Did you know that fewer than 60% of all businesses and enterprises worldwide use multifactor authentication (MFA)? While that number is already surprisingly low, that same report stated that less than 40% of companies in the tech/software industries use MFA.
These figures are shocking, as a password is a company’s first line of defense in protecting sensitive information. It’s a fair question to ask why there is so much negligence in this important data security area.
What is MFA?
Multifactor authentication requires two, or more, separate steps to verify the identity of a user attempting to access an application or account. These “steps” can be broken down into three main categories:
- Something you know, such as a password, PIN, security questions, or username
- Something you have, such as a smartphone, a one-time password (OTP), or a token.
- Something you are, such as your fingerprint or facial/voice recognition
There is also an additional MFA step known as “user location.” This step focuses on verifying the user is who they say they are based off the location of their login attempt. For example, if a login attempt happens outside of an approved location (such as your office building), it will require additional verification steps to ensure the identity of the user.
Multifactor authentication makes it more difficult for hackers to obtain access to your business’ important data and accounts. Malicious access becomes much more difficult if additional steps are required.
This is an instance where the added layer of security brings you peace of mind rather than contributing to revenue or return on investment. While many businesses may initially oppose the implementation, once they consider the consequences of their bank accounts or customer data being hacked, they often come around.
Not only does MFA protect against attempts to breach your organization’s security, it also helps prevent automated attacks. A report from Google states that 100% of automated bot attacks were prevented by simply adding an SMS text as an additional verification step. While the world is far evolving past simple SMS texts for verification, it is worth noting that the functionalities of MFA have become increasingly complex and advanced, ensuring security for organizations that incorporate the feature into their systems.
Multifactor authentication is the perfect balance between accessibility and security and can allow your organization to take the steps necessary to truly protect your resources.
Check out the infographic below for more stats on MFA:
