According to a recent survey, on average 2 out of 5 people have had their password stolen and 7 out of 10 people no longer trust passwords to protect their accounts. 68% of people say they want companies to provide an extra layer of security and 86% of businesses who use Multi-Factor Authentication feel their data is more secure.
Most people may not have heard of MFA, but chances are they’re probably already using it. Whether they’re signing-in or signing-up we all use passwords, and MFA adds a secondary element to the signing in process, offering an extra layer of protection.
There are three elements that can be used in MFA:
What the user knows: A password or pin number
What the user has: A mobile device such as a phone or fob
The user: A fingerprint or voice / eye recognition
The basic principle of MFA is using a combination of the elements above, not just a singular element. Any one of the three elements have strengths and weakness, but by adding an extra element, it simply compensates for the weakness of the singular element.
Businesses and employees may have got used to simply using a single password, and it can be hard to change the status quo but the fact of the matter is MFA provides a substantially higher level of security. In an attempted security attack, this extra layer can prove to be the difference between being compromised and staying secure.
MFA can also help a business become more compliant. Everyone’s heard of GDPR, and even though there isn’t a single solution that can make a company GDPR compliant overnight, safeguarding data by using MFA is certainly a step in the right direction.
Businesses using MFA can also benefit from being more mobile and not worrying about their security. Over the last decade, with cloud technology, the IT industry has seen a huge shift to working remotely. However, mobility and using your own devices is a serious headache for IT Managers.
Cindy Phillips, Marketing Manager at CyberGuard, says “A recent survey from data security company, Gemalto, suggests that 95% of IT decision makers believe security is the main concern when it comes to introducing mobility to their organisation. So as we know here at CyberGuard, the only answer is: MFA. The same survey also found that to overcome their security challenges around mobility, 90% of IT departments plan to implement MFA.
“With regular ongoing cyber-attacks, it appears MFA is here to stay and will eventually become standard practise in the near future. Large corporations, including social media companies and worldwide financial institutions are using it. What are you waiting for?”