Cybersecurity is something a lot of businesses have to take seriously, especially when dealing with sensitive information.
As a business owner with information online, you should be familiar with firewalls and antivirus packages. These are also important, but they don't really protect your business from the most common threat – your employees. Studies show that employees are responsible for at least 50% of security breaches in a company. MFA secures your information by eliminating human error. So, here are 5 reasons your business needs multi-factor authentication.
What is multi-factor authentication?
Multi-factor authentication is a form of identification that requires more than 2 verification biometrics. It can require voice recognition, fingerprint scanning, and face recognition. Multi-factor authentication secures your company's information and makes it way harder for cybercriminals to get access to your data.
There are several levels of multi-factor authentication, so the kind of MFA you need depends on the type of security your business needs. Without MFA, you are leaving your business open to the numerous threats on the internet.
5 reasons why your business needs MFA
Contrary to popular opinion, MFA doesn't complicate the login process for employees. Instead, it makes it simpler. When your business uses MFA, you can simplify the login process to a simple one-step sign in. This means that once an individual has verified their identity, the computer will only require them to prove it before letting them in. You can choose any easy method of identification, like fingerprint or retina scanning.
This single step sign in not only protects your information from outsiders; it also guarantees that only verified people can have access to any level of your business. And imagine how easy it will be for everybody. It takes away the stress of logging in when you can do it in one easy step.
Many businesses have old documents or information that might have been forgotten over time. These documents are typically online for anybody that wants access to them. They may be old, but they may also contain sensitive information that hackers can use against the business. All it takes is a few minutes of having your business online.
MFA helps to protect your business by allowing you to protect all this information, and at low cost. Once you have MFA, you protect your business from malware attacks and identity theft. Most of these hacks occur when a password gets stolen. But MFA adds a layer of security to the password protection.
Most data breaches occur with larger companies, but don't think your information is safe if you're a small business. Recently, hackers have been targeting smaller business as well. According to data, 43% of cyberattacks hit smaller businesses, and 31% of the lot don't have up to 250 staff.
This means that as long as your information is online, you need protection from cyberattacks. Data breaches often make the news, and they typically don't put affected business in a good light. So, MFA will not only help you protect your information and money, but it will protect your reputation too.
If you work in the educational, financial, or healthcare sectors, then you most definitely need MFA. Industries like that, that deal with sensitive information usually make it a rule of thumb to incorporate MFA into the security. Some industries will not let you work unless you have those elevated security measures in place.
You need to ensure that you follow the required security measures because leaks from these industries are taken very seriously. Many industries have regulations that require regular updates and specific security measures. Learn what they are and apply them to your business at all times.
You can take all the security measures available, but as long as a human being holds the last step to access that information, there will be a significant risk. Sophisticated criminals have equipment that can get passwords, no matter how strong they are. Even verification codes can be hacked. MFA makes sure that these are not threats to your business' safety. MFA eliminates the biggest security risk, thus making your security as tight as possible.