Multifactor authentication (MFA) requires users to provide their identity using at least two different verification factors before gaining access to your company’s network and data. Its purpose is to provide layers of security outside of username and password.
Microsoft engineers, who track over 30 billion login events per day and over one billion active users per month, find 99.9% of compromised accounts do not use multifactor authentication. A proper MFA solution will stop nearly all automated account attacks.
3 key benefits of multifactor authentication
1) It adds an additional layer of security. Unfortunately, we are no longer saying “if” a cyber attack will occur but rather “when.” With MFA hackers need more than a password to gain access to your company’s network, data and emails. Hackers need additional approval from the user to gain access.
2) It is a simple security measure. In a short amount of time your business can be protected. The team at Insight BTR will implement and manage an effective MFA solution for your business and help employees get started. With average ransom fees of $200,000 (National Security Institute, 2021) and average downtime of 21 days (Coveware, 2021), MFA is necessary and justified.
3) Peace of mind. With MFA security in place, you have more time to focus on what is important – employees, customers, products, services and growing your company.
MFA requires users to provide two separate types of authentication. This is often from:
· something you know such as a password or PIN
· something you have such as a mobile phone
· something you are such as a fingerprint or facial recognition
With more and more employees working remotely as well as using multiple devices to access company email and files, the need for MFA is even greater. In fact, malicious emails are up 600% due to COVID-19 (ABC News, 2021) and experts estimate a ransomware attack will occur every 11 seconds (Cybercrime Magazine, 2019). Another reason to implement an MFA solution is insurers are starting to require it for cyber and business liability insurance policies.
Even if your company has password management strategies, firewalls and antivirus software, MFA is a crucial component of your overall IT strategy and should be in place.