As more organizations go digital, the need to defend against ever-increasing cyber threats is growing. Cybercriminals have access to a massive armory of stolen credentials, with over 15 billion compromised accounts. Their access is not limited to bank accounts. They can also obtain your medical information or business data, putting your personally identifiable information at risk. Multi-factor authentication is a viable option to enhance your business’s security.
Multi-factor authentication requires more than just a password; it adds an extra layer of security by requiring two or more verification methods to gain access. This could be a combination of something you know (like a password), something you have (like a smartphone), or something you are (like a fingerprint). It makes it significantly harder for cybercriminals to gain access.
After suffering from cybersecurity events, about 25% of companies adopted MFA. The following are some of the main factors influencing the adoption of MFA:
For example, making a purchase requires both the card and its pin. This falls under MFA. Thus, it is double protected.
Many sectors now legally demand multifactor authentication, particularly for confidential information.
HIPAA Restrictions are one example in the healthcare industry. European financial institutions frequently conform to PSD2, and many organizations have cyber insurance coverage.
Data breaches can be costly to businesses. However, implementing MFA can considerably reduce the likelihood of such accidents, saving enterprises substantial financial damages.
Google Authenticator and Microsoft Authenticator are a few multifactor authentications.
Just 2% of developers in the digital world believe that enhancing authentication is optional. Therefore, everyone must be aware of the various kinds of multifactor authenticators that are available:
According to a 2023 poll, more than 51% of participants use email time-based one-time passwords (TOTPs), while approximately 56% use SMS TOTPs.
It is easy to set up and requires little technical knowledge. Most people are accustomed to receiving SMS messages, making it a simple process. It works on any mobile phone that has SMS capabilities.
One benefit of using this is that it can function without an internet connection. Unlike SMS-based authentication, this technique is more secure, not susceptible to SIM-switching attacks, and ensures that code is generated accurately and quickly. Many applications include recovery methods or backup codes. Trustworthy apps allow one-tap approval.
It delivers the highest level of protection, making it practically hard to phish. It is dependable, multi-device compatible, and offline functional. Additionally, it runs without a battery, guaranteeing ease without sacrificing quality. This easy and safe authentication solution is perfect for individuals who want the best safety for their online accounts.
Putting MFA into practice is one of the best ways to safeguard your online life. Start with your most important accounts, such as those for work, banking services, and email. Then, progressively turn it on for all services that provide the feature.
Though no security solution is flawless, MFA dramatically lowers the possibility of unauthorized access to your accounts. Its security makes the few extra seconds it takes to authenticate worthwhile.
Act now rather than waiting for a security breach. Take charge of your online safety by turning on MFA right now.
Yogesh Yagnik is the Sr. VP Information Security and Data Protection Officer at Anunta. With over three decades in the industry, he has diverse experience in Information Technology, Information Security, Infrastructure Technology Services, and Project Management across industry verticals and geographies.