Top 6 Reasons to Use Multi-factor Authentication

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Without Multi-factor authentication protocols, your business insurance MAY be in breach.

Multi-factor authentication (MFA) is when you use more than one way to prove who you are when accessing your network. This keeps other people from having access to your data because they do not have all the keys needed to get into your network.

A hacker or unauthorized user may be able to steal a password or buy it on the dark web, but the chances of them gaining access to a second authentication factor are low as it requires much more effort. Consequently, MFA stops most bad actors before they can enter your systems and gain access to your data.

MFA adds an extra strong layer of security for your business' network, data, and users with a combination of two or more independent pieces of information:

  1. THINGS YOU KNOW: A password (aka "Knowledge") or pin
  2. THINGS YOU HAVE: A security token (aka "Possession"), a badge or smartphone
  3. THINGS YOU ARE: Some type of biometric verification (aka "Being") like fingerprints, facial or voice recognition

MFA

6 Reasons to Use MFA

1. More security layers at hardware, software, and personal ID levels

Multi-factor authentication was designed to add additional layers of security to sensitive information. MFA requires that users provide a minimum of two pieces of verifiable information to authenticate. User sign-on processes might provide their usernames and passwords, but also will require something like a smartphone, key fob, smartcards, fingerprint scans or facial recognition. 

2. Reduces security breaches by 99% over passwords alone

MFA can block 99.9 percent of account compromise attacks, according to Microsoft Security. With MFA, knowing or cracking the password won’t be enough for hackers to gain access - you can keep your accounts safe from almost all cyberattacks.

3. Has a scalable cost - expensive and affordable options can be found!

Multi-factor authentication is adaptable for all of your business needs. Customers, partners and employees can use a single sign-on combined with MFA and eliminate the need for multiple passwords. MFA is the perfect solution for growing businesses of any size.

Your Managed IT Provider will recommend solutions that meet your security requirements and budget.

4. Can use randomized codes generated in real-time and are difficult for hackers to break

MFA can use randomized codes that are constantly refreshing to verify user identity, instead of using SMS or another way. The random codes add another layer of security and, by using this type of authentication, makes it easy to have all of your services in one device app for authentication.

5. Enables time AND location-based access restrictions for businesses

Some businesses may require authentication factors that restrict access based on certain parameters, such as user location and time-based authentication.

USER LOCATION:
Since all basic smartphones have Global Positioning System tracking and most users carry their phones, user location provides a credible confirmation of the login location.

TIME-BASED AUTHENTICATION
Time-based authentication proves a person's identity by detecting presence at a specific time of day and granting access to a certain system or location. For example, bank customers cannot physically use their ATM card in the Canada and then in the Bahamas 15 minutes later. These types of locks can be used to prevent online bank fraud.

6. Protects user data and restricts access to authorized personnel only

Multi-factor authentication is an enhanced security measure that helps protect your personal information. By requiring multiple factors of access to confirm identity, it ensures that only authorized users have access to sensitive personal information.

 


There are many reasons why MFA would be a great choice for your business and so many options to fit your business size and budget.

If you're looking to implement MFA as a part of your IT security or have more questions, you can chat with GAM Tech any time. Book a free consultation right here.

 

Posted by Adrian Ghira on Sep 12, 2022 12:12:29 PM

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