Let's just admit it, passwords are a weakness. Weak passwords are readily cracked, while even strong passwords can be phished. Data from around the world does not give optimistic forecasts. For instance, the 2023 Verizon report shows that in out-of-band authentication, 81% of data breaches involved compromised credentials.
Using passwords alone is like protecting your castle with a wooden door. Enter multi factor authentication, the outer wall with a vigilant guard dog that raises the level of DC defenses dramatically.
Multi-factor authentication goes beyond just the most basic username and password combination. This requires additional verification of who is working on which device. It adds another layer of security with a sensitive impediment to unwanted access if there is unauthorized entry to your machine. Here is how it functions.
The First Layer: Username and Password (But Stronger!) multi-factor authentication doesn't entirely do away with passwords, but it does institute tighter policies for them— credential policies if you will—which enjoin longer and more complex passwords.
The Second Layer: The Verification Challenge In each case, after entering their password, a user is hit with the second challenge. This can take the form of:
A code is sent to a phone via SMS or app (think of something like a secret handshake that only the rightful owner knows ).
A fingerprint scan or facial recognition—both utilizing unique biological features as a key
A security key—a physical device plugged into the computer for added security.
A 2024 study by Microsoft claimed that the implementation of MFA can reduce account compromise attempts by 99.9%.
According to a report by Ponemon Institute, the estimated savings per data breach for businesses implementing multi factor authentication are $3.8 million on average.
Beyond the Numbers, it drastically reduces the risk involved in gaining unauthorized access to sensitive data and systems. Many industrial regulations now initially require the use of strong authentication practices; MFA helps firms achieve that. After further weighing, the potential savings from the prevention of data breaches and cyber-attacks outweigh the minimal cost of multi factor authentication's implementation.
Implementing MFA in this digital battlefield is no longer a luxury; it is an inseparable security measure. You give your business a very strong guard against these cyber-attacks with multi factor authentication to protect very valuable customer data and to be trusted.
Looking to strengthen your business with multi factor authentication? eMudhra provides multifaceted digital trust solutions that include an extensive suite of tools to fulfill all your needs. Contact eMudhra today to find out how MFA can empower your organization through a secure, data-driven future.