How Multifactor Authentication Protects Your Business
Every industry has simple inventions that just make life better: duct tape, post-it notes, the seat belt. For the IT industry, multifactor authentication (MFA) is the most recent game-changing cybersecurity example. The internet is still basically the Wild Wild West and businesses need better ways to keep their data secure. MFA does just that.
MFA: The 5-Minute Setup That Can Save You Thousands
MFA is short for multifactor authentication, a security protocol that uses multiple forms of verification to ensure the identity of your employees and customers. MFA will look different depending on what you prefer but you might use:
Biometrics, like fingerprints or facial recognition
Access codes, like a password or PIN
An item, like a security key
It works like this: When an employee or customer tries to access an account or system, MFA requires them to provide two or more pieces of information from the list above. This could be something like a PIN and a fingerprint scan, or a security key.If a cybercriminal gets a hold of an employee’s password (which can go be bought on the Dark Web), they might try logging into the account. But instead of getting in, they’ll be stopped with a page that says something like: “Please enter the 6-digit code sent to your email.” They’ll be stopped in their tracks and you’ll be notified that someone tried to access the information.
Should Your Business Be Using MFA? The Uptick in Cybersecurity Challenges
COVID-19 created lots of unique challenges for businesses but the most important one on our radar has been cybersecurity. Ransomware alone saw a72% increase in 2020, but what about now? What are thebiggest challenges facing business owners in the next few months?
The global damage from cybercrime is supposed to hit$10.5 trillion annually by 2025
Ransomware protection will be more important than ever: costs from ransomware damage are predicted to reach$265 billion by 2031
By 2025, the world will need to secure338 billion lines of software code (up from 111 billion lines of code in 2017)
The need for good cybersecurity isn’t slowing down. Because the amount of good IT people out there outweighs the cybercriminals, engineers are always coming up with new, innovative ways to protect businesses from cybersecurity threats.
The Benefits: MFA Can Help You Be a Better Business Owner
We all make mistakes—it’s inevitable! Human error causes82% of security breaches, according to Verizon’s 2022 Data Breach Investigation. But with MFA, you can slash your risk of cybersecurity attacks and make sure that the data in your systems are safe.MFA helps you run a safer business by:
Improving cybersecurity protections for sensitive information like customer records, employee data, or financial information
Significantly increasing your ransomware protection efforts, which leads to less downtime and sunk costs
Providing better visibility into user access patterns and behavior, helping you quickly identify potential cybersecurity issues
Increasing efficiency for employees
Easy MFA Management and Cybersecurity With iTology
MFA may be the simplest ransomware protection you ever put into place, but like most technology, you’ll get the most out of it when it’s managed correctly. When you implement MFA, you’ll have to:
Choose an MFA system that works best for your business
Train your employees on the new system and its requirements
Stay on top of cybersecurity threats as they evolve
With iTology, you can easily manage every element of your cybersecurity, including setting up and managing access codes, configuring biometrics, tracking location data, and monitoring cybersecurity threats. Schedule afree consultation to find out if we’d be a good fit for increasing your ransomware protection.