With the shift to digital working environments for many people worldwide, there has been a proportional rise in cybercrime. Companies in transition are vulnerable, and so are employees working from home. Without a robust security protocol, cybercriminals can gain relatively easy access to sensitive data that could cost a company millions. That’s one reason IT experts love multi-factor authentication.
What is Multi-Factor Authentication?
Multi-factor authentication refers to different forms of security authentication for the website and online facilities. This can include, biometrics, push notifications, text messages, emails, and phone calls. As cyber-attacks continue to rise and technology evolves, the security measures needed for access to sensitive data also have to match that development in protection. Multi-factor authentication (MFA) is the latest in cybersecurity services to prevent fraud and cybercrime.
MFA is more effective than a password because it adds a second layer of protection to an account. Passwords can be easy to guess; things such as maiden names, or first pets take only a matter of time to guess, but using certain algorithms, cybercriminals can even match complex strings of numbers and letters. Using MFA means the password protection is split between two separate devices or methods for protection.
The Cost of Not Using MFA
Cyber attacks come in different forms; some are malware covertly installed, phishing scams that steal passwords and login information, or ransomware that holds your data hostage. In some cases, hackers require passwords and login details to gain access to the network, which is where MFA is most useful.
There have been recent cases of companies suffering huge losses due to a simple phishing scam. A fraudulent email (that looks authentic) is opened by an employee, and all of a sudden, the company has a multi-million dollar data breach. The extra layer of protection MFA offers is excellent, but the practice of taking extra security measures is also good training for staff.
The Impact of Remote Work
Cybercriminals tend to take advantage of companies in transition. That means companies who are installing new software, moving premises, or upgrading their network. The vulnerability is an opportunity for cybercrime. Since the pandemic, there has been a natural rise in cybercrime due to the massive shift to remote work.
People working remotely opens up more opportunities for cybercriminals. When using their own laptops, desktops, and devices, there is a tendency to ease up on security measures in favor of convenience. Implementing MFA for individuals and employees working from home is vital to protect businesses from fraud.
Setting Up an MFA Is Simple
Of course, an MFA is not a bulletproof solution. There will always be a way of obtaining passwords and breaching security for criminals who are determined enough. However, an MFA gives your business that added layer of protection that puts off most criminal efforts.
If an MFA system does not protect your business, you should contact your Managed Service Provider, who will set up the security for you. It will mean your staff must go through a series of checks on different devices before logging on. You will find most businesses with sensitive data use this system routinely.