Multifactor authentication, or MFA, has become ubiquitous in today’s digital world. You interact with MFA daily, from needing to input your debit card and PIN when using an ATM or point-of-sale system or adding your email address and completing a CAPTCHA when ordering an item online. MFA helps prove to the world that you’re really you.
One of the reasons that MFA is so regularly used is that it’s easy to install on almost any digital system, and it has a low barrier of entry for use. While MFA doesn’t and shouldn’t replace other cybersecurity protocols, like anti-virus software and protective firewalls, it should be part of your larger security systems. Let’s talk about why.
Remote work is a reality for many people these days, but whether your employees work remotely or in-office, MFA helps protect them, their work, and their devices. Multifactor authentication helps keep your employees’ credentials safe when they log in to your systems and software, which is critical in preventing data breaches.
Additionally, MFA protects your employees’ devices from phishing, malware, and ransomware attacks, should their passwords ever get compromised. Some cyber attackers make a career of harvesting and phishing for passwords. If they break through, your employees have the peace of mind of knowing that MFA can defend their devices and accounts from being unlocked.
Your customers trust you with a lot of information. MFA helps you maintain that trust. Customer data like addresses, credit card and payment details, and other sensitive items aren’t and shouldn’t be for everyone’s eyes. MFA makes it easy for your clients to access their accounts securely. Aggregate studies show that an average of 68 data records are lost or compromised PER SECOND. That’s 4,080 records per minute, 244,000 records per hour, or 5,875,200 records per day.
Now, that may seem like a drop in the bucket, considering that globally, we clock 328.77 billion gigabytes of data every day, but when that data record belongs to your client, it’s no small matter. Even if you think the odds of your clientele losing their data are small, they are never zero. Putting an MFA system in place helps assure your customers that you’re paying attention to details and taking their data security seriously.
Data breaches are a nightmare of stress, downtime, recovery costs, and legal and regulatory red tape and requirements. If you experience a data loss, there are regulations that dictate when and how you must inform your customers, and you’re going to need legal counsel to navigate all the implications of that breach. The Federal Trade Commission also offers guidance for businesses of all sizes to help contain and rectify data breaches.
Having MFA can help you avoid the headaches that come with a data breach. As part of your cybersecurity protocols, MFA is often the first defense against nosy phishers and data harvesters. It’s a critical piece of the puzzle and one that, although simple, can save you time, stress, and money down the road.
If you’re not a tech person, you might feel like setting up MFA is over your head. There are many techniques and approaches to MFA. You want to be sure you’re using the appropriate methods for your needs. Where to start?
While online tutorials might show you some basics, you need the expertise of some seasoned IT professionals, like an MSP (managed services provider). An MSP partners with you to get all your technology needs in order, including setting up MFA for all your internal and client-facing operations. They’ll help you ensure you’ve got the best cybersecurity protocols in place for your business’s needs.
Cyber attackers are always looking for the next best way to destroy your data, and that’s why multifactor authentication is always worth it. No business is too small or too large for MFA, and the longer you wait, the closer you could be to a malware or ransomware attack. The sad truth is that cybercriminals don’t care who they hurt, and with the FBI reporting 4,000 cyberattacks a day, you need to install all the protection you can get.
If you want to learn more about cybersecurity threats and protection protocols, including MFA, then get in touch today! Experienced IT professionals are available to answer all your questions.