What are the benefits of using Multi-Factor Authentication (MFA)?

Multi-Factor Authentication (MFA) is the practice of using two or more authentication methods when signing in to an application. MFA differs from 2FA, which includes an authentication method in addition to the password.

For example, when a homeowner uses their door lock to lock their home, it adds a layer of security to their home. This level can be likened to using a password in data access security. When the same owner installs an extra padlock on their door, then it adds a second layer of security as is the case with 2FA to data security.

If the owner decides to increase the security of his home and installs an alarm system or buys a guard dog then it adds multiple layers of security to the protection of his home. The same is achieved through the use of an MFA, which can provide in-depth, multifaceted security.

Using MFA makes malicious actions more difficult. It is much easier for a criminal who wants to steal your information to steal your password than to steal your password and mobile, which would definitely not go unnoticed.

The benefits of using MFA, however, are much more, especially in the case of businesses where the number of users, as well as the amount of data, is much higher.

According to a Microsoft survey presented at the RSA Security Conference, nearly 1.2 million Microsoft accounts were hacked in January 2020, of which 99.9% did not use Multi-Factor Authentication (MFA). In a more recent Identity Defined Security Alliance (IDSA) survey, Identity Security: A Work in Progress, of the 94% of organizations that have suffered data leaks, 79% have been breached in the last two years.

The rising incident rates can be attributed to many factors, including the increasing use of cloud technologies and services, as well as the adoption of teleworking and hybrid workers by many organizations. In any case, the integration of technology more and more in everyday life makes us vulnerable to malicious actions such as data interception, social engineering, or phishing.

But what are the benefits of using an MFA?

• Strengthening your organization's cybersecurity

The cost of cybercrime is estimated to increase by 15% each year to reach $10.5 trillion annually by 2025. Cyber breaches can cost your organization significantly in terms of financial loss, reputational damage, business interruption, loss of sensitive information, and even lead to legal repercussions. The use of additional security measures such as MFA can greatly deter such actions.

• Boosting your customers' trust

It's important for customers to know that their data is protected and secure. Any measure you use to prevent malicious actions and protect your customers' sensitive data increases their appreciation and trust in your organization.

• Compliance with safety standards

For many organizations that wish to be certified, it is necessary to take measures to safeguard the data and sensitive information they manage. The use of MFA is a step in data security that can be implemented promptly and at a reasonable cost.

• Reduction of operating expenses

Have you ever considered how much it costs you each time you have to inform your customers of suspicious activity on their accounts? Using MFA reduces the risk of fraud, and consequently relieves your employees of the obligation to inform dissatisfied customers, allowing them to focus on more constructive office work.

• Better security can help you stay competitive

According to a recent Google survey, even basic two-factor authentication is strong enough to stop 100 % of automated attacks, 96% of massive phishing attacks, and three-quarters of targeted attacks. While most businesses are positive about adapting to new technologies for better business/productivity outcomes, the same is not true when it comes to improving their overall security posture. Choosing more layers of security immediately makes you more reliable than your competition.

By being flexible in adopting and implementing effective security measures such as Multi-factor Authentication, you can help your business remain agile and competitive in a technologically growing market that is lacking in drastic information security measures it manages. It is high time that safety was seen as a catalyst for business and not just as an additional cost and responsibility. Our company is an approved distributor of Cisco's Duo MFA solutions, which cover a wide range of security needs for a business at the authentication level. Contact us to discuss your needs and suggest the best solution.