Multi-Factor Authentication is a process that is used to verify a user’s identity by using a second method of authentication in addition to the username and password. After a user logs in using their regular credentials, the system will send a one-time password to the user’s registered device, often via SMS or email. Experts agree that the simplest, single most effective step users can take to protect their accounts is to add MFA to the login process. When your office enables MFA, a crucial layer of security and protection is added.
Aren’t passwords secure enough?
Creating strong, unique passwords is a one step towards ensuring that nobody else can access your secure account. Unfortunately, users often create weak passwords and re-use the same passwords across multiple accounts. Because of this, password theft continues to be an ever-increasing concern in the digital world. Take a look at the following alarming statistics compiled by Panda Security:
- According to Verizon, 80% of hacking-related breaches are linked to passwords.
- 4 out of 10 Americans have had their personal data compromised online. Of those, 47% have lost money as a result.
- 66% of Americans use the same password across multiple online accounts.
- The healthcare industry had the highest average cost of a data breach in 2020 at $7.13 million.
Do any of your employees connect remotely?
Due to the Covid-19 pandemic, the world has seen a sharp increase in employees working remotely. According to a PricewaterhouseCoopers global survey published in September 2020, over half of the companies that were surveyed had arrangements for employees to work remotely with 80% of those companies expecting this arrangement to become the norm by the end of the pandemic. With the increased number of people connecting remotely, authenticating the credentials of all users is more critical than ever. Using MFA at your office will ensure safety of your company’s important information.
Do I really need to enable MFA on my system?
In a 2019 blog post, Microsoft manager Alex Weinert stated, “Based on our studies, your account is more than 99.9% less likely to be compromised if you use MFA.” According to Google’s Security Blog, adding a two-step verification through SMS text message can stop 100% of automated bots, 96% of bulk phishing attacks, and 66% of targeted attacks.
This additional, easy step ensures that the user logging in is the correct, authenticated user. Even if a user’s credentials are hacked, this extra verification process will ensure that the hackers will still not be able to gain access to their system. Best of all, this additional layer of security only takes a few seconds to implement. Instead of having to buy external additional devices or complicated security systems, MFA technology makes use of resources that users already have access to such as their cell phones and email addresses.