5 Reasons to Implement Multi-factor Authentication (MFA)

You likely already use Multi-factor Authentication (MFA) in several areas of your daily life—like online banking—so protecting your business and its critical assets shouldn’t be any different. MFA is especially useful in highly regulated industries where an additional layer of protection is not just recommended; it’s required.

 

What is MFA?

Multi-factor Authentication (MFA) adds a critical layer of security to your accounts by requiring more than just a password. MFA systems typically require two of the following conditions:

1. Something you know (username and password)
2. Something you have (an authentication device)
3. Something you are (fingerprint or face recognition)

From the user’s perspective, it’s simple:

1. Enter your password.
2. Verify your identity using a second factor, such as a code sent to your phone or a fingerprint scan.

Here are five reasons you should implement multi-factor authentication:

1. MFA Reduces Identity Theft

Selling personal information has become one of the fastest-growing areas in cybercriminal activities. Stolen identities are bought and sold on the Dark Web and are often used to transfer money out of personal bank accounts, defraud people of their health insurance, and much more. MFA is one of the most effective ways companies can improve their defense against cybersecurity attacks. By implementing MFA, you’re adding another layer of protection, which addresses many vulnerabilities associated with the standard username and password-only security approach.

2. MFA Improves Data Security

Sensitive data is more secure when more levels of user authentication are required. If a user is accessing one of your business applications from an unknown machine or geolocation, the user will always be prompted to enter a one-time key that only the named user has access to because it’s in their possession (e.g., on their mobile device).

3. MFA May Keep your Company from Becoming the Next Headline

Bad publicity can financially ruin companies. By keeping your company secure, you can prevent losses associated with a data breach, such as downtime, customer trust, costs involved in fixing security gaps, and regulatory fines. MFA is proven to prevent 99.9% of automated account compromise attacks​.

4. MFA is Simple and Easy to Adopt

Your employees are already accustomed to authenticating themselves in their personal lives as consumers of online services like banking, gaming, social media, and email. It’s not as big of a cultural change or hassle as it once was, and more and more people are understanding the benefits.

5. MFA Improves User Identity Compliance

Many industry sectors, such as banking, healthcare, aerospace, and advanced education and research institutions, are required to improve the security surrounding user identities, data, and corporate secrets. Deploying multi-factor authentication helps bolster companies in security compliance audits. MFA is now required as part of compliance with many industry regulations and data protection laws​.

MFA with IT Solutions

At IT Solutions, we incorporate industry-leading authentication tools into our managed security offerings to protect against the growing number of cybersecurity threats. Our MFA service includes:

• Easy Implementation & User Management: We handle adding or removing users who need access to your systems, ensuring only authorized individuals can get in.
• Software Maintenance: Each month, ITS will proactively install applicable updates to the MFA software on your workstations and servers, so you’re always protected with the latest security features.
• Constant Monitoring: A high-priority support ticket is automatically generated if someone on your team is locked out or reports they received a fraudulent authentication prompt—we immediately jump into action, prioritizing your security.

With MFA from IT Solutions, you can have peace of mind knowing that your business data, your customers’ private information, and your employees are protected at all times.

The Time is Now

Implementing MFA is a necessary step to ensure the protection of your data and assets:

• It is one of the most effective and cost-efficient ways to safeguard your credentials and sensitive information.
• By implementing MFA, you are adopting a proven best practice that adds a strategic layer of security to your accounts, reducing the risk of unauthorized access, third-party risks, and potential data breaches.
• With MFA, you not only enhance your security but will also enjoy benefits such as lowered cyber insurance premiums and maintaining regulatory compliance.

For more information or to get the conversation started, please reach out, and one of our SMEs or your Strategic Advisor will be in touch with you.