online and improve your IT infrastructures.