How is Multi-factor Authentication Improving in the Digital world?
There is a rush happening in the digital world. This digital world also involves cybercriminals attempting to access essential data and then selling it on the dark web.
The solution?
Multi-factor authentication!
Globally, MFA is expected to grow by 16.2% from 2021 to 2026. Major driving factors that have accelerated the growth of MFA are frauds, data breaches, average application security, the surge in the IoT devices, high demand for cloud-based devices, etc.
MFA solutions can decrease such cybersecurity threats in higher volumes. If you want to know more about everything that entails Multi-factor authentication, then keep reading!
What is Multi-factor authentication?
Multi-factor authentication is an authentication method that requires the user to do verification two or more times to gain access to an application or a website.
The best example of applications that use Multi-factor authentication is Google, banking applications, payment methods, LinkedIn, etc. When you want to login into such applications, you will need to log in more than one-time.
How does multi-factor authentication work?
When users log in to the account, they have to log in with their username and password. Secondly, they will have to verify their identity by a couple of other options.
A couple of other options include OTP via SMS, phone call, authenticator app, biometric information like a fingerprint, or a face scan.
Why do modern businesses need multi-factor authentication?
From the past few years, businesses have gone through a series of changes. Modern companies rely on cloud applications as they have to utilize powerful features. The COVID-19 pandemic has shown how secure organizations need to be. With the millions of data breaches happening on a daily basis, it is crucial for companies to implement MFA.
Some of the companies may want to set up MFA for all the users, and it is more effective when combined with single sign-on solutions, which means that many passwords will be removed. The security will be strengthened by improving the user experience.
That said, some industries may require high-risk solutions to ensure complete security.
Here is the example from two major industries:
- The retail industry may want to set up MFA to kick in when a vendor logs into their platform from a new device. MFA will ensure that it is not a hacker who is trying to log in.
- The banking industry cannot allow customers to log in to their online accounts just using their standard username and passwords. To make sure the transaction is fully secured, they require a second authentication.
How has Multi-factor authentication improved the landscape of cybersecurity in the digital world?
Multi-factor authentication offers security to all the companies that store important and sensitive data. They can protect it from descending into the hands of the wrong people. Here are some of the factors that have improved cybersecurity.
1. Better security
The fundamental and most essential benefit of Multi-factor authentication is that it improves application security. It adds an extra layer for the intruder and prevents them from penetrating and gaining further access to the sensitive data. 80% of the data breaches occur due to data breaches, and Multi-factor authentication can block 99.9% of the attacks on the passwords (Voila! Isn’t this great!). So you can see on your own how MFA can benefit.
2. It is easy and budget friendly to implement
From all the cybersecurity solutions a company is going to implement to fight against the multitude of threats they will face, MFA is going to be the least expensive to implement.
3. It is Single Sign-On compatible
Single Sign-on is a productivity intensifying authentication method. This method allows the users to authenticate multiple applications with just one set of credentials. In many application security testing, it is proved that it works even better when coupled with MFA. When they both are paired together, users who haven’t logged into an application can be asked to enter with the help of OTP, which will be sent to them via SMS.
4. Great regulatory compliance
Executing MFA is a crucial requirement to achieve compliance with data protection regulations. The best way is the payment card industry, where MFA authentication is implemented in some circumstances to prevent unauthorized access.
5. It offers protection against credential and device theft
Not all data breaches involve a warning claiming that cybercriminals are entering to hijack your system. Sometimes it’s just one mistake that is enough to ruin the image of the company. MFA protects against credential theft by making sure that passwords alone are not enough to authenticate the login attempt. The cherry on the cake is when you use MFA with fully loaded encryption, it can effectively protect the device against theft.
Our Advice: Befriend the Multi-factor authentication
All the organizations have essential data in their systems. To safeguard them traditional passwords are simply not enough as it does not deliver enough protection anymore because cybercriminals have evolved their ways to attack innocent people.
Fortunately multi-factor authentication can save you as it will quickly improve your security, and executing it is going to be very easy.
If you want to go for Multi-factor authentication, then contact us now at Sattrix Security. We are here to assist you with your current and future cybersecurity needs.
