Securing access to sensitive information is critical and one of the most effective ways to do this is through multi-factor authentication (MFA). MFA adds an extra layer of security by requiring users to provide two or more verification methods before accessing an account. This approach significantly reduces the risk of unauthorized access.
The Numbers Don’t Lie
According to Microsoft, MFA can block over 99.9% of account compromise attacks. A 2022 Verizon Data Breach Investigations Report revealed that 80% of hacking-related breaches were caused by weak or stolen passwords. These numbers highlight how traditional password protection is no longer enough to safeguard sensitive data. MFA is the added barrier that can stop malicious actors from gaining access to your accounts, even if they obtain your password.
How MFA Could've Prevented Breaches
A classic example of a breach that MFA could have prevented is the 2019 Capital One data breach. A hacker gained unauthorized access to over 100 million customer records due to a misconfigured firewall and a stolen password. If MFA had been enabled, the attacker would have been stopped in their tracks because they would not have been able to complete the second layer of verification.
Another case involves the 2021 Colonial Pipeline ransomware attack. Hackers gained entry into the company's systems using a compromised password from an unused VPN account. With MFA enabled, this entry point would have required additional authentication steps, which could have thwarted the attack altogether.
How MFA Works
MFA typically involves a combination of something you know (password), something you have (a phone or security token), and something you are (fingerprint or facial recognition). For example, even if a hacker steals an employee's password, they would still need access to that person's phone or biometric data to break into the system.
Practical Applications for Every Business
MFA is vital for businesses of all sizes. It protects sensitive client data, employee accounts, and internal systems. Moreover, implementing MFA can help businesses meet regulatory requirements, as many industries, like healthcare and finance, require enhanced authentication methods.
Take Action Now
Businesses that fail to adopt MFA leave their data vulnerable to increasingly sophisticated cyberattacks. Adding MFA is one of the easiest yet most impactful ways to protect your organization from unauthorized access and costly breaches. By taking this simple step, you can significantly reduce your risk and improve your overall security posture.
Protect Your Business Holistically
For organizations looking to take a more comprehensive approach, Forthright Cyber offers a full range of cybersecurity solutions. This includes not just MFA, but also employee awareness training, email security, endpoint management, identity and access management, and backup and recovery solutions. By addressing multiple aspects of security, you can create a layered defense that helps ensure your business is protected from all angles.
