Over the years, the volume of data breaches continues to grow as more and more online services like the cloud, apps, etc., are being used to store data. Though organizations try to protect their data by changing passwords, it may not prove enough to stop hackers.
In such cases, multi-Factor authentication (MFA) comes into the fold. MFA is a system used to authenticate the identity of a user using various factors. It adds an extra layer of security to your systems. The three main types of MFA factors are
- Things users know, such as a password or PIN.
- Things users have, such as smartphones or badges.
- Things users are, such as biometrics like fingerprints or voice recognition.
These factors are mainly used for various authentication processes. The prime aim of MFA is authentication of users, but it has numerous other benefits, which include:
Security Against Identity Theft
Identity theft is obtaining someone’s personal information and using it to commit fraud. It is an easy and highly rewarding type of crime. It has grown at a swift pace in the last few years. But with the use of MFA, it becomes difficult for hackers to crack passwords to gain access to private data.
Increases Security with Third Parties
Whether it’s your systems or organization systems, third parties are likely to access your systems. Keeping track of the individuals coming in and out of your system is very difficult. Therefore, you need to add an extra layer of authentication. Multi-factor authentication provides you that extra security. It can be in the form of OTP, biometric or physical.
Improve Security of Unmanaged Devices
While working remotely, employees use personal devices and internet connections to access their organizations’ networks. With the less secure internet connection, they compromise the security of organization networks. A compromised network allows hackers to access personal devices and steal data.
With the use of MFA, organizations can improve the security of remote employees’ devices or internet connections. Thus, protecting their data from hackers and enhancing safety.
Streamline Secure Payment Transactions
These days online payments through apps and websites are on the rise. Users use their bank accounts to do transactions. So, securing these transactions becomes necessary. Multi-Factor authentication offers various options to secure these transactions. OTP (one-time-password) is often used to protect the transactions among different authentication processes.
Reduces Password Fatigue
It is challenging for the user to remember numerous passwords with multiple accounts. Hence, the user uses an easy and same password for multiple accounts. The weaker password makes it easy for hackers to access personal data. Adding Multi-factor authentication prevents data theft, and the user need not remember various passwords as the user can log in using a one-time password.
Better File Access Management
Every organization has specific files that certain people can access. Using a password to access these files is unsafe as the password can be quickly passed around and duplicated. With multi-factor authentication, organizations can ensure who does and doesn’t have access to these files.
Increases User Trust
Everyone likes their data to be secured while using online services or apps. Users trust businesses more who take precautions to protect their data. So, adding MFA to your service helps generate user trust even though the verification steps seem annoying and unnecessary.
Out of all security solutions that a business can implement to protect against the threats they face, MFA is the easiest and most cost-effective to implement. As the majority of the business software supports MFA, implementing it is virtually non-intruding, causing no downtime.
Simplified Login Process
The invention of SSO has made multi-factor authentication much easier. SSO stands for Single Sign-On. It is a method that makes it possible for users to authenticate with multiple apps and websites with just one set of passwords or methods.
During the authentication, users are asked to enter a one-time password (OTP), delivered to them on their mobile phone via app or message. OTP can be sent in letters, numbers, or characters. It reduces the risk of data breaching by sending unique and random codes.
Decrease Operating Cost
Tracking and preventing suspicious activity costs businesses a considerable amount of money. But with the MFA, a company can reduce the operating costs significantly. While there is a specific cost for MFA implementation, the investment pays in the long run.
MFA reduces suspicious activity in the first phase only by authenticating users. As a result, this saves a lot of effort, energy, and cost.
Easy Regulatory Compliance
Organizations that handle sensitive data need to follow strict regulations to protect user data. One of the regulations is to have a robust authentication process in place. MFA ensures organizations are compliant with identity authentication processes such as HIPAA and GDPR to mitigate the risk.
Multi-Factor authentication provides adequate protection to all individual users and business organizations. Besides, it is relatively inexpensive and effortless to set up. So, it’s time for you to enable MFA if you haven’t already done it.