5 Reasons Why Your Business Should Invest In Multi-Factor Authentication

Multi-Factor Protection of Accounts and Data

Cybersecurity breaches have compromised millions of online user accounts. Because of this, companies are looking for ways to better protect their customers.

“Credential stuffing” is an attack vector that uses breached credentials to gain access to accounts on other websites (and the sensitive data therein). Attackers use usernames and passwords they possess to try and log in to other sites. If someone uses the same username or password across multiple sites, multiple accounts across unrelated services can be compromised.

Companies can improve their defense against this type of attack by implementing strong authentication measures such as multi-factor authentication. This is an additional security layer for the business, helping to address the vulnerabilities of a standard username and password-only approach.

One of the most important applications of multi-factor authentication is its use in accessing and managing online accounts and cybersecurity. It is especially useful in scenarios where an additional layer of protection against compromised credentials is required.

5 Reasons for Multi-Factor Authentication

1. It reduces identity theft.

Selling personal information has become one of the fastest-growing areas in cybercriminal activities. Stolen identities are bought and sold in the underground. They are used to transfer money out of personal bank accounts and defraud people of their health insurance and government benefits.

2. It improves data security.

Sensitive data security is improved by adding multiple layers of user authentication. If a user ID is logging in from a unusual geolocation, then the user can be asked to enter a one-time key that only the identity’s owner has access to.

Users generally only use about 4-6 passwords for all their personal and work accounts. Incorporating a multi-factor authentication solution into sensitive work applications can help prevent data breaches where personal accounts and passwords are compromised.

3. It helps keep your company from becoming the next headline.

Bad publicity can financially ruin companies. By keeping your company secure, you can prevent losses of business, customer trust, and costs involved in fixing security gaps that cyberattacks exploit.

4. It improves the quality of user identity data.

By incorporating multi-factor authentication as part of the user authentication process, it’s less likely that the identities and user accounts are automatically created for use by criminals. The user is be required to answer a series of questions only a real person could identify or answer.

5. It 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.

Robert Adachi
Head of Security for Identity and Access Management

Robert Adachi is Prolifics’ Head of Security for Identity and Access Management.

He has been involved in IT database administration, software development, and security consulting and advisory services for over 30 years, including helping design and develop the identity management software that went on to be acquired by IBM as Tivoli Identity Manager.