Why MFA is so important to protect your business.
Why Your Business Needs Multifactor Authentication
In today's digital age, cyber threats are an ever-present risk for businesses of all sizes. One of the most effective ways to bolster your online security is through multifactor authentication (MFA). This simple but powerful method adds an essential extra layer of protection to your accounts and data.
At its core, MFA requires multiple forms of verification to confirm your identity before granting access. The approach typically involves a combination of:
something you know (a password), AND
something you have (a code on your phone), OR
something you are (biometrics like a fingerprint).
MFA might seem like a hassle, but those extra steps make it exponentially harder for hackers to break in, even if they manage to steal your password. Without that second factor, cybercriminals have a much easier path to your sensitive information and systems.
The Rise of Password Hacks
Passwords are the gatekeepers to your business's online accounts, data, and infrastructure. But all too often, employees reuse passwords across multiple accounts. Striking new research found that 65% of people reuse passwords across their work and personal logins. This is now the most common attack vector into a business, surpassing email phishing in the last year.
In a password breach, a hacker can easily gain access to your interconnected accounts and assets with a single stolen password. This puts your entire organization at risk from data theft, financial crimes, ransomware, and more.
The Power of Multifactor Authentication
MFA makes those compromised password scenarios far less disastrous. Even if a bad actor gets a hold of your passwords through a breach, phishing scam, or malware, they'll be stopped cold without access to your additional verification methods.
Major technology providers like Microsoft, Google, and Apple have been pushing MFA as an essential cybersecurity practice for years. Studies show it can block over 99% of fraudulent sign-in attempts and reduce security breaches by up to 85%.
There are also alternatives to your Authenticator applications by using hardware tokens which can remove the burden and annoyance of the 30 second rolling tokens!
For businesses, MFA is an easy and affordable way to ramp up protection of your cloud platforms, remote desktops, VPNs, CRMs, financial accounts, and more. Top identity providers and password managers make it simple to enable MFA across all your work accounts.
In our increasingly digitised world, usernames and passwords alone are no longer sufficient protection. Don't wait until after a breach or attack to secure your business with MFA as the information you need to protect may have already been stolen, and the reputational damage already taking affect.