Nowadays, it’s undeniable that businesses must go beyond conventional perimeter defenses to secure their data and systems. User IDs have replaced the perimeter because many modern cybercriminals gain access to users’ accounts by using their information.
Top enterprises often use MFA (Multi-Factor Authentication) to protect access across the network and cloud environment. According to a report by Statista, only 38% of small and medium-sized businesses are using MFA as of just a few years ago. Therefore, SMBs should strive to implement the MFA to improve their cybersecurity.
By enabling additional authentication elements, which consist of what the user has, knows, and is. MFA reduces the risk involved with passwords. Implementing it is not difficult, but having a plan will help save effort and time and improve security. An excellent way to stop unauthorized people from accessing a company’s data is through MFA.
2020’s pandemic period saw a sharp increase in cybercrime. Given that contactless operations and remote work are likely to remain prevalent in the coming years, cyberattacks are projected to become more sophisticated and powerful as new vulnerabilities are discovered and exploited. That should cause small and medium-sized businesses to turn on MFA whenever possible and make it one of their best practices to avoid loss. What happens when businesses turn on MFA in any given circumstance?
Why Should Businesses Turn On MFA Consistently and Make It Best Practice?
1. It helps mitigate identity theft and fraud
Cybercriminals can easily hack passwords. However, MFA makes it much more difficult for hackers by demanding multiple identity verification. Due to the additional information and security measures that malicious intruders cannot easily access, this immediately results in a significant decline in the number of identity thefts and frauds that businesses experience daily.
2. It lessens operating costs
Just add up the fees related to informing clients about suspicious activities in their accounts and see how expensive it is. MFA protection lowers the probability of fraud, needing less customer support and freeing up your support team to concentrate on more complex business or technical issues. Although implementing MFA may require an initial investment. This investment will eventually pay itself multiple times over an extended period.
3. It helps businesses remain competitive due to better security
Many businesses are skilled at adjusting to new technologies to improve business/productivity results when it involves enhancing their complete security posture.
You can support your company’s adaptability and profitability in a competitive market by embracing and implementing effective security measures such as MFA. Moreover, it’s time security is seen as a support function rather than merely an additional responsibility and cost.
4. Multi-Factor Authentication can be customized
Today, there are several MFA solutions available, such as authenticator apps, calls, push notifications, biometrics, etc. Employees are given several options, allowing them to choose the one that suits their needs.
By lowering the dependence on passwords and being simple to set up, MFA can enhance customer experiences regarding account logins. Employees can create their MFA as they create their first account.
5. MFA provides data security without ruining the user experience
The more passwords a user needs to remember, the worse their password habits are. Passwords can be difficult to remember. Additionally, it’s crucial to refrain from overwhelming IT teams with password recovery once they’ve put stricter password regulations in place to protect the business.
MFA protects the environment, those who use them, and the electronic devices they’re using without the need for time-consuming resets or complex procedures. Businesses can make it easy for users by giving users diverse options or just demanding additional requirements when necessary,
IT Teams are now free and can concentrate on more essential responsibilities thanks to MFA’s straightforward management, deployment, and connection with various applications.
6. MFA provides cybersecurity for remote staff
Remote workers use their private networks, often unprotected by their office cybersecurity systems, to access work accounts. Because of that, when hackers obtain access to worker computers, home networks face the risk of an attack. When workers connect to business apps, enforcing MFA can protect them from theft, improving their cyber-safety when they log in while preserving data and network security.
7. MFA can be modified to meet business needs
Using contextual and behavioral data, like IP address, geolocation, and time from the last authentication, Multi-Factor Authentication evaluates the risk of verifying logins. Additionally, these factors can be set up to generate alerts and reject authentication.
MFA can also be set up so that it’s only necessary when an employee logs in from a distant location rather than from the office network.
8. It helps to boost customer trust
Customers appreciate having their data secured. Customers trust and value companies that take great care to protect their data, even though extra verification processes occasionally take a few additional moments.
Enjoy Seamless MFA Procedures with B-Comp Services
At B-Comp Services, we’re an MSP (Managed Service Provider) offering support services and IT solutions to SMBs in the United States.
B-Comp offers a comprehensive IT helpdesk to businesses to manage IT operations for clients. For a friendly, no-obligation consultation, get in contact with us today.