Beef up your Cyber Protection with Multi Factor Authentication

“When it comes to security, Two-Factor Authentication proves to be a treasury full of gold.”

The severity and frequency of ransomware attacks and other cybercrimes have exploded in the last few years. The pandemic’s gift – the ability to work from anywhere – has contributed to the rapid growth of these cyberthreats. Multi-factor authentication (MFA) was made necessary during COVID-19 when businesses were abruptly compelled to adopt a remote work paradigm. Currently, as the use of personal computing devices, particularly smartphones, has increased, the MFA model has also evolved.

According to projections, the MFA market is expected to increase in size from an expected USD 12.9 billion in 2022 to an estimated USD 26.7 billion in 2027, at a Compound Annual Growth Rate (CAGR) of 15.6%. The need for more secure digital payments as well as an increase in threats and breaches are driving the demand for MFA.

Nowadays, every organization places a high importance on digitization, thus the challenge is how to keep the process secure with authentication. This covers the various aspects of the hyperconnected society, such as online payments and communications.

Multi Factor Authentication – A Broader Concept

Multi-Factor Authentication refers to a cyber security mechanism that requires users to affirm multiple factors validating their identity before gaining access to the network or system. When logging-in into the system, you can use two pieces of evidence, such as your credentials, under a security enhancement known as two factor authentication. The credentials must fall into any of the three categories

1. Something you know (Like a Password or a PIN)
2. Something you have (Like a Smart card)
3. Something you are (Like your Fingerprint)

Well, there was a time when basic usernames and passwords sufficed to access the system. When passwords remain the only authentication technique, there is a good chance that the dangers of data breaches and online attacks will increase. By removing phishing efforts and brute force assaults, Multi Factor Authentication assists in replacing the conventional single factor authentication method.

Benefits of Multi factor Authentication

According to Microsoft research, Multi-Factor Authentication can prevent 99.9% of account compromise threats. Despite all the organization’s efforts to ensure that its staff members receive cyber security training, there is still a potential that passwords will be shared out of convenience or used in phishing or other frauds. Let’s discuss the benefits of Multi Factor Authentication for every organization.

1. Build up Customer Trust –  Customers appreciate knowing that their data is protected. Even these extra verification processes can appear unpleasant and superfluous, customers respect and trust companies who take security measures seriously.

2. Reduction in Operational Costs – While there can be initial expenses involved in properly implementing MFA, the investment pays for itself over time. Businesses spend time and money alerting clients about erratic behavior on their accounts. Fraud is less likely to occur as a result of MFA, which also frees up workers to work on more complicated customer care issues and minimizes help desk activity.

3. Implementing Compliances – When choosing your security needs, be sure to take into account the particular needs of your company. Specific compliance requirements, like those of the GDPR and HIPAA, are necessary in some businesses. Businesses must abide by tight regulations that safeguard consumer rights and reduce risk, according to the demands of the health, financial, and governmental sectors. 

4. Easily adaptable – Certain circumstances, such as carrying out high-value transactions and accessing sensitive data from untrusted networks and devices, necessitate greater protection. Risk is evaluated using contextual and behavioral data from adaptive MFA, including geolocation, IP address, and the length of time since the last authentication. Authentication elements may be added as necessary to increase the level of confidence in a user’s identity if the IP address is deemed dangerous.

5. Meet security Needs – Three common credentials make up Multi-Factor Authentication: what the user is (their identity), what they have (a security token), and what they know (their password/a secure biometric verification). While at least two of these credentials must be used for multi-factor authentication, the specific ones to use and the scope of access for each party can be changed to suit a company’s logistical and security requirements. Furthermore, straightforward solutions like adaptive MFA, single sign-on, and push authentication are simple to set up.

The Dark Web is home to 15 billion stolen credentials, including username and password pairs for online banking, social networking accounts, and music streaming services, according to a 2020 study by the Digital Shadows Photon Research Team. Simply said, it is careless to allow thieves to steal data and/or install ransomware if all that is needed to access your systems is a username-password combination. Multi-Factor Authentication comes with a number of advantages as well as some drawbacks. Let’s talk about those as well.

1. Time Consuming – The process of setting everything up can take some time, in addition to the time it takes to enter two or more forms of verification. For both internal employees and external vendors, good Multi-Factor Authentication should be designed, but setting up everyone with the appropriate access and resources doesn’t happen fast.

2. Expensive – Multi-Factor Authentication cannot be set up by a company alone. Outsourcing is required. The cost of a hack is even more substantial than the initial cost so this seems to be a major drawback for the Multi-Factor Authentication model.

Upgrade Your authentication with Kratikal

Numerous businesses have used Multi Factor Authentication as remote work has gained popularity recently. The most important thing most businesses can do to avoid cybersecurity incidents is to implement Multi-Factor Authentication. Governments are taking cybersecurity more seriously as agencies and infrastructure are increasingly targeted, even in sectors where MFA is not currently required for regulatory compliance. Investing in an MFA solution is a good method to safeguard your resources and secure your data from illegal access.

Through security testing, Kratikal, a CERT-In empanelled security solutions provider, offers the services required to guarantee the protection of an organization’s IT assets as well as the safety of its people. The entire VAPT service portfolio, which includes Network Penetration Testing, Application Penetration Testing, Cloud Penetration Testing, and many more, is made to assess the vulnerabilities in different devices and their networks so that they can be fixed in advance.

Although MFA has several drawbacks, it is nevertheless regarded as one of the greatest levels of security that all businesses should strive to use to protect the security of their personnel, networks, and clients. Comment below with your ideas on Multi-Factor Authentication!