7 Benefits of Multi Factor Authentication (MFA)

Most of our interactions with applications, services, and data are conducted through online accounts. And as numerous businesses and individuals store sensitive information online, the importance of digital security cannot be overstated.

Although passwords offer some protection for digital assets, they are no longer sufficient on their own. Skilled cybercriminals actively seek out passwords, recognising that discovering one password can grant access to multiple accounts if password reuse is practised.

To address this vulnerability, Multi-Factor Authentication (MFA) serves as an additional layer of security, even in cases where passwords have been stolen.

Businesses widely adopt Multi-Factor Authentication to verify users' identities and provide quick access for authorised individuals. Before we look at how you can reap the benefits of MFA, let's understand the meaning of Multi-Factor Authentication.

What is Multi-Factor Authentication?

MFA, or Multi-Factor Authentication, is a comprehensive account login procedure that involves multiple steps. The process requires users to provide more information beyond just a password. Users may be prompted to input a code sent to their email, respond to a secret question, or utilise biometric features like fingerprint scanning.

Through a second form of authentication, MFA reduces the risk of unauthorised access to an account, particularly when the system password has been compromised.

Types of Multi-Factor Authentication

Multi-Factor Authentication employs various methods to verify user identities. These methods enhance security by requiring multiple verification forms before granting access to user accounts.

As highlighted before, here are some commonly used authentication methods:

Email and SMS codes: Users receive an email or text message containing a one-time code or a link to a verification page. This code must be entered to access their account.
Authenticator Apps: Third-party applications like Google Authenticator and Microsoft Authenticator generate unique codes to authenticate users.
Biometric Authentication: This method uses biometric data, such as fingerprint scans, facial recognition, iris scanning, and voice recognition, to identify and authenticate users. Face ID on Apple devices is an example of biometric authentication using facial recognition.

Top 7 Benefits of Multi-Factor Authentication

Improves Security

The risk of hackers using stolen passwords, devices, or other individual pieces of information to gain access to your network is significantly reduced with the use of Multi-Factor Authentication (MFA).

According to Microsoft (2020), Multi-Factor Authentication effectively prevents 99.9% of all attacks.

Mitigates Risks Associated with Passwords

The frequency of hacking attacks employing scripts to guess usernames and passwords is alarming, occurring approximately every 39 seconds worldwide (University of Maryland).

Passwords, while widely used for authentication, are inherently insecure. They can be easily stolen, guessed, reused, or shared, putting account holders and system administrators at risk.

Stands Out as a Flexible and Customisable Solution

MFA offers flexibility by providing multiple options for each authentication factor, allowing enterprises to tailor the user experience according to their specific requirements.

For example, individuals may have access to fingerprint scanners on their mobile devices but not have access to face or voice recognition scanners. Some use cases may only require two factors, while others may necessitate all three authentication factors.

Allows Integration with Single Sign-On

Among the top MFA benefits is the ability to seamlessly integrate into applications and combine with single sign-on (SSO). This eliminates the need for users to create multiple unique passwords or compromise security by reusing the same password across different applications.

With SSO and MFA working together, verifying a user's identity becomes smoother, saving time and enhancing productivity.

Supports Scalability

Multi-Factor Authentication, or MFA, offers seamless scalability to accommodate the changing needs of your business. It can be implemented for various user groups, including employees, customers, and partners.

Combining MFA with single sign-on eliminates the requirement for multiple passwords, simplifies the login process, enhances the user experience, and reduces the reliance on IT support for password assistance.

Facilitates Enterprise Mobility

The COVID-19 pandemic has accelerated the adoption of remote work and digital transformation. Enabling employees to access resources through mobile devices securely enhances productivity.

A company can provide employees with flexible and uninterrupted access using MFA for logging into business applications. This approach also ensures networks and data protection, particularly when integrated with single sign-on.

Adaptability for Other Diverse Use Cases

Certain scenarios necessitate heightened security measures, such as high-value transactions and accessing sensitive data from unknown networks or devices.

Adaptive MFA leverages contextual and behavioural data, such as geolocation, IP address, and time since the last authentication, to assess risk levels.

Suppose suspicious indicators, such as a risky IP address or other warning signs, are detected. In that case, additional authentication factors can be introduced to obtain a higher confidence level in the user's identity.

Summarising the Advantages of Multi-Factor Authentication

Multi-Factor Authentication (MFA) improves security by reducing the risk of hackers using stolen credentials, with Microsoft reporting a 99.9% effectiveness rate.
Password vulnerabilities, including frequent hacking attempts, underscore the insecurity of relying solely on passwords.
MFA offers flexibility and customisation, accommodating various authentication factors based on user needs. Integration with single sign-on streamlines access while enhancing security.
MFA supports scalability, facilitating its implementation for employees, customers, and partners, reducing reliance on multiple passwords and improving the user experience.
It also enables secure enterprise mobility, allowing employees to access resources remotely. Adaptive MFA addresses diverse use cases by assessing risks and adjusting authentication factors accordingly, strengthening identity verification.

Leveraging The Best MFA Solution

Multi-factor Authentication (MFA) is the simplest and the most effective tool to provide another layer on top of the login credentials.

InstaSafe Technologies offers a seamless and user-friendly MFA tool while ensuring secure access to critical systems, applications, and data.