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The Importance Of Multi-Factor Authentication (MFA)

What is Multi-Factor Authentication (MFA)

MFA is a security technology that requires multiple mechanisms of authentication to validate identity before gaining access to online accounts applications, or a network. MFA requires one or more additional verification factors in addition to a username and password, and it is a crucial component of a strong Identity and Access Management policy.

The process of authentication entails verifying the identity of a person by a service provider or by a system. In other words, ensuring whether the person is really who they claim to be. This can be achieved by providing the system with previously established credentials.

Using a phishing-resistant mechanism that requires a second source of validation, protects users, applications and devices from theft and account takeover risks.

Read more about crucial cyber-security solutions for your business.

Why is MFA important

Implementing additional layer of security, before logging into critical systems, doubles or even triples safety of the data stored in digital space and hardware devices.

Cybercriminals rise in strength by implementing machine learning and automation strategies to target vulnerable systems. This means that what was previously thought to be a safe way is no longer valid. As threat actors are continuously finding new ways to circumnavigate, strengthening the username and password together with taking additional steps beyond logging in, such as code on a smartphone, reduces the risk of identity compromise and mitigates the high risk of phishing. This cost-efficient approach prevents unauthorised access stored in online accounts such as mailbox and databases to name a few.

Why our MFA is a must have for INNOVATE customers? Benefits of MFA.

Cyber-criminals target companies of all sizes and thrive in digital environments. Today almost every business is digitalised and automated, where organisations revolve around the exchange of information. That’s where MFA comes into place: it governs access to sensitive data and crucial systems, preserves privacy and deter identity fraud.

But as businesses continue to advance in digital transformation so are the hackers. They adapt and change tactics until they find vulnerabilities in the system that has been so deliberately designed to accommodate client’s needs.

For example, email auto-forwarding is often used by cybercriminals to retain access to web-based mailbox. Here, threat actors create auto-forwarding rules to conceal their activities. This means that cybercriminals will receive a copy of every email that was sent to you, and even changing credentials such as password or logging out wouldn’t prevent it from happening.

This digital world comes with system’s digitalisation that not only enhances the growth of every business, but it also comes with threats. As transactions of sensitive information become increasingly digital, it is widely recommended to incorporate well-established and innovative methods of authentication, and MFA is one of them.

Learn more about how we protect our partners against cyberattacks.

How MFA can help against cyber-attacks?

To this end, MFA is largely considered to provide more robust protection for businesses. Yet not all MFAs are created equal.

Cybercriminals can send thousands of targeted spear phishing attacks using automation and machine learning. In MFA, to prevent successful attacks on passwords, an attacker must bypass several stages used to verify the identity of the user to gain access to user’s account.

As a result of this layer of protection, a cyber attacker is less likely to defeat all security stages, thus successfully reducing the risk of breaches. For example, passwords used on mobile devices are shorter and simpler in comparison to passwords used on desktops.

This means that sensitive information is potentially more exposed to interception and tampering.

This is particularly important when using cloud email solutions. Azure AD Multi-Factor Authentication, among others highly recommended forms of identification, filters all inbound emails with the spam detection rate of 99%. In consequence, enabling an MFA blocks 99.9% of these unauthorized login attempts.

While many different strategies help prevent cyber-attacks, one of the most effective is MFA. It can substantially reduce the risk of account takeover and identity theft when implemented correctly.

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To learn how a business can implement MFA and strengthen your cyber security contact our team.