It is no secret that cyber-attacks are on the rise. Over the past two years, thanks to the numbers of employees working from home due to the Covid-19 pandemic, a whole new level of security breaches was achieved.
Business data and information is important to the operation of your organisation, but it has also become extremely valuable. The ramifications of not protecting your data and files from cyber attack can be huge, leading to financial losses, reputational damage, and regulatory and legal action.
The importance of strong passwords is well recognised when it comes to protecting business networks and data, especially for users with elevated permissions. By using a strong password, you can prevent hackers from accessing your accounts. Strong passwords contain a combination of uppercase and lowercase characters, numbers, and symbols. The next step for protecting your business data is multi-factor authentication (MFA).
What is multi-factor authentication?
Multi-factor authentication is an extra layer of protection for your password or account logins. It is a form of authentication that helps to increase security by requiring users to have at least two different types of authentication before they can log in, basically having to prove user identity more than once.
The most common types of MFA are token-based and credentials. With token-based MFA, the user logs in with their username and password as normal, and is then prompted to enter a token that has been provided.
With credentials-based MFA, the user logs in with their username and password as normal, and is then prompted to enter a code that has been provided.
Potential authentication methods include:
- SMS verification
- Push notifications
- Phone calls
- Email verification
- Universal 2nd factor (U2F)
Reasons to set up MFA security for your business
Having a multi-factor authentication system in place provides your business with multiple layers of defence and additional security against cyber-attacks. Poor cybersecurity is the reason behind data theft, malware infections, and other cyber-attacks.
Using an MFA solution, businesses can significantly reduce their attack surface, decrease the risk of costly breaches, and maintain productivity and continuity. According to Microsoft’s identity security director, accounts are over 99.9% less likely to be hacked when using MFA.
The simplicity of multi-factor authentication management is what makes it an attractive solution for businesses wanting to bolster security. The most ineffective security system is the one that gets bypassed, so creating a seamless user experience and streamlined application login for end-users is critical. This ensures user authentication always happens, and no user is unaccounted for.
Protects critical data and information
Your files and data are crucial for your business, as they contain all the information and records about your organisation, from its performance and operation to employee information and customer data. If malicious actors are able to exploit user passwords and penetrate your network, your business data can be tampered with, deleted, or stolen, amongst other issues. Even if you lose public data (like content on your website), it can cause significant issues and take a lot of time and money to restore. Using multi-factor authentication on your passwords can prevent these issues and enable your employees to feel secure they are not likely to be the cause of a data breach, and you can maintain business continuity.
Secure remote and hybrid work environments
Across many industries, remote and hybrid work environments have become the norm, raising concerns and questions about how companies can guarantee the safety of their remote workers and sensitive company information.
An extensive multi-factor authentication solution will help ensure that employees’ platforms aren’t accessed by unwanted users. To protect remote employees and maintain productivity during times of heightened risk, MFA security provides employees with the tools they need to stay safe and productive.
Secure your business with the security experts
A multi-factor authentication solution is becoming the new norm in account security, acting as an additional layer of password protection. Multi-factor authentication solutions are an economical and user-friendly way to bolster your company against costly data breaches and sophisticated cyber threats.
Companies that act now and partner with a cybersecurity specialist to install a multi-factor authentication solution will stay ahead of the ever-changing cybersecurity landscape and safeguard their sensitive data, remote employees, and reputation. Talk to the security specialists at INTELLIWORX today about multi-factor authentication and secure your business for the future.