Why is MFA considered essential for Cyber Security?

The rate of ransomware and malware attacks is growing rapidly, underscoring the need for robust cybersecurity measures. Cybercriminals employ various sophisticated methods to steal sensitive data, including banking passwords and business secrets. 

With over 15 billion stolen credentials, they could easily access and breach your credentials and compromise your data. This is where multi-factor authentication security, aka MFA, plays a huge role in making it difficult for cybercriminals and hackers to access your data.

In this blog, we will focus on the importance of multi-factor authentication and its crucial role in the business world.

What is Multi-factor Authentication?

Multi-factor authentication is an IT authentication method that requires two or multiple authentication factors to verify the user’s identity and grant access to their accounts or the network.

Thus, in addition to your regular credentials, username, and password, MFA requires more authentication factors to grant access, adding an extra security layer and preventing hackers from accessing a user’s account or business network.

The three major types of authentication factors you can include in your multi-factor authentication systems are:

• Something you know (knowledge): Passwords, PINs, security questions, etc.
• Something you have (possession): Smartphones or email to receive OTP, physical tokens, smartcards, etc.
• Something you are (inheritance): Biometrics, fingerprints, retinal scan, voice recognition, facial recognition, etc.

Hence, even if the hacker successfully compromises the user’s password, the second authentication factor makes it difficult for them to access the account and the data.

Importance of Multi-factor Authentication in Cybersecurity

In traditional security measures, usernames and passwords were considered safe and secure, protecting users' accounts and data. However, with cyber attackers being crafty and sophisticated, users cannot solely rely on usernames and passwords, as they are easily compromised and breached. This is where the MFA comes into the picture. Here are some of the reasons why MFA is important.

Password Vulnerability

One of the reasons MFA is important is due to password vulnerability. Cybercriminals and attackers easily exploit a weak and compromised password. 

However, by employing MFA, organisations can add an extra layer of security before granting access to the user. This helps in lowering the risk associated with password vulnerabilities.

Data Protection

Another reason for employing MFA security in business is that it offers data protection. MFA is crucial for data security, whether it involves financial accounts, personal information, sensitive data, or other sensitive information. 

With the MFA security framework, only authorised users can access data, thus reducing the risk of data breaches.

Compliance Requirement

Another reason that highlights the importance of multi-factor authentication in certain businesses is due to compliance requirements. Various sectors, including finance and healthcare services, mandate the use of MFA to secure sensitive data. 

By complying with these requirements, businesses can prevent costly penalties and maintain regulatory standards.

How Does Multi-factor Authentication Work?

Multi-factor authentication is a security framework that requires users to provide one or more authentication methods before hazing access to resources or networks. Let us understand the workings of multi-factor authentication in detail.

Registration

The first step is to complete the registration process by creating a username and password. Apart from username and password, linking another form of authentication is crucial, which can include biometrics, software tokens and more. Both the authentication should be unique and should not be shared with others.

Authentication

Now, when an individual with MFA-enabled logs into the system or network, they first need to enter their username and password, which is the first factor. After adding the first factor, they need to enter the second factor, which can be a time-based one-time password (OTP), fingerprints, or other authentication methods.

Verify and Access

After entering both factors, the system verifies them and if the information is correct, access is granted to the users. However, if any of the factors are incorrect, access to the system and resources will be denied.

Benefits of Multi-factor Authentication

In today's security landscape, many businesses and organisations are switching towards multi-factor authentication. Here are some of the common advantages of MFA.

Enables Strong Authentication

Weak or stolen passwords are responsible for over 80% of hacking-related data breaches. Hence, a risk-reduction solution like multi-factor authentication is essential in a world where credential theft and harvesting are consistent threats.

With multiple authentication factors, MFA solutions reduce the risks of compromised weak passwords, thereby securing the user’s accounts and the organisation's network.

Hence, this added security layer helps prevent data security breaches and preserves the business’s online reputation and customer trust.

Adapts to the Changing Workplace

With the rise of remote and work-from-home scenarios, as the workplace changes and employees work from different locations, organisations need advanced MFA solutions that effectively address complex user access requests. This is where adaptive multi-factor authentication comes in.

Adaptive MFA evaluates the risk associated with a user’s request when they access certain information or company resources. For instance, it examines and analyses the user’s device and location to provide context before granting them access to the requested resources.

Thus, whenever a user requests information from public cafes or airports using unsecured public Wi-Fi connections, adaptive MFA requires them to verify additional authentication factors before accessing the information.

Enhanced Security

While using strong and complex passwords is important, it becomes much more difficult for employees to remember them, resulting in IT teams having to address users' password reset requests repeatedly.

MFA secures the users, their devices and their environments without requiring complicated password policies or password resets. Moreover, organisations can also facilitate the user experience for their employees by allowing them to choose the authentication factors or requiring the additional factors only when necessary.

MFA is easily deployable and can be integrated with multiple IT applications, allowing IT teams to invest their time and focus on more complicated tasks.

Compliant with Regulatory Requirements

One of the most crucial benefits of MFA is that it helps meet several regulatory compliance requirements.

For instance, the Payment Card Industry Data Security Standard (PCI-DSS) strictly requires MFA implementation to prevent unauthorised and unauthenticated users from accessing critical payment processing systems.

Moreover, in addition to PCI-DSS, MFA helps the healthcare industry and providers meet and comply with the Health Insurance Portability and Accountability Act (HIPAA) regulations.

Compatible with Single Sign-On (SSO)

You can easily embed MFA with applications and integrate with Single Sign-On solutions, preventing users from creating multiple passwords or reusing the same passwords for distinct applications when logging in.

MFA with SSO reduces friction while verifying and authenticating the user’s identity, saving time and improving productivity.

Common MFA Methods

There are various types of MFA options, allowing businesses to choose the MFA method that best suits their organisation's needs. Here are some of the common types of MFA methods.

Hardware Tokens

One of the common MFA types used by many big corporate houses is hardware tokens. These tokens include keys to generate OTP with near-field communication. This type of MFA method is highly secure but can be less convenient for everyday use.

SMS Based OTPs

Another type of MFA method is SMS-based OTP, which is sent via text to the user’s device. This type of MFA method is convenient for everyday use, but it can be vulnerable to attacks like SIM swapping.

Biometric Authentication

Biometric authentication is another common type of multi-factor authentication (MFA). In this, users need to use their physical traits to verify their identity. These traits include fingerprints, facial recognition and more. This is one of the most secure and convenient MFA authentication methods.

Push Notification

Another common type of MFA method involves users receiving a push notification on their primary device to either accept or reject the authentication request. This is also a convenient MFA method; however, if the primary device is lost, then it can be challenging to approve or reject the authentication request.

Authenticator Apps

There are various authenticator apps available on the market that generate time-based one-time passwords (OTPs). Users need to enter these OTPs to have access to the network. This type of MFA method is more secure than SMS-based one-time password (OTP) authentication.

Challenges Associated with Multi-factor Authentication

User Experience

One of the challenges businesses face while implementing MFA is their impact on user experience. Adding another layer of security for login can frustrate the users. That is why businesses must find the right balance of MFA security that offers a smooth user experience.

Vulnerabilities

Another challenge that is associated with MFA is vulnerabilities. Not all MFA techniques are secure. For instance, SMS-based OTPs are exposed to sim-swapping attacks. Hence, businesses must find the MFA type that aligns with their risk management strategies.

Device Dependence

Many MFA types rely on various devices, such as hardware tokens and smartphones. Therefore, if a user loses their device, they may not be able to access the resources or network. In such a situation, organisations need to have clear policies to help users regain access.

Best Practices for Setting Up Multi-factor Authentication

Having proper access management is crucial for business. Here are some common practices businesses should adopt when setting up multi-factor authentication.

Create User Roles

The first step is to create user roles based on access and group users into these roles. In simple words, you can grant privileged access to the user with admin responsibility and, for the rest, grant basic access.

Implement Strong Password Policies

Even if you have multi-factor authentication, having a strong password policy is essential for business security. It is best to have a strong password policy for the workforce that includes a combination of special characters, the use of upper and lowercase letters, etc.

Follow the Least Privilege Policy

Having at least privileged access in the organisation is good. It is best to grant the lowest level of privilege access to the stars. Based on the employee's roles and responsibilities, increase their network or system privileges.

Update Security Credentials

Regularly updating your security credentials is also considered a good security practice. Ask your workforce to update their passwords regularly. Businesses can also automate this process by denying access until the password has been changed.

Provide Awareness and Training

Lastly, with cyber attackers being increasingly crafty and sophisticated, businesses must provide awareness and training to their employees. By providing proper training on security measures, businesses can equip their employees to be alert and proactive in the event of a breach.

Conclusion

Multi-factor authentication is a crucial component of cybersecurity. Instead of relying on a single username and password, MFA requires users to go through multiple authentication methods to verify their identity. 

This enhances the account security and protects the sensitive data of businesses. It is crucial for businesses and individuals to enable MFA for their important accounts, such as online banking, social media and more.

When it comes to choosing a strong security solution, InstaSafe offers a secure, adaptive MFA solution that enhances user verification while maintaining a seamless access experience. It goes beyond traditional authentication methods by integrating dynamic, risk-based access controls that adapt to user behaviour, location, device health and access patterns in real-time.

By deploying InstaSafe’s adaptive MFA, organisations can significantly reduce the risk of credential-based attacks, enforce Zero Trust principles and maintain compliance with regulatory standards.

Frequently Asked Questions

Is the MFA method secure for business?

Yes, MFA is a highly secure method for businesses as it adds an extra layer of protection beyond passwords, making it significantly harder for attackers to gain unauthorised access. It helps prevent data breaches and supports compliance with industry regulations.

Is MFA difficult to implement?

No, MFA is not difficult to implement, especially with modern IAM solutions that offer easy integration with existing systems. Many providers, such as InstaSafe, offer user-friendly and adaptable MFA setups that can be deployed with minimal disruption to operations.

Does MFA impact user experience?

MFA can impact the user experience by adding an extra verification step, but modern adaptive MFA solutions minimise this disruption. They assess risk in real time and only prompt for additional authentication when necessary, striking a balance between security and convenience.

Key Products

MFA | I&AM | ZTNA | Zero Trust Application Access | Secure Enterprise Browser

Key Features

Single Sign On | Endpoint Security | Device Binding | Domain Joining | Always On VPN | Contextual Based Access | Clientless Remote Access | Device Posture Check

Key Solutions

VPN Alternatives | DevOps Security | Cloud Application Security | Secure Remote Access | VoIP Security