The buzzings that come with holidays and festive periods are not limited to physical spaces, they also extend to the online space. There is usually an increase in online shopping and trends which result in a rise in online fraud this season. Cybercriminals leverage this to hack businesses, leaving customers’ data at risk. This is why and where businesses need Multi-Factor Authentication (MFA) during the festive period.
What is Multi-Factor Authentication or MFA?
MFA is a method of cyber security that requires that users provide more information besides their password or username before they can access their digital accounts or systems. It is also referred to as Two-Step Verification or 2FA. This method is put in place to keep your account still safe even when hackers have discovered your username or password.
An example of an MFA is what you encounter when you try to sign into one of your accounts on a new device. You are then asked to prove your identity by providing additional information like a code that will be sent to your phone or a biometric scan.
5 Reasons Why Businesses Need MFA/2FA
As an online business owner, data protection should be one of your topmost priorities. This isn’t just as it concerns your business but also your customers. Moreover, Microsoft says more than 99.9% of cyber attacks can be averted by MFA. Let’s then examine some of the benefits of MFA/2FA to your business.
1. Fortifies Customer’s Security
Since MFA requires that customers provide details that are more personal to them, accessing their accounts becomes difficult for cybercriminals. Even when the first factor (login detail) fails, the second or third factor will still safeguard their accounts.
2. Complies with GDPR & HIPAA Regulations
To meet GDPR and HIPAA regulations, you need to prove that your business makes provisions for the safety of your customers’ data and mitigates risk. One of the ways to achieve this is to put security measures like MFA in place. Failure to meet these regulations often results in fines and legal issues.
You can check our GDPR Checklist here. You can also learn about NDPR Compliance and Nigeria Data Protection Act.
3. Minimizes Identity Theft, Fraud & Data Breaches
On the part of a business owner, MFA significantly reduces the chances of data breaches to a minimum level. Just so you know, the consequences of data breaches could be gross for a business. It can cause loss of reputation, financial loss, and legal liabilities. On the part of your customers, gone are the days when cracking a single password is all that hackers need to carry out fraudulent activities. MFA has made cybercrimes harder to carry out.
4. Builds Trust and Reputation
The incorporation of MFA into your business is a guarantee to customers that their data and assets will be safe with you. Even though MFA processes may be daunting to some customers, they will still earn you and your business trust and reliability from them.
5. An Affordable Security Measure
Compared to the losses data breaches will cost you, MFA/2FA is cheaper to implement. Whether you are a small, medium, or large-scale business, MFA is an effective and inexpensive solution to security worries. You will then have the time to focus on growth and other important projects.
Types of Multi-Factor Authentication
There are many ways to implement MFA, but they are broadly categorized into two. The two types of MFA are Adaptive Multi-Factor Authentication and Active Directory Multi-Factor Authentication.
1. Adaptive Multi-Factor Authentication
Adaptive Multi-Factor Authentication is a type of MFA that changes the mode of authentication based on the risk involved. This is to say that the more sensitive and risky your level of operation, the more details you have to provide. This is why it is also referred to as risk-based authentication.
An example of adaptive multi-factor authentication is when you require only a password to access your bank app, but an additional PIN to transfer funds.
2. Active Directory Multi-Factor Authentication
Active Directory Multi-Factor Authentication is a type of MFA owned or introduced by Microsoft. It is widely known and used by many business owners. Examples of Active Directory Multi-Factor Authentication are:
- biometric authentication
- Security questions and answers
- Email and SMS verification
- DUO security
- Microsoft / Google authenticator
- QR code authentication
- Smart card authentication
- TOTP authentication, and many more.
5 Best Multi-Factor Authentication Tools For Your Business
There are tons of MFA software on the internet, but we have compiled the five best MFA tools to make your search faster and easier.
- IBM Verify
IBM Verify is an MFA tool known for providing an updated wide range of MFA services. It offers passwordless authentications, TOTP, voice callbacks, email and SMS OTPs, and adaptive authentication.
- Microsoft Entra ID
Microsoft Entra ID is a cloud-based identity and access management tool. It is best for SaaS applications, cloud apps, and internal applications. Its MFA methods include Single Sign-On (SSO), OATH tokens, passkeys (FIDO2), and many more.
- Cisco Secure Access
Cisco Duo security is also an MFA access management software with a peculiarity of preventing credential-based security risks. It offers MFA methods like DuoPush, tokens, passwords and biometrics. Cisco secure access also offers adaptive MFA based on users’ location, health and behaviour
- Okta Adaptive MFA
Okta Adaptive MFA is another tool characterized by securing access to data and apps in a wide range of environments including cloud and mobile. Its MFA methods include physical tokens, biometrics, adaptive MFA, one-time passwords, and many more.
- LastPass
LastPass is an MFA tool that manages passwords and provides solutions to authentication problems. Its MFA methods help secure access to online resources, accounts and applications. LastPass also makes provision for a wide range of MFA methods including MFA for VPNs, hardware tokens, biometric verification, and many more.
Conclusion: Safeguard Your Business with MFA
As businesses navigate the festive period, ensuring the data security of their customers and operations is important. Multi-Factor Authentication (MFA) offers a robust and cost-effective solution to reduce cyber threats and build customer trust. By implementing MFA, you are not only protecting your business but also avoiding data breachesMulti-factor authentication.
For expert advice on adopting MFA and other cybersecurity measures tailored to your business, Johan Consults is your trusted partner. With years of experience in providing top-notch security solutions, we specialize in helping businesses like yours stay secure.
Visit www.johanconsults.com to learn more about how their services can safeguard your business, not just during the festive season but all year round.
