Given that the vast majority of cyber attacks start with an email, MFA is a highly effective and affordable data security solution. It can help you avoid the implications of an email phishing scam that gets you to click a malicious link that may infect your device with malware. 

Because passwords may be easy to crack or steal, hackers can gain access to your systems and data if there’s not another layer of security enabled to stop them. That’s where MFA comes into play and is a critical tool to protect businesses and individuals from identity theft, ransomware attacks and other forms of cyber crime. 

Below we look at what multi-factor authentication entails, how it differs from two-factor authentication, and at 9 business benefits of MFA.

What is multi-factor authentication?

Multi-factor authentication (MFA) is a digital tool used to authenticate users.

When you use MFA, you are required to present two or more pieces of evidence to authenticate yourself and your identity to enhance security and prevent cyberattackers from using your credentials or personal information to access your emails, accounts and other data.

This helps network managers to ensure that only verified users are accessing the network, making it harder for people to breach your systems. 

Most of us have experienced MFA when using a bank ATM and having to use a PIN code to verify ourselves as the owner of the card. Or you may have done online shopping with a credit card and been required to enter a security code sent to your mobile before you can process your transaction. 

A user-friendly MFA strategy aims to optimize both security and convenience for the user. MFA usually works by a user having to register with some personal details like a phone number and then login using a username and password whereupon their phone will be sent a security code to enter. Once you’ve entered that code, you are verified to use that system. 

This simple yet effective strategy can help to block most hacking attempts, helping businesses to greatly improve their security.

What’s the difference between two-factor authentication and multi-factor authentication?

While multi-factor authentication requires a user to provide two or more authentication factors, two-factor authentication (2FA) only requires two factors. That means that if MFA uses more than two factors to authenticate a user, it’s able to be more secure than 2FA, with more layers of security to ward off hackers and cybercriminals.

The benefits of multi-factor authentication for your business

Below are 9 benefits of multi factor authentication for your business, which are convincing of the need to enable this extra layer of digital security to help keep your information and data protected and safe. 

1. Helps businesses stay compliant

There are various industries and sectors that require strict adherence to data security and privacy laws, which includes restricting access to certain types of data and using MFA to protect access. MFA can therefore be used to help organisations remain compliant with legislation such as the HIPPA and GDPR.

2. Helps protect against the use of weak passwords

Many people get so tired of having to create and remember so many different login passwords for different accounts, that they end up using the same password for various logins. That puts the security of all your accounts at risk - if a hacker figures out one of your passwords they may be able to gain access to all your accounts where you used the same one.

By adding an additional security layer in the form of MFA, you can help to protect your accounts and data better, even if they have weak passwords.

3. Makes the login process more simple

Thanks to MFA, signing into online accounts is now much easier and more simplified. Using a one-time password (OTP) you can now verify your identity and sign in via digital devices like a mobile phone. OTPs can also be sent to your mobile phone.

Having an OTP to login to accounts reduces the incidence of fraud, as they need to be filled in correctly within a limited amount of time and are random codes that can’t then easily be guessed. 

4. Helps you set controlled access to data

MFA also helps you better control who can access your data. While passwords might be easily cracked, guessed or stolen, it’s not as easy to do the same with MFA - which helps you limit access to your data to those who you’ve granted permission to do so. 

Restricting access in this way helps to protect confidential and private information, making it more secure and less at risk of a cyberattack.

5. Reduces fraud

If a hacker is able to easily access your network by cracking your weak password, then they may be able to access all of your private data too. That allows hackers to also impersonate you by stealing your identity to commit acts of fraud. 

By using MFA it makes it very difficult for anyone to gain access to your systems and data, which in turn reduces the risk of fraud and identity theft.

6. Enhances customer trust

If your clients and customers know that you follow best practices when it comes to keeping their data safe and secure, they are more likely to hold you in higher esteem and to trust you.

This in turn helps you to distinguish yourself as an ethical brand leader, which can help to boost your businesses’ reputation. And it can help differentiate you from your competitors who may not take privacy and data security as seriously.

7. Enables stronger authentication requirements

The vast majority of hacks are done by stealing or cracking weak passwords, which makes MFA a necessary means to ensure and enable stronger authentication.

Using MFA helps to reduce the risk of having your passwords compromised and it helps to add an additional layer of protection to your cybersecurity.

8. Helps prevent email phishing

Email phishing is one of the most notorious vectors for hackers to gain access to your network or data and wreak havoc.

Even if a hacker was able to steal your password details, they would not likely be able to access your network if you have installed MFA, as they wouldn’t be able to complete this step in the verification process.

9. Helps to better protect your company data

Many small businesses are now being targeted by cyber criminals because they are often the most vulnerable if they haven’t installed robust cybersecurity defences like MFA. 

A data breach can have devastating effects on any organisation, but particularly small businesses that may not have the resources to deal with a sophisticated breach or ransomware attack. 

That's why MFA helps to better protect your company data and make it harder for cybercriminals to breach your security.

Need help setting up MFA for your business?

Are you interested in a powerful and cost-effective multi-factor authentication (MFA)?

Look no further. Not only is it easy to implement, but it adds an extra layer of security to keep your sensitive information safe. And the best part? With the help of a reputable and experienced IT service provider, you can easily navigate the implementation process to ensure the most effective MFA solution for your business. Don't wait, secure your business today with MFA.

Contact us at (704) 644-1220 for a no obligation consultation to discuss your MFA and cybersecurity needs and any inquiries you may have.