Did you know that the most commonly used passwords in 2024 are still things like 123456 and qwerty? While it’s tough to convince everyone to use stronger passwords, Tech MD believes it’s time for your business to take a big step forward in security with Multi-Factor Authentication (MFA). As you’ve no doubt heard over and over, relying solely on strong passwords isn’t enough to protect sensitive data anymore. In this post, we’ll break down MFA basics, why now is the perfect time to enable it for your business, and how to get started.
What is MFA?
Multi-Factor Authentication adds an extra layer of security by requiring users to verify their identity using two or more verification methods. This could include something they know (a password or the answer to a backup question), something they have (a phone or security key), or something they are (biometrics, such as a fingerprint). MFA acts like the deadbolt on your front door, an extra layer of protection beyond the primary lock.
MFA in 2024: Key stats
- Two-factor authentication blocks 99.9% of automated attacks.
- The MFA market is projected to grow to $20 billion by 2027.
- 96% of IT professionals recommend MFA as an essential security tool.
Benefits of MFA
- Increased protection against credential theft. Even if a password is compromised, MFA acts as a second barrier, making it much harder for hackers to gain access.
- Phishing-resistant authenticators. New advanced MFA solutions are even harder for cyberthreats to bypass.
- Mitigates human error. With 68% of breaches involving a non-malicious human element, MFA helps reduce the risk posed by phishing or inadvertent credential sharing.
- Reduction of breach-related costs. The average cost of a data breach is $4.88 million, with weak or stolen passwords accounting for 80% of hacking-related breaches. Implementing MFA can significantly reduce the risk, leading to considerable cost savings by preventing even a fraction of these incidents.
Getting started with MFA
Enabling MFA involves a few straightforward steps that can be adapted to your organization’s needs. Here’s how to get started:
- Check your needs. Start by looking at where you need extra protection, like email, financial systems, or any sensitive data. Prioritize areas that are most vulnerable to attacks, starting with any system that can be accessed remotely.
- Pick the right MFA tool. Look for a solution that fits your company’s current systems. There are several solutions available, such as Microsoft Authenticator, Google Authenticator, and Duo Security. Choose one that works on all devices (phones, computers) and offers multiple options, like SMS codes, app authentication, or fingerprint scans.
- Test it out. Roll out MFA with a small group first—your IT team is a good place to start. This will help iron out any kinks before launching it to everyone.
- Get everyone on board. Let your team know why MFA is important and how it keeps their accounts safe. Provide simple instructions on how to set it up.
- Track progress. Keep an eye on how many employees are using MFA and make sure everyone’s on track. Be ready to tweak things if needed.
- Focus on key apps first. Start with critical apps, like email or VPNs, before expanding to other systems.
Integrating MFA with other security measures
While MFA is a powerful addition to your cybersecurity toolbox, it can’t be the only one. TechMD believes strongly in a defense-in-depth cybersecurity strategy, in which multiple tools, including MFA, endpoint detection and response (EDR) systems, or zero-trust architectures, are combined to create a multi-layered defense mechanism.
How TechMD can help
MFA is no longer a nice-to-have; it’s the cornerstone of any strong cybersecurity framework. At TechMD, we’re proactive about protecting your business from cyber threats. For personalized advice and support in deploying MFA across your organization, contact TechMD today. We specialize in securing businesses with the latest cybersecurity solutions, including seamless MFA integration.
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