Multi-Factor Authentication, Why Implement It?

Now a days it is difficult to live in the modern world without using computers.  They are in our handbags and pockets in the form of smart phones; in our washing machines, doorbells, and other household items; they have permeated almost all areas of modern-day society.  Along with the growth of technology are bad actors, who exploit the flaws and vulnerabilities that are inherent within software and hardware.  Multi-factor authentication, a.k.a. MFA is one tool that we can all use to fight cybercrime.  It is not a perfect solution, but it can be used to help make it difficult for a hacker to steal your private information, we should prioritise its implementation.

What is Multi-Factor Authentication (MFA)?

MFA is a computer safety measure that uses various forms of identification (ID) to prove who you are.  This can take the form of: something you know, such as a password, pass phrase or a pin; something you have in your possession, for example, a smartphone, a passport, or hardware token; or you, that could be your finger prints, facial features, your voice etc.  This approach ensures that if one form of verification is discovered by hackers, it is highly unlikely that the other forms of identity would be compromised too.  So when a second or third method of authentication is required, you, the individual will have this information but it is highly improbable that the hacker will have the other forms of identification too.

Implementing MFA personally and or in your business, significantly reduces the chance of your account been hacked, any misappropriated credentials will be useless without the other forms of ID which they would need to get access to your account.  MFA is a very useful additional layer of security that will help to keep your data safe from tempering, theft or destruction.  Business sectors such as finance, e-commerce and healthcare have to comply with regulations which embraces the implementation of MFA to secure client data and communications. The use of MFA also helps with avoiding possible financial penalties, damage to reputation and loss of buyer trust, as it reduces the risk of a password breach.

A fast-growing local company, held sensitive data, including financial records, and employee information. Despite having some cyber security systems in place, they had not yet implemented Multi-Factor Authentication (MFA) for their employees’ accounts.

A cybercriminal managed to breach an employee’s personal email account, which contained the employee’s login credentials for the company internal systems. The hacker used these credentials to gain unauthorised access to the company’s network, bypassing the single-layer password protection in place.

Within hours, the criminal had accessed several key databases, stealing financial data, and exposing sensitive employee information. This breach caused significant reputational damage to the company and they were forced to invest substantial resources in damage control, legal fees, and implementing new security measures.

The use of passwords that are inadequate or compromised is still a major problem. MFA helps to mitigate this vulnerability by requiring additional forms of identification, thereby ensuring that any attempt at hacking your account is thwarted.  As a business owner you can demonstrate how seriously you take protecting clients’ details by implementing MFA within your company, doing this will foster trust and confidence in your brand. Customers will appreciate the added security procedures that you have put in place and that their confidential information is better protected.

MFA can be utilised in a wide array of situations, applications and platforms, from email accounts and social media profiles and online banking and corporate systems. This versatility allows firms to deploy MFA across their digital infrastructure, enhancing overall security.