The primary benefit of multi-factor authentication is that it provides additional security layers and decreases the chance of consumer identities becoming compromised.
No wonder the market for MFD is projected to reach USD 22.51 billion dollars in another two years. And there’s more to it!
Every organization has its own set of online applications. Most of them include shared documents, files, folders, videos, audios, etc., to create in-house and client profiles. Unfortunately, with the rise in cyber attacks, companies have become vulnerable.
In this scenario, multi-factor authentication (MFA) becomes supercritical for most organizations, big or small. Put simply, MFA reduces the risk of a security breach drastically, and sensitive data stays protected.
Besides this, an average employee has different resource accounts, and the company motivates the user to create complex and unique passwords for each of them as part of their best practices. At the same time, the IT team struggles with access controls. The result of poorly secured identities leads to more security risks for the organization.
MFA adds an extra layer of security to such applications using time-based one-time password (TOTP) via call or SMS, Google Authenticator, etc. Moreover, it is better than two-factor authentication because it can add more levels of security. It can help an organization achieve zero-trust security remotely.
7 Benefits of Multi-Factor Authentication
MFA plays a vital role when it comes to information security. It protects the data against potential breaches, keeps an eye on employee accounts, and strays away hackers. Besides this, it protects users even if their login credentials are exposed by mistake. Let’s take a look at its seven benefits:
1. It provides more layers of security than 2FA.
MFA provides more layers of security as compared to 2FA. An organization can make it mandatory for both employees and consumers to verify their credibility using a password, Time-based One Time Password (TOTP), and Google Authenticator. This way, they can make sure that the end-user is verified.
The multiple layers of security ensure that the consumers looking for access are who they claim to be. Even if hackers steal one credential, they will be forced to verify identities in another manner. Therefore, companies that store consumers’ confidential details should opt for more than two authentications. It will help them build and maintain consumer trust.
2. It assures consumer identity.
MFA is an important tool for protecting consumer data from identity theft. By implementing this measure, the security of the traditional username and password login is supplemented by an additional layer of protection. Cybercriminals will have a hard time cracking TOTP since it is either sent via SMS or through an automated phone call. A consumer needs two pieces of information to access their resource. MFA adds a sense of mindfulness to authentication.
3. It meets regulatory compliances.
Implementing multi-factor authentication can be a key requirement when it comes to complying with certain industry regulations. For example, PCI-DSS requires MFA to be implemented in certain situations to prevent unauthorized users from accessing systems. So, even when application updates lead to unknown and unattended consequences, MFA compliance ensures that it remains virtually non-intrusive.
4. It comes with easy implementation.
Multi-factor authentication, by its very nature, is non-invasive. It does not affect the rest of the virtual space of an organization or institution. To add, its intuitive user experience allows it to be picked up by the consumer with almost little to no effort.
5. It complies with Single Sign-On (SSO) solutions.
An industry-compliant MFA comes with an SSO solution. You no longer have to create multiple complex passwords for different applications. Using a secondary authentication with SSO confirms the consumer identity and removes the risk of losing data due to password misplacement. This not only saves time but also enhances security.
6. It adds next-level security, even remotely.
Quite often, cybercriminals try to gain access to the system when a user is working remotely. Their task can become tricky if MFA is used with an SSO solution. MFA can help block such users and even report potential threats. The IT department immediately gets notified. They can take strict actions to block such users.
The rise in password thefts through phishing, keylogging, and pharming has raised many concerns for organizations across the globe, especially on an open network. All these concerns can be laid to rest through the implementation of MFA. For example, a user would receive a prompt to confirm secondary authentication even if the password is stolen. This will help prevent any data loss.
7. It is an effective cybersecurity solution.
Hackers have a tough time cracking a 2FA or MFA because of the implementation of strict security measures, such as TOTP, Google Authenticator, and more. The users can make the task for hackers even more difficult by using complex passwords, mainly if the MFA is used with an SSO solution.
How Can LoginRadius Help in Securing Business Data While Providing Delightful CX
Besides the benefits mentioned above, LoginRadius can help arm businesses with many more advantages. MFA with SSO allows users to connect with multiple applications by passing through numerous security measures at once.
LoginRadius Identity Platform makes use of both MFA and centralized credentials through networks, applications, and more. The IT department can even ask the employees and business consumers to strengthen their password as they have to use it once before proceeding ahead with other 2FA or MFA securities.
LoginRadius’ MFA provides a customized consumer experience with options like security questions, authenticator apps, email, automated phone calls, etc. It does not interfere with the delightful CX experience. It adds more security to business and employee data.
As more and more companies move towards digital transformation, cybersecurity becomes more and more critical. It’s here that MFA becomes super important since it offers enhanced and adequate security against theft and damage of a company’s critical data.