The FBI estimates that 4,000 ransomware attacks occur per day. One of the most common ways to prevent cyber attacks is multifactor authentication.
With that in mind, multifactor authentication is a hot topic in the IT security world. In fact, one of our most popular blog posts is about the pros and cons of multifactor authentication.
So, in that vein, today’s topic is going to dive a little deeper. I’m going to lay out the top 3 reasons why businesses should use multifactor authentication.
What is multi-factor authentication?
To recap, multifactor authentication (MFA) is a form of security authentication that requires a user to present two or more authentication factors. In order for the authentication to be complete, the user must confirm each factor.
So, what is a factor? A couple of different things. To read more on that, click here.
Why use multifactor authentication?
Multifactor authentication enables stronger authentication
Did you know that over 80% of all hacking-related breaches happen because of stolen or weak passwords? That’s why MFA is essential. With MFA, a user can only gain access to an account if they present the factors. As a result, MFA reduces the risk of compromised passwords.
For example, let’s say your email password gets compromised. And the hacker is trying to change your bank account’s password through your email address. If you had MFA, they won’t be able to change your password via email. Instead, they can only change the password if they also receive an SMS code on your handheld phone.
So, as you can see, MFA adds another layer of protection from cyber-attacks.
MFA adapts to the remote workplace.
If your organization has employees that work outside of the office, a more advanced MFA solution might be appropriate for you. Adaptive multifactor authentication is a good example of a more advanced solution. Adaptive MFA evaluates the risk a user presents whenever they request access to data by looking at the user’s device and location for context.
For example, an employee logging in from the company office is a trusted location. But if that same employee logs in from a coffee shop, they will be prompted to verify an additional factor. That’s because they are utilizing an untrusted location, device, or connection.
Employees are already used to MFA.
Employees are already accustomed to authenticating themselves in their personal lives. In fact, many personal banks and email providers have adopted sending SMS codes to verify their users at login.
As the amount of cyber-attacks increase, many companies are recognizing the threat of data breaches. Requiring employees to use multifactor authentication can better protect your network and data.
But keep in mind, MFA will not stop hackers in their tracks completely. MFA is just ONE layer of protection. Cyber-attacks are highly sophisticated and persistent. So, the more layers of protection you have, the better off you will be.