5 Benefits of Multi-Factor Authentication For Your Business
5 Benefits of Multi-Factor Authentication For Your Business
Businesses are adopting technology at a far greater rate today than ever before.
While these software platforms, devices and applications are making our operations more efficient and streamlined, it’s important to be aware of the potential risks, too. Now that implementing technology has become such a necessity, businesses must be mindful about adding extra layers of protection and security to the things that matter most.
Data is undoubtedly one of the most valuable resources today, meaning businesses of all sizes are a potential target for cyberattacks.
Over the years, many organisations have allocated significant resources towards securing their digital perimeters with the latest antivirus software and firewalls. While this is a great step towards data security, most data breaches now usually occur internally due to weak passwords or compromised credentials brought on by attacks on users themselves, such as through phishing.
The password problem for businesses
While you may think that your password is secure enough, hackers have become more advanced in terms of cracking even complex passwords. People also frequently re-use passwords across different systems, meaning that when one system is compromised, the credentials can be used to access other areas, too, compromising everything.
As such, traditional passwords no longer provide strong enough protection against hackers and cybercriminals – anyone who can get a hold of these passwords can easily log in to an account and take whatever they want.
With cyberattacks increasing due to the current rise in remote working, it’s important to take extra measures to protect your data from unauthorised access.
This is where the implementation of Multi-Factor Authentication (MFA) comes in. MFA helps to reinforce password security and protect both employees and customers from phishing attacks designed by those looking to get their hands on your sensitive data and information.
What is Multi-Factor Authentication?
Multi-Factor Authentication is the practice of requiring each account holder to identify themselves through multiple verification methods before gaining access.
This is an additional layer of security on top of your basic username and password, and makes it a lot harder for intruders to access your devices and accounts with just a password alone.
Account owners nowadays will be familiar with a few different types of MFA, which include:
- User knowledge
This is a unique PIN that the user has set up or an answer to a secret question, like the name of your first pet or your favourite teacher in school.
- User possession
This method involves sending the user a verification prompt to their mobile device, or a code sent via SMS or email – depending on the user’s preference. Some businesses also use physical tokens like USB keys.
- User physical verification
This method requires users to verify themselves through fingerprints or facial recognition.
What are the advantages of using MFA for your business?
The use of traditional usernames and passwords for businesses makes you highly vulnerable and susceptible to cyberattacks. Implementing Multi-Factor Authentication is an effective means of access control that can minimise threats and mitigate the possible risks of these attacks.
According to research conducted by Microsoft in 2019, around 99.9% of identity and data theft can be avoided through MFA.
Here are 5 benefits of Multi-Factor Authentication for your business:
- Enhanced data security
The most obvious benefit of utilising MFA is that it reinforces your organisation’s security by adding another layer of protection.
Since many employees are now working remotely with minimal guidance and supervision, this leaves them more exposed to cyber threats such as phishing. Plus, as cyberattacks become more advanced, it’s becoming harder to differentiate the phishing emails from the real ones.
With MFA, you can protect your staff and your business from these insidious attempts to access your data.
- Reduced fraud and identity theft issues
Not all data breaches look like a scene from a movie, where the cybercriminal enters obscure commands on their computer to decode and hack an organisation’s system. Sometimes, all it takes is for someone to glance at a staff member’s computer and remember their password, Now, they can steal all of your sensitive data. This password compromise is one of the leading causes of fraud and identity theft and fixing this issue can be an extremely long and tedious process.
MFA protects your business against credential theft by requiring additional security measures which make it harder for data thieves to access.
- Login process simplification
Many employees can see MFA as complicated and counterproductive as they often have multiple applications and accounts that need verification in order to access and do their job. This scenario can be challenging for your staff, as constantly logging into so many different accounts can cause login fatigue.
However, with MFA, there are now advanced login options like single sign-on to authenticate the user for multiple applications within the organisation’s system at the same time, eliminating the need to log on to each individual application separately.
- Compliance achievement
The Australian Cyber Security Centre (ACSC) highlights the use of using MFA as part of their Essential 8. As number 7 on the list, implementing MFA within your business is one of the key requirements that make up what they define as the first line of a business’ digital defence.
Most health, finance and government organisations actually now require businesses to implement MFA in line with strict guidelines to protect their customers’ personal information, while helping to establish their reputation as a trustworthy business.
- Increased customer trust
Customers are more likely to place their trust in a business that makes them feel their data is secure.
Keep in mind that most people are more cautious when it comes to providing and entrusting you with their personal information. They only trust businesses that take extra measures to seriously protect them from cyberattacks and data theft.
As more organisations move towards digital transformation, cybersecurity becomes even more critical.
At Centrix, we offer Multi-Factor Authentication implementation services to enhance and add security against data theft and cyberattacks that can potentially damage your business’ reputation.
Centrix’s IT security experts provide your business with top-grade cybersecurity
Don’t let digital security threats stop your business in its tracks.
With Centrix’s extensive knowledge and expert cybersecurity solutions, you can maintain your systems to the highest standard and ensure that you continue to thrive in today’s digital environment.
To get started, book an IT Health Check or contact us today.