MFA – Multi-Factor Authentication: 5 Reason Business Needs It
In today’s technological age, along with keeping up with better and smarter devices. Businesses need to start looking out for their customers’ best interests as well. The risk of cyber-crime is increasing every day. It is no wonder why customers are starting to demand security from companies they are doing business with.
Over the recent years, there has been a significant rise in data breach incidents. It involves small and large companies and organizations.
Yet, companies must offer a secure platform in which customers and clients can engage in online transactions. And services without any fear when it comes to IT consultant services.
What is multi-factor authentication?
Multi-factor authentication is a tool that can help companies secure their digital platform. At the same time, giving their customers a safe and secure feeling. It also puts extra effort into the verification of user identities and the protection layer.
This extra step generally consists of sending security codes to customers’ mobile devices. So when they want to login in, buy something online, or perform any activity via the company’s app or website.
While multi-factor authentication might seem like an added inconvenience for businesses. It is already stretched thin trying to keep up with other aspects of its business. This data security measure can benefit businesses and users. It is through keeping the hackers out and protecting sensitive information.
How does MFA work?
MFA is a technology that uses two or more factors to authenticate a user’s identity. It is simple as something you know, something you have, and somewhere you are. However, the use of many factors increases your organization’s security by requiring your users to prove their identities beyond just what they know (i.e., a password). Here is a rapid breakdown of the different combinations:
Something you know
This authentication factor represents something you know, such as a personal identification number (PIN), password, or answer to a security question. With this verification method, users can access and use your network because they need to remember their code or password.
Something you have
This might be a physical authentication token, such as a key fob. This verification method requires your users to have something physical. It is in their possession before they can access your network. Additionally, this factor is good for mobile users away from the office. And because they need to have something to access your network remotely.
Reason MFA is a necessity for your business
Here are some reasons that will show you why multi-factor authentication is a necessity for any company. It protects itself from potential data breaches or client thefts:
Convenience is killing us
The number of cyberattacks, security breaches, and scams is growing. It is clear that convenience has become a major risk. As most of us know, with increased data breaches and password thefts, organizations are forced to take a data security approach when authenticating their users. But, if you are asking, how is this possible in the modern world where we need convenience in every aspect of our lives?
The answer is simple; you can have both convenience and IT services security. The caveat to this statement is that the solution must be secure. MFA will do that by providing an extra layer of security. You can use one or more verification factors like (something you know, something you are, somewhere you are).
Increased security
Commonly, passwords are not secure. With password recovery and automated tools, not to mention the human factor, your organization’s sensitive data can be at risk if you continue to use a static and easily compromised credential like a password. MFA helps organizations enforce security service policies in Corpus Christi while increasing flexibility and convenience for their users.
Save money, Improve security
MFA can help organizations decrease their costs by preventing many common password-related issues. MFA can also improve your security against account-takeover attacks. Because of its two verification factors (something you know and something you have).
A study conducted by Gartner has shown that larger organizations could save as much as $1.5 billion a year. And they are deploying MFA technology to users with access to sensitive information and transactions.
Greater user productivity
MFA is not only about security; it also improves the productivity of your end-users and employees. When used properly, MFA can ensure that only the right person is signing in to your network. This way, you can increase productivity by preventing unauthorized individuals from using company resources.
Trust your employees
Some companies may not want their employees to be more productive than they are. One thing that MFA provides organizations with is the ability to trust their employees. So it is with greater access to sensitive company data and transactions. For example, your sales reps can work from their homes or the airport terminal while traveling. It’s because of MFA’s enhanced flexibility and convenience.
MFA is not a one-size-fits-all
Many organizations are hesitant to implement MFA because of the various options available. Some of the typical questions asked are: How does it work? Which factors should I use? Which options will best fit my business needs? But, again, MFA is more than just security; it is about providing the right level of security and convenience for your business. With this in mind, an organization can decide how they want their authentication process to work based on what would be convenient for their users.
As you can see, there are many reasons why businesses need IT consultant service. Not only does it help improve security posture with MFA, but it also helps with compliance and productivity.
