The Future of Online Security: An Introduction to Multi-Factor Authentication

In today’s digital world, online security has become more important than ever. Multi-Factor Authentication (MFA) plays a crucial part in safeguarding your sensitive information. It provides an extra layer of security by requiring users to provide at least two verification factors to gain access to their accounts.

We are already using MFA in our personal lives, so why wouldn’t we use it in our business?

Many of the applications and websites we interact with everyday have already enforced MFA. Financial institutions and online banking platforms, Amazon, Google’s Gmail, and even social media platforms including Facebook require 2-step verification where users are required to confirm their identity through a second device, usually a smartphone.

Can your business afford the repercussions that come with a cyberattack? A data breach includes financial loss, significant downtime, and the possibility of no-recovery if you do not have the proper data backup recovery plan in place.

According to a study by Datto, small to medium-sized businesses (SMBs) experience an average of 8 hours of downtime due to a single ransomware attack. This downtime can cost businesses $5,600 per minute, according to Gartner, leading to substantial financial losses. Furthermore, a breach can damage a company’s reputation, leading to loss of customers and potential future business. By implementing MFA, businesses can significantly reduce the risk of unauthorized access to their systems, thereby minimizing the potential for such costly downtime and the resulting financial and reputational damage.

Why is MFA Important?

A simple username and password are no longer sufficient to protect important data. Cybercriminals are always evolving, and their methods of attack are becoming more sophisticated. Without the extra layer of security that MFA provides, accounts are much more vulnerable to these types of breaches. Cybercriminals have a variety of tactics to hack accounts that MFA, but some of the most common are:

  • Phishing Attacks

    Where they trick users into revealing their login credentials by posing as trustworthy entities.

  • Brute Force Attacks

    Software generates and tries a vast number of potential password combinations until they find the right one.

  • Credential Stuffing

    Many people reuse the same password across multiple accounts, so cybercriminals use stolen or leaked passwords from one site to gain access to other sites.

MFA is a Mandatory Cybersecurity Measure for Modern Businesses

As technology continues to advance, so does the potential for more cybersecurity measures. StoredTech will help your business implement MFA and additional IT solutions designed to protect from a wide array of potential online threats. StoredTech‘s team of experts conduct security assessments, identifying potential vulnerabilities, 24/7 monitoring, and rapid response services to promptly handle any security incidents, minimizing potential damage. Provide your employees training to help businesses foster a culture of cybersecurity awareness with help from a trusted IT partner. With StoredTech, businesses can confidently navigate the digital landscape knowing their operations and sensitive data are safeguarded.

The Future of MFA

By embracing MFA, businesses are taking vital steps to safeguard user data and enhance overall online security. Biometric authentication, such as fingerprint and facial recognition, is becoming more commonplace. The future may also see the rise of adaptive MFA, where the type and number of authentication factors required can change based on the perceived level of risk. For example, if a login attempt is made from an unfamiliar location or device, the system may require additional authentication factors.

MFA adds an extra layer of protection, making it significantly more difficult for unauthorized users to gain access to your information. Businesses that incorporate MFA, requiring their staff to use a combination of passwords, security questions, and mobile device confirmation are taking vital steps to safeguard user data and enhance overall online security.