Data breaches are more common than you think.
In fact, studies have shown that 31% of organisations have experienced cyberattacks in the field of operational technology.
Stolen or weak login credentials are used by hackers in 63% of all web-based attacks!
In most cases, security breaches are caused by unpatched and old security vulnerabilities, insider misuse, malware, and human error.
Sensitive business information is often stored on enterprise databases, cloud servers, and local machines. Therefore, the need for a sophisticated layer of security to safeguard this data has never been greater.
Aggregating diverse layers of security builds added protection for users in the event of a cyberattack.
Among the authentication systems that have become more popular in businesses, is multi-factor authentication (MFA). This is an authentication process in which a user is only granted access to information after submitting two or more proofs of evidence to a verification mechanism.
The most basic elements that are utilised in MFA include the knowledge factor, the possession component, and the biometric or inherence factor.
The principle behind MFA is that a second or third factor will compensate for the fragility of other components and vice versa for added protection.
In this blog post, we take a deeper look into how MFA can reduce security breaches for your business.
Let’s get started:
1. MFA strengthens security
The need to enhance the verification process has reached its peak with credential-stealing attacks and password breaches on the rise. Multi-factor authentication allows businesses of all sizes to protect their brand reputation, reduce customer churn, and maintain customer trust.
MFA has the ability to diminish the effect of immoderate password reuse as it requires having something more than just passcodes to verify identities. This, therefore means that access to critical systems is not possible without added verification.
MFA heightens the security of Active Directory (AD) and Remote Authentication Dial-In User Service (RADIUS) identity stores to thoroughly authenticate users and as a result, reinforces login processes.
2. It simplifies and secures the login process
At first glance, one would think that adding MFA into organisational accounts would make logging in more complicated. In fact, the added security provided by MFA actually enables businesses to make use of progressive login techniques such as single sign-on (SSO).
Generally, single sign-on works by authenticating the user through MFA in the course of the login process. Once a user has been validated, the system will automatically log them into their single sign-on program where they can then access relevant business applications without needing to sign in separately.
MFA is easy to set up and use, allowing users with little to no knowledge of organisational security to manage their own devices. On top of that, MFA is also scalable in the cloud which means that your company’s IT experts can easily integrate it into their custom apps and on-premise AD.
MFA also stores the data gathered after you successfully verified your identity during login for your next sign-ins. This centralised MFA login further assures that your access to business programs and applications are traction-free and streamlined.
3. It prevents successful cyberattacks
Phishing, keyloggers, credential stuffing, spear phishing, brute force attacks, and man-in-the-middle attacks are among the most common yet successful cyberattacks.
Recent reports have shown that phishing attacks have become the most frequent danger to the entire landscape of the cyber industry.
By adopting MFA, businesses are not only able to trim down the risk of accounts and credentials being stolen but also bolster data security. Ideally, it’s advisable for businesses to implement MFA if it communicates sensitive data to their customers in their systems.
Common causes of security breaches
A security breach can mean disaster. No one wants to compromise client data and internal business information.
But, what can you do to avoid security breaches?
The first step is to understand what can cause a breach.
Here are the top three causes of data breaches:
1. Human error. Like it or not, humans are the greatest risk to cybersecurity. In fact, it’s worth mentioning that approximately 52% of security breaches are caused by human error. Employees are known to use weak passwords, but also send confidential data to the wrong people.
2. Malware and other viruses. Malware and viruses have been an expanding threat that’s often directed at company systems. A report by Accenture found that malware attacks are extremely costly, in fact, companies spend an average of $2.4 million in defence against these attacks.
3. Outdated programs and software. Did you know that the chances of experiencing a security breach nearly triples if more than half of your applications are outdated? Outdated software is often a risk for business disruptions such as third-party risks, ransomware attacks, and dangers related to the Internet-of-Things.
MFA does not guarantee 100% security.
But… it does add that extra layer of authentication that can either discourage hackers or make it harder for them to penetrate your business systems.
Above all, MFA reduces complex login procedures while simultaneously boosting the efficiency and effectiveness of your employees, resulting in a greater return on your investments.
Is MFA the solution you’ve been looking for? Why not schedule a call with one of our security experts to see how we can get you started ?