What is Multi-factor Authentication (MFA) and Why is it Important

Last Updated on September 21, 2022 by

If you are a security professional or just an average computer user, you have probably heard about Multi-Factor Authentication (MFA). Users often try to increase the security of their data by changing their passwords, but passwords alone may not be enough to protect personal data. This is where Multi-Factor Authentication comes into the picture. Over 37 billion data records were reported in 2020 due to data breaches. Managed IT Services can help introduce multi-factor authentication in your business to protect sensitive information.

The market for MFD is expected to reach over 22 billion dollars in the next few years. But, there is more to that. Every organization has its applications online. To create in-house and client profiles, most of them contain shared documents, files, folders, videos, and audio. Companies have become vulnerable due to the rise in cyber attacks.

In this scenario, multi-factor authentication (MFA) becomes supercritical for most organizations, big or small. Simply put, MFA drastically reduces the risk of a security breach, and sensitive data stays protected.

What Is Meant By Multi-Factor Authentication?

Multi-factor Authentication (MFA) requires the user to provide two or more verification factors to access a resource such as an application or VPN. Identity Access Management (IAM) is an essential component of a strong Identity and Access Management (IdM) Policy. MFA is required for every login to ensure a user’s credentials are correct before accessing sensitive data, decreasing the chances of an attack.

Why is MFA Important?

MFA improves your organization’s security because it requires users to identify themselves with more than a username and password. Passwords are essential, but we should remember that they are also soft targets for hackers. Using a thumbprint or physical hardware key will increase your organization’s confidence in being safe from criminals. Third-party access is a risk that needs to be considered when implementing a security measure.

Eight Benefits of Using Multi-Factor Authentication

According to a recent study by Microsoft, almost 99% of attacks can be stopped with multi-factor authentication. Look at the eight main advantages of using MFA for your mobile security.

1. More Layers of Security than 2FA

MFA offers a variety of security measures, such as requiring users to set passwords or passcodes and verifying their identity with a one-time password (OTP) or Google Authenticator.

Each customer’s identity is verified before they are granted access to the site’s resources. To avoid being banned from the site, customers are advised to use other verification methods besides stealing credentials.

2. Adaptable to the different user base

Multi-factor authentication is an easy solution for businesses, especially those that have an e-commerce site. It makes it much harder for criminals to steal your customers’ information. You can create a master file, which will work for everyone, including employees, customers, and partners. Single Sign-On with Multi-Factor Authentication eliminates the need for multiple passwords, simplifies the login process, and enhances the user experience.

3. Reduced Operating Costs

Businesses spend time and money informing customers of suspicious tasks on their accounts. As a result, fraud and help desk efforts are reduced, and staff can concentrate on complex customer problems. As a result, implementing multi-factor Authentication (MFA) successfully may be an upfront cost. The implementation cost of multi-factor authentication depends on a few things, such as the size and scope of the initiative. Generally, though, MFA costs money in terms of time and resources spent on training and support for frontline staff.

4. Reduces Password Risks

Passwords have been cracked or guessed as long as they’ve been used. If a lousy agent finds the password for an employee’s email account, there’s a good chance they’ve also seen the password for sensitive information deeper in the network. So it’s a good practice to have complex passwords. Multi-factor authentication is better to practice.

5. Streamline the Login Process

Multi-factor authentication is now more effortless thanks to single sign-on. The best way to secure a website is to create a password that hackers can’t guess. A time-based one-time password (TOTP) is a security measure used to protect web-based services and private credentials. TOTPs are sent to a mobile device to secure them. Sending users PINs that are unique, sensitive, and random in text messages can help reduce the risk of fraud. Customers can use one login while managing security standards with convenience.

6. Reduce Frauds

Technology advancements have made it more challenging to access privileged information using simple passwords. Requiring more than two methods of identity verification makes hacking harder for cybercriminals. MFA helps protect your identity by requiring additional security measures that thieves cannot easily access. This makes it more difficult for them to commit fraud or steal your personal information.

One way to verify an individual’s identity is by using a password. If someone knows the password to an account, they can easily access it and steal any information within it. A strong password is essential to safeguarding your account against unauthorized access, so it’s important not to share your password with anyone.

7. Customizable Security Solution

Enterprises can tailor the user experience to meet their needs with the multiple options available. For example, users might have access to many things on their phones but not some. Two factors may be enough for some use cases, while others may need all three elements.

8. Regulatory Compliances

Multi-factor authentication (MFA) is a security measure that must be implemented to comply with specific industry regulations. For example, only authorized users can access systems, even if they are unknown and unattended. In addition, MFA compliance ensures that application updates remain non-intrusive even when they lead to strange and solitary consequences.

In Conclusion

Multi-factor Authentication (MFA) is one of the most effective ways to prevent cyberattacks. It uses multiple security layers, including biometrics and user-defined settings, to improve your data security. Cybersecurity is becoming an even bigger deal. Governments are taking it more seriously because their infrastructure is increasingly being targeted. As a result, you need to invest in an MFA solution to protect your data from unauthorized access.

Post courtesy: Nora Erspamer, Director of Digital Marketing at New Charter Technologies

Apart from this, if you are interested to know about 6 Useful Ways to Improve Your Security Through Data Protection Services then visit our Business category.