5 Reasons to Use Multi-Factor Authentication
Read why MFA is the #1 Security Control Northeast Ohio Businesses can Implement Today!
By: PCR Business Systems
On his podcast, computer scientist and AI researcher Lex Fridman asked Nicole Perlroth, a renowned cybersecurity journalist and author, what one thing she would have people do today to fight cybercriminals. Her answer: two-factor, or Multi-Factor Authentication (MFA).
According to Perlroth, “right now, (two-factor authentication) is bar none the easiest and simplest way to defer attacks. The name of the game is to make yourself a little harder to attack than your competitor. You can make cybercriminals’ jobs that much harder by doing the bare basics.”
You can make cybercriminals’ jobs that much harder by doing the bare basics.
WHAT IS MULTI-FACTOR AUTHENTICATION?
Signing into your online accounts (email, banking, social media, etc.) has traditionally been done using only a username and password. Multi-factor authentication (MFA) takes this one step further and requires you to verify your identity with additional factors. This can include a unique code sent to your mobile device, your fingerprint, facial recognition, a secure USB key, or more.
By adding authentication requirements, hackers need more than just your usernames and passwords to gain access to your accounts. They also need your physical verification tool to sign in. Unless they have your smartphone, key, fingerprint, etc., they’re stuck.
5 REASONS YOUR BUSINESS SHOULD USE MFA!
1. IT CAN SAVE YOUR BUSINESS
Compromised passwords are one of the leading ways hackers and cybercriminals gain access to your network and private data—leading to identity theft, ransomware attacks, and customer account data breaches. All of which can put your company, your employees’ careers, and your reputation at risk.
Reports show that one-in-three small to mid-sized businesses have been exposed on the Dark Web. Many of which do not realize they have been compromised. In addition, 60% of businesses with less than 500 employees go out of business after 6 months of experiencing a breach. MFA is the first line of defense in protecting your company against a breach.
2. EMPLOYEE PASSWORDS ARE OFTEN WEAK AND USED FOR MORE THAN ONE ACCOUNT
We have all been guilty of using a weak password or using the same password for multiple accounts. We have enough on our plates at work and it’s easy to get lazy and not want to type in long and complicated passwords.
Unfortunately, according to Verizon’s 2020 Data Breach Investigations Report, 80% of hacking related breaches were caused due to compromised passwords.
Educating your staff on cybersecurity best practices, password safety, and implementing MFA wherever user credentials are required will go a long way in preventing a breach that could otherwise be caused by weak employee passwords.
3. MANY EMPLOYEES STILL DO SOME WORK REMOTELY
According to the FBI, the number of cybercrimes reported during the pandemic was four-times higher than before. Much of that rise was due to employees working remotely and companies rushing to get back to business without taking the proper cybersecurity measures to secure their remote staff.
But even with most employees back in the office, there’s a good chance some work is being done from home or on the road that requires staff to log into your company’s network. Often employees will use unsecured home or public networks that may be susceptible to a breach. MFA adds a level of security should one of these networks get hacked.
4. COMPLIANCE & TRUST
Many industries require organizations to have strong security controls in place to protect sensitive client data. This includes using strong authentication processes. MFA can help you remain compliant and protect your business from legal issues should a breach occur. In addition, your clients will be happy to know that you are taking the proper steps to secure their private data.
5. MFA CAN BE IMPLEMENTED TODAY!
One of the simplest, and most-effective ways to prevent a data breach or ransomware attacked is by using MFA on all business accounts and devices. We can’t stress this enough. MFA is the most important security control for your business to implement. Each year we see Akron-area businesses lose thousands of dollars that MFA would have prevented.
The process is simple and well worth the minimal effort it takes to set up. If you have any questions about the best MFA tools for your business to use, please get in touch. In addition, we are offering NEO businesses a FREE Dark Web Scan to see if their passwords have been compromised and are being sold on the dark web.
PCR Business Systems is the leading cybersecurity company in Akron, Ohio and is one of, if not the only to be SOC 2, Type II accredited. Learn more.