In today’s increasingly digital landscape, protecting sensitive business data is more critical than ever. Multi-factor authentication (MFA) plays a key role in safeguarding business accounts and mitigating the risks associated with cyber attacks.
Yet, many businesses underestimate the importance of using MFA or fail to implement it effectively with their employees, across all accounts.
What is MFA?
MFA is a security measure that requires users to provide additional forms of verification - in addition to a password - during the login process. This extra layer of protection means that access to accounts is harder for unauthorised users to gain access to. A common variation of MFA is Two-Factor Authentication (2FA).
MFA is usually one of three types of verification factors:
Biometric authentication: such as facial recognition, fingerprint scanning, or voice identification.
Knowledge-based authentication: such as answering customised secret questions.
Possession-based authentication: a code sent via email, text, or an authenticator app.
By requiring one or more of these factors alongside a password, MFA drastically reduces the likelihood of unauthorised access and therefore cyber breaches or attacks.
Why is it important for a business to use multi-factor authentication?
Implementing MFA offers several advantages for businesses, including enhanced security and compliance with online safety regulations.
1. Protecting data and reputation
A data breach can result in severe consequences, including financial loss, legal repercussions, and irreparable damage to your business’s reputation and trust. MFA acts as a strong deterrent, making it far more challenging for cybercriminals to exploit your accounts.
2. Mitigating phishing attacks
Even if a cyber hacker manages to obtain an employee's password through phishing, MFA acts as an additional barrier by requiring a secondary form of verification. Without access to all factors, unauthorised entry is almost impossible.
3. Regulatory Compliance
In many industries, implementing MFA is not just a best practice—it’s a requirement to meet data protection and cybersecurity regulations.
What are the challenges with using MFA?
While MFA is an essential security tool, businesses may encounter challenges during its implementation:
1. Shared accounts
Shared accounts, such as those used for social media management, can complicate the MFA process. For instance, if the verification code is sent to one user, others may face delays in accessing the account. To address this, businesses can use tools like 1Password or other password managers that provide a MFA code for each user.
2. Fragmented MFA Systems
When different accounts use varying types of MFA, it can create inefficiencies and frustration for employees. For this reason, it may be a good idea to implement MFA on accounts one by one to iron out any issues as you go along, rather than all at once.
3. MFA Vulnerabilities
No cybersecurity measure is entirely foolproof. Advanced cyberattacks, such as SIM-swapping, can bypass MFA by intercepting verification codes. While these instances are rare, they highlight the importance of adopting robust cybersecurity practices beyond MFA.
Is it worth the time setting up?
Despite its challenges, MFA remains one of the most effective ways to secure business accounts. By adding multiple layers of verification, MFA significantly raises the bar for cybercriminals, making it far more difficult to gain unauthorised access.
Our cybersecurity experts at the NWCRC strongly recommend enabling MFA on every business account where possible. While no system is entirely immune to attacks, implementing MFA is a critical step toward strengthening your organisation's defences and maintaining the trust of your clients and stakeholders.
Check out our Security Awareness Training if you would like more information on MFA and to ensure that you and your staff are receiving the most recent training available on business safety.
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