Benefits of Multi-Factor Authentication – Guide
The main benefit of multi-factor authentication is that it provides additional layers of security and reduces the likelihood of consumers’ identities being compromised. No wonder the MFD market is expected to reach $22.51 billion in two more years. And there’s more to it than that! Every organization has its own online applications. Most of them include shared documents, files, folders, videos, audios, etc. to create internal and customer profiles. Unfortunately, with the increase in cyber attacks, companies have become vulnerable. In this scenario, multi-factor authentication (MFA) becomes overly critical for most organizations, large or small. Simply put, MFA dramatically reduces the risk of a security breach and sensitive data stays protected. That said, the average employee has different resource accounts, and the company encourages the user to create complex and unique passwords for each of them as part of their best practices. At the same time, the IT team struggles with access controls. The result of poorly protected identities leads to more security risks for the organization. MFA adds an extra layer of security to these apps using a time-based one-time password (TOTP) per call or SMS, Google Authenticator, etc. Also, it is better than two-factor authentication as it can add more layers of security. It can help an organization achieve zero-trust security remotely.
Benefits of multi-factor authentication
According to a survey by Microsoft, 99.9% of cyber attacks can be blocked using multi-factor authentication. Here are seven other benefits of incorporating MFA into your mobile security strategy.
Reduce fraud and identity theft
The days of being able to crack a simple password and gain access to privileged information are over. Requiring more than two identity verification methods makes hacking more difficult for cybercriminals. MFA reduces fraud and identity theft by requiring additional security measures that thieves can rarely access.
Increase customer trust
Customers like to know that their data is safe. While the additional verification steps can seem annoying and unnecessary at times, customers trust and appreciate companies that take precautions to protect them seriously.
achieve compliance
Some industries require specific compliance measures, such as GDPR and HIPAA. Health, finance and government entities require companies to follow strict guidelines that protect consumer rights and reduce risk. Be sure to consider your company’s unique needs when determining your security requirements.
Reduce operating costs
Notifying customers of suspicious activity on their accounts costs companies time and money. MFA reduces the occurrence of fraud, reducing technical support efforts and allowing staff to focus on more complex customer service issues. While there may be upfront costs to successfully implement MFA, the investment pays for itself in the long run.
simplify insurance Mobile transactions
Now more than ever, people are completing transactions online and via mobile devices. OTT (over-the-top) apps like WhatsApp and Facebook Messenger allow consumers to make purchases directly from the app, requiring greater security against fraud through multi-factor authentication.
Fight password fatigue
According to NordPass, the average computer user has between 70 and 80 passwords. With so many passwords to remember, many consumers resort to using the same password across multiple accounts or creating simple, easy-to-steal passwords. Both methods lead to easy password cracking. The addition of MFA protects against password fatigue and adds an extra security buffer, ensuring cybercriminals cannot hack single or repeated passwords.
Simplify the login process
The invention of single sign-on logins made multi-factor authentication much easier. A one-time password (OTP) is a string of letters, numbers, or characters sent to a user for a single login attempt. One-time passwords can be sent to a mobile phone via SMS or voice, protecting web-based services, private credentials and data. OTPs reduce the risk of fraud by sending users unique, random, time-sensitive PINs and codes to their mobile devices via SMS, voice or push message. The combination of MFA security with the convenience of an app allows customers to use one login while maintaining high security standards.
Final note
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