Data breaches and cyber attacks affected billions of people in 2018.
As businesses continue to store sensitive data online, security measures must be strong enough to protect information from hackers.
Below, we explain multifactor authentication and how it can help keep your business data secure.
What is Multifactor Authentication?
Multifactor authentication (MFA) is a security enhancement that requires more than one credential when logging into an account. With MFA, users must obtain at least two different types of credentials. These can include:
- Information you know (passwords).
- An object you have (swipe cards).
- A defining characteristic (your fingerprint).
Take your bank card, for example. At the ATM you insert your card, then enter your PIN to access your funds. Another example is when your email login requires a numeric code sent to your phone to access your mailbox.
How Multifactor Authentication Keeps Your Business Secure
MFA protects your business data because it adds another layer of security. Multiple credentials are required, making it harder for thieves to access sensitive information. Take a look at how MFA protects your business against these scenarios:
- Phishing: Over 75 percent of organizations experienced a phishing attack in 2017. A phishing attack is an attempt to steal business data through legitimate-looking emails that contain malicious links. If an employee accidentally opens a malicious email and their credentials are stolen, MFA keeps the account protected by requiring a second method of verification.
- Third-party data breaches: Partnerships in business are very common. While your data might be secure, the vendor or partner who has access to your system might not be. This can leave your business open to a data breach. However, implementing MFA can prevent hackers from exploiting your partners or vendors that lack security.
- Credential stuffing: This strategy is when hackers try to “stuff” a large number of usernames and passwords they acquired from a breach into other login pages. And because people often use the same login information for multiple accounts, hackers can easily access other accounts with one piece of information. With MFA, however, account security is enhanced because cyber criminals need another verification to complete the hack.
There will never be one security solution that has the ability to stop all cyber crime, but there are strategies, like MFA, you can easily implement. Consider using MFA wherever it’s possible and connect with your IT department to ensure proper installation.
How does your business use MFA? Share in the comments below.