The Top Benefits of Multi-Factor Authentication

If your organization is prioritizing cybersecurity, multi-factor authentication (MFA) is a must-have when it comes to protecting data.

Picture this: the door to your office has one lock. A thief may be able to pick this lock, leaving your office vulnerable to an attack.

However, imagine your office also has a card reader, additional lock pad, or thumbprint reader required to unlock the door. Now, you have multiple layers of security.

The thief may still be able to get in, but they’d have a much more difficult time doing so, and would likely move on to an office with less protection.

This is the same idea as MFA. Creating layers of security so that your data and information is protected from hackers.

When used correctly, this authentication method can prevent cyber threats from accessing confidential information.

What is Multi-Factor Authentication?

Multi-factor authentication is an authentication method that requires users to prove their identity through multiple credentials before they can access an account.

Typically, a user must provide two or more pieces of evidence when it comes to MFA:

1. Something they know, such as a PIN number or the answer to a question
2. Something they possess, such as a verification code sent to their device
3. Something they are, such as their fingerprints or facial recognition

Once two, or all three, of these factors are confirmed, the user can then access the data or account they need.

If your company uses a variety of devices, all storing key data, and information, protection from cyber-attacks should be a top priority.

Here are eight additional benefits of using MFA to keep your organization safe.

The Benefits of Multi-Factor Authentication

Improve Overall Security

One of the most obvious benefits of MFA is the fact that it greatly reduces the chances of intruders being able to access sensitive information and data.

If your organization is looking to improve its security, MFA is the way to go. With many employees now working from home along with an increase in cyber threats such as phishing, having one password simply isn’t enough.

Sometimes, all it takes for a full data breach is one password and one account. Protect all of your employees by making sure they use MFA.

According to Microsoft, MFA can block 99.9% of cyber threats, making it an essential part of any organization’s cybersecurity plan.

Reduce Fraud & Identity Theft

Cybercriminals have a tough time breaking into accounts with MFA, unlike their high chances of accessing data in an account with one simple password. MFA makes their process tougher, leading to a reduction in fraud and identity theft.

If they aren’t able to easily get into an account, they’ll generally move on. MFA keeps your account secure and your identity protected.

Meet Compliance Requirements

Certain industries require certain regulations, such as GDPR and HIPAA. When thinking about your organization’s cybersecurity measures, you’ll want to keep these requirements in mind.

MFA can be required by specific industries, in order to prevent unauthorized users from accessing confidential data and information. So, when technology develops and systems change, MFA keeps accounts protected from cybercriminals. 

An example of this regulation is the Payment Card Industry Data Security Standard (PCI-DSS), which requires MFA to be used in certain situations in order to prevent unauthorized users from accessing different accounts.

Increase Trust

All clients will appreciate their data being protected, so MFA is a great way for companies to build trust with their customers.

Though the additional verification steps add time, most people appreciate businesses that take their protection and security seriously.

MFA also reduces the chance of your clients’ and customers’ information being compromised, allowing your organization to worry less about data breaches and more about the work at hand.

Safe Transactions

If your customers are making transactions on their mobile devices, MFA can be used to protect against fraudulent transactions and any credit card information being stolen.

This extra layer of security ensures each transaction is safely processed without the added risk of cyber threats.

Eliminate Password Changes

Most users have dozens and dozens of passwords to remember at any given time. This can lead to password fatigue, as many choose to use the same password on multiple accounts. Or, they choose to use weaker passwords that are easier to remember. These similar and short passwords leave the door wide open for hackers.

MFA combats this password fatigue and adds an extra layer of security, ensuring that cybercriminals aren’t able to hack accounts with even the most simple passwords.

Simplify Processes

Single sign-on logins have made MFA a simple, reliable process. One-time passwords (OTP) can be sent to a user’s mobile device, making it easy for them to plug in the time-sensitive code they receive.

Though simple, this code protects private information and data from the most skilled hackers. This combination of MFA with a convenient mobile notification allows users to use one login while maintaining high security standards.

Ease of Implementation

With all of the technological advancements and cyber security updates out there, MFA is one of the most affordable to implement. MFA is non-intrusive, causing hardly any downtime and making it easy for your organization to step up its overall security measures.

MFA is a smart way for companies to protect their data, customers, and increase their security bottom line.

Have any questions when it comes to MFA and how to begin implementing it for your organization? Give us a call or send us a message today!