If hackers get the passwords for your employees or customers, they can take over systems and steal data. MFA puts up roadblocks to stop bad actors before they can cause damage. MFA requires users to present multiple forms of verification. These authentication factors can include something you have (like a hardware token, mobile device or one-time code) and something you know.
1. Reduce Risk of Data Breach
In the world of cyber threats, MFA stands out as one of the most robust security features available to businesses and employees. Hackers are 99% less likely to succeed if they have to break into your system with another step than just passwords.
When implemented properly, MFA offers a strong return on investment. MFA is a layer of defense that can be applied to internal systems and employee logins, as well as third-party applications and services like cloud storage.
Most companies offer Aka.ms/mfasetup as part of their standard security procedures, and it is also widely available as an add-on for most operating systems, service providers and account based platforms. Many of these MFA options include something you know (passwords), something you have (a physical hardware token) and something you are or do (fingerprint scans, retinal scans, voice recognition and more). In addition, new technologies like push notifications offer a fast, convenient method for verification. This helps users log in more quickly and reduces the risk of password misplacement and theft.
2. Increase Employee Satisfaction
As remote work continues to rise, securing remote access is critical. Adding multi factor authentication ensures that unauthorized users aren’t able to gain access to sensitive information. It also shows customers and workers that the business takes their data security seriously, which helps foster trust and increase loyalty.
Cybercriminals use phishing and social engineering techniques to steal credentials, but with MFA in place, the attackers must have both your password and phone number (or other verification factors) in order to login. This drastically reduces the chances of hackers stealing your login info.
MFA is a powerful tool, but it’s important to remember that no one method is foolproof. Make sure your organization follows a comprehensive cybersecurity strategy that includes strong password policies, regular software updates, and cybersecurity awareness training. The most common hacking methods like phishing and brute force attacks are targeted at the human element, so it’s important to educate workers before and after implementing MFA.
3. Eliminate Fraudulent Activity
When passwords are stolen, fraudsters can use them to take over accounts and make unauthorized transactions or attacks. This can include resetting passwords, changing account information, using stolen credentials to access the company system, or selling the credentials on the dark web.
MFA adds another layer of security at the point of entry that cannot be bypassed. It is not impossible for hackers to get access to an MFA-activated account, but it is a lot harder. In addition to MFA, other preventive tools such as device intelligence, IP address analysis, behavioral analytics, high-risk activity monitoring and SIM swap detection can also help reduce the number of accounts compromised by ATO attacks.
Password reuse and poor password hygiene are still major issues, with ‘password’, ‘123456’, and ‘qwerty’ appearing in the top 4 worst passwords year after year. MFA provides a much-needed defense against these and other types of attack. In fact, 81% of data breaches leverage stolen or weak credentials.
4. Reduce Identity Theft
Even the best companies are not immune to hackers. When websites are hacked or data is breached, cyber criminals can steal user information like passwords and email addresses. Using MFA prevents this from happening by making it more difficult to access accounts without an additional authentication factor.
If a hacker has compromised your username and password, they will likely not have your other verification method (like a smartphone or key fob) which is used to verify your identity when you log in. MFA prevents unauthorized users from accessing your system and keeps your data and systems safe from theft.
MFA is not a replacement for basic cybersecurity practices such as password complexity and changing them regularly. However, it is a great tool to help businesses and individuals mitigate the risks of a data breach. Learn how adaptive MFA with Okta can make your business more secure today. Try it free for 30 days. Click here for a demo of our MFA solution.Why Should You Spend on Multi Factor Authentication