Passwords. They may drive you mad but at least they keep your details secure...Or do they?
According to a recent survey, on average 2 out of 5 people have had their password stolen and 7 out of 10 people no longer trust passwords to protect their accounts.
68% of people say they want companies to provide an extra layer of security and 86% of businesses who use Multi-Factor Authentication feel their data is more secure.
So, what is Multi-Factor Authentication (MFA)? You may not have heard of MFA, but chances are you’re probably already using it.
Whether you’re signing-in or signing-up we all use passwords, and MFA adds a secondary element to the signing in process, offering an extra layer of protection.
There are three elements that can be used in MFA: *
What the user knows: A password or pin number *
What the user has: A mobile device such as a phone or fob *
The user: A fingerprint or voice / eye recognition
The basic principle of MFA is using a combination of the elements above, not just using a singular element.
Any one of the three elements have strengths and weakness but by adding an extra element it simply compensates for the weakness of the singular element.
You may have used this process when making an online payment, as you may have been required to enter a pin number that’s been sent to your mobile phone to access your account.
Or alternatively, when setting up a new account you may have been asked to register it via your emails.
See, you’ve been using MFA all this time without even knowing it!
How can MFA benefit my business?
In short, it keeps your details, documents and data more secure!
Businesses and employees may have got used to simply using a single password, and it can be hard to change the status quo but the fact of the matter is MFA provides a substantially higher level of security.
In an attempted security attack, this extra layer can prove to be the difference between being compromised and staying secure!
MFA can also help your business become more compliant. Everyone’s heard of GDPR, and even though there isn’t a single solution that can make your company GDPR compliant overnight, safeguarding your data by using MFA is certainly a step in the right direction.
A study published by ENISA (the European Union Agency for Network and Information Security) highly recommends MFA to help comply with GDPR.
Businesses using MFA can also benefit from being more mobile and not worrying about their security.
Over the last decade, with cloud technology, the IT industry has seen a huge shift to working remotely, however, mobility and using your own devices is a serious headache for IT Managers.
A recent survey from data security company, Gemalto, suggests that 95% of IT decision makers believe security is the main concern when it comes to introducing mobility to their organisation.
The answer: MFA! The same survey also found that to overcome their security challenges around mobility, 90% of IT departments plan to implement MFA. With regular on-going cyber-attacks, it appears MFA is here to stay and will eventually become standard practise in the near future.
Large corporations, including social media companies and worldwide financial institutions are using it. What are you waiting for?
Finding the right MFA solution… CyberGuard Technologies, a division of OGL Computer, a company that’s been in business for over 40 years, and understands the industry, can offer help and guidance on the best practises of being cyber-secure, including using MFA.
Working alongside Gemalto, an industry leading software security agency, that have supplied security services for businesses and governments of all sizes, we are confident we can offer a relevant and easy to use MFA solution that can help your business.
For more information on MFA visit our website here, or if you would like to talk to one of our Security Consultants, email us here and we’ll be happy to give you a call.