Have you been told you need a Multi-Factor Authentication (MFA) solution or that every business needs an MFA solution? Feel like MFA might be important – potentially even business-critical but still confused? Like many business leaders, are you wondering, “What in the world is MFA?”
If, like me, you have a degree in theater, you might assume it means Master of Fine Arts. That may sound like a business-critical requirement if you want to start a theatre troupe, but it probably won’t be helpful for a process manufacturer or a healthcare provider. And, although the Minnesota Frisbee Association (est. 1975) sounds like a lot of fun, it will not protect your business from the ever-changing threats of cyber-crime.
What will help increase your cyber-defenses by an order of magnitude is implementing a Multi-Factor Authentication tool. Use of this MFA creates an added layer of security that a cyber-criminal would need to penetrate to access sensitive data and systems. 80% of data breaches are caused by compromised passwords. (2019 Verizon Data Breach Investigation Report) Multi-Factor Authentication (sometimes referred to as two factor authentication, or 2FA) prevents the use of compromised passwords by requiring another distinct authentication factor to complete log in. Considering the growth of cyber-crime over the last decade, plus the added risk created by the Covid-19 pandemic and remote work during 2020 (62% increase in ransomware attacks per 2021 SonicWall Cyber Threat Report), MFA is one of the simplest, most cost-effective steps you can take to better protect yourself.
The Colonial Pipeline security breach reported in May 2021 was later attributed to a compromised password. Many experts have suggested that implementing a Multi-Factor Authentication program could have likely prevented the intrusion.
The primary concern of most organizations is that MFA will slow down access or create a difficult log-in process for their users. In practice, this is barely noticeable. Real-world experience with services like Facebook, Amazon, Twitter and many commonly used services increase our experience with, and awareness of, MFA. Even your gaming systems (Playstation, X-Box, etc.) are starting to require MFA for increased security.
If you do one thing to improve your security this year, it needs to be implementing Multi-Factor Authentication tool. LBMC Technology Solutions can help you assess your MFA needs and implement it to meet your business requirements. Our security consulting team can also provide insights into other simple solutions to fill known security gaps, and help you delve into other risks you may be unaware of.
So, no matter how exciting the Mixed Fighting Alliance, or the Midnight Funk Association may be, please take the time to explore Multi-Factor Authentication with your IT provider this summer. You won’t regret it.