What do Yahoo, Google, and even the US Office of Personnel Management (OPM) all have in common? They were all the victims of some of the worst hacks to date. And while they vowed to beef up their security and prevent another hacking incident from happening again, it’s clear that these organizations can’t afford to take any chances and must invest in multifactor authentication.
What is Multifactor Authentication?
Multifactor authentication requires you to use two or more steps to verify your identity before being able to log in. This might consist of a key, password, or security token. One-factor authentication merely needs one step (like entering your password). In contrast, two-factor authentication adds an extra verification step (like typing in six numbers from the back of a card).
Multifactor authentication is a great way to strengthen your online security. Two-factor authentication, in particular, is a great way to prevent impersonation and data theft. Also, as two-factor authentication is more secure than one-factor authentication, businesses should consider investing in this feature for their users.
What Are the Benefits of Multifactor Authentication for Your Business?
Multifactor authentication offers many benefits for businesses. Anyone can quickly think of the added security it provides, but other uses are less noticeable. These include:
Improved Security
It’s no secret that multifactor authentication is more secure than one-factor authentication. Since information can’t be accessed without multiple credentials, the chances of it being stolen are slimmer than if only one credential was required. If implemented correctly, multifactor authentication systems can protect your business from data breaches, malware attacks, and identity theft. It also helps prevent impersonation attacks by requiring multiple steps to log in.
Protects Your Business’s Reputation
Multifactor authentication prevents unauthorized access to your business’s data, which may help prevent identity theft. Information can’t be stolen unless entered into the system, so two or more credentials are needed to log in. Therefore, any unauthorized attempts will fail. In addition to this, you’ll also have peace of mind that the only way of gaining access is through a multi-step procedure. As a result, consumers will have greater faith in your organization, which will boost its reputation.
Improves Data Security
Your data is susceptible, so it’s important to have tight security. If someone accesses your data and uses it, it can hurt your business’s reputation. Also, any unauthorized access to your data can harm your business by leading to financial losses. However, if you implement multifactor authentication, these risks are mitigated. Since it requires multiple credentials to gain entry, unauthorized access is doubtful. Thus, you can use your data confidently, knowing that only authorized people keep your information secure.
Aids in the Recovery Process
The most significant benefit of multifactor authentication lies in its recovery process. If someone steals or loses their security token, they have a backup of their multifactor authentication method. This helps to ensure that hackers don’t gain access to data and makes the recovery process more manageable.
Prevents Impersonation Attacks
Impersonation attacks are more common than you think. Hackers, too, know of this and use malware to impersonate their victims and log in to their online accounts. If a user opens an attachment or clicks on a link in an email, their account might be compromised. Even if the attackers did not get the victim’s credentials, the hacker might still log in. Because the hacker may access crucial data without having to steal it first, this might lead to a severe security breach.
Analytics Can Improve Your Business
Businesses can use multifactor authentication to get more data about their users. By implementing this feature, you can monitor how many people log in and when they do it. This is something that an administrator can use to understand better how people use the system.
Project management trackers like Trello can be used as part of keeping track of activities. It is a popular tool for managing projects and the information they contain. The tool’s structure makes it easy to use, even by not technologically inclined people.
Secures Credit Card Payments
You can use the Verified by VISA, MasterCard SecureCode, or SMS two-factor authentication for credit card payments validation. There is also a choice to use any of these three ways as one layer in a multifactor authentication (2FA) process and be able to request a code sent via SMS 2FA verification.
It Can Strengthen Your Company’s Infrastructure
New risks and data breaches emerge daily. You should protect your data if you’re worried about becoming a victim. Since multifactor authentication is secure and encrypts information, your business will be safer. If someone finds out that they have valuable data that they can use, they may try to obtain it through malware or other means. By offering multifactor authentication, you can help prevent this and ensure your system is safe from attacks.
Conclusion
Your most significant asset is your data, and it should be safeguarded. Authentication systems, on the other hand, are not all created equal. When it comes to security, multifactor authentication is the best option. It is more secure than one-factor authentication, but it also provides other benefits. These include a better user experience, enhanced business practices, and improved data security. Learn more about how multifactor authentication can help you by reading our other articles.
