Everything You Need to Know About Multifactor Authentication

Across all industries, enterprises of all sizes are rising up to the fact that there are crucial gaps in their cybersecurity strategy. When 80% of breaches are caused by compromised, reused, and weak passwords, businesses need to focus on putting a more powerful security foundation in place that improves poor security hygiene without slowing down employees. When it comes to restricting unauthorized access, one of the most potent technologies is multifactor authentication that a business can invest in.

If your company has a limited budget or resources, you must be extremely strategic about funding in security solutions?

What is multifactor authentication?

Multifactor authentication, or MFA, was built to add security checks to your login process. Before being allowed access to something, the user is expected to submit additional information to verify their identity. By building more login proof points, you can better verify that someone is who they should be while making it much harder for someone else to tear through your defenses.

Multifactor authentication protects an account with:

  1. A “knowledge factor” like a password. 
  2. A “possession factor” like a security key or phone. 
  3. An “inherence factor” like biometrics. 
Even if a password is stolen, attackers can’t access an account without all the required factors.
Two-factor authentication(2FA) is one of the many forms of MFA. Most people are aware of two-factor authentication because there are numerous popular consumer 2FA apps like LastPass Authenticator and Google Authenticator that integrate with personal services like social media, email, banking, and cryptocurrency.

What types of multifactor authentication are there?

Multifactor authentication comes in various forms. The technology has been there for many years, and there are more options to choose from than ever.

The most common methods are:

  • Hardware tokens
  • SMS text and voice codes
  • Push notifications
  • Software tokens
  • Biometrics
  • Adaptive
It’s eminent that MFA is at the heart of the future of security. From a business viewpoint, the cost of executing this security strategy far exceeds the outrageous value of a full-on data breach. Successfully executing it requires careful deliberation of the following three steps:

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