Why Multi-Factor Authentication is Important for Your Business

Cyber Security

Dec 17

In the past, periodically changing your passwords was enough to keep most hackers from gaining access to your accounts, but not anymore. The problem with just using passwords is that users tend to choose weak or simple passwords that are easy to guess.

As the need to protect sensitive data increases, businesses are implementing more and more security measures. One of these new security measures is Multi-Factor Authentication (MFA).

Multi-Factor Authentication provides extra protection for your account by requiring you to verify your identity in different ways. With MFA, you need two pieces of information, like a lock and key, that work together to access your account. If your password is ever stolen, hackers may have access to one piece, but not the second.

Examples of Multi-factor authentication:

Something only you know, such as a password, passphrase or personal identification number (PIN)
Something you have in your possession, such as a smartphone or token (card with magnetic strip for use at ATM or POS)
Something that links you genetically, such as a biometric fingerprint

The most common form of Multi-factor authentication is a one-time password (OTP) which is a temporary code that is sent to something you own. This can be simple, like when an app sends you a temporary code by text message/SMS to your phone that you can then type into the app to gain access. In a business setting, applications typically require authenticators, such as an app on your smartphone or a small physical device (token). In all cases, the beauty of this form of MFA is that the code is only good for a short time and expires, meaning a hacker can't know it.

With the increase of data breaches in the past few years, your company must provide additional protection for your most valuable asset: your customer's or employee's information.

The benefits of MFA are that it's simple to set up, easy to use, and works with most business applications. It is also becoming an industry best practice as data breaches increase each year.