Security

5 Ways Multi Factor Authentication can protect your business

5 Ways Multi Factor Authentication can protect your business

As hackers become more adept at ensnaring people in their scams, the rise of password fraud continues to increase. A single barrier to entry, i.e. a password is no longer enough in the modern business world and a more sophisticated system is required.  

What is Multi Factor Authentication (MFA)?  

Multi Factor Authentication is defined as a method of authentication that requires more than one factor to gain access to a system or account. The three authentication factors as defined by the Computer Resource Security Centre are ‘something you know, something you have, and something you are.’  

Something you know is usually a pin or a secret answer. Something you have is often a smart phone or a secure key and something you are, is something that intrinsically defines the user, such as a fingerprint, facial recognition or retina scan.  

These are the top 5 benefits of deploying MFA in your business.  

Reduced Fraud Risk

Passwords can be compromised very easily, either through data hacks or just weak password creation. Adding an additional layer of authentication dramatically reduces the chance of a data attack. MFA can reliably block 99.9% of automated attacks according to Microsoft and therefore is an essential component in your fraud prevention kit.  

Say goodbye to passwords  

Data Source:  Verizon 2020 Data Breach Investigation Report

Passwords are easily guessed, forgotten or shared between users, all of which make your data less secure. The constant need to reset passwords provides a frustrating user experience and can lead to workarounds. With MFA, a user can be authenticated with a smart device without the need for a password, eliminating the weak link in the security chain.  

Scalable  

MFA technology is easy to deploy and scales up almost instantly. It acts as a gateway for your existing IT infrastructure so rolling it out and adding new users and devices is fast and efficient. It’s the perfect solution for businesses of any size.  

Simplify log on process  

Not only can you remove passwords from your security options, but MFA also simplifies the user log on experience using Single Sign On (SSO) solutions. An industry compliant MFA comes with SSO as standard removing the need for users to create complex passwords for each application. Instead, one sign on, using MFA, allows access to every application that the user requires saving time and increasing security.  

Compliance

Deploying MFA technology ensures your business is compliant with data protection laws and regulations. This is important for all businesses particularly for those processing card and financial data on behalf of their customers. Even if your business doesn’t deal directly with payments or commercial data, it’s still best practice to keep your client’s information as secure as possible. Any leaks risk your reputation and could lead to financial loss.  

Implementing MFA is a relatively low cost, hassle-free deployment that provides high level security for your data and ensures you are compliant with data protection regulations. Our recommended product is Cisco Duo which can be deployed at lightning speed to protect your company. Speak to one of our experts and start securing your data today.