The Security Benefits of Multi-Factor Authentication

As cybersecurity threats have increased around the globe, many companies have implemented multi-factor authentication to keep their customers safe. Multi-factor authentication processes require the user to confirm their identity in multiple ways before accessing their account. For example, the user may enter their password on a website, and then receive a text message on their phone with a numerical code. They will then need to enter that code back into the website to access their account.

This is just one example of multi-factor authentication. Businesses in many different industries now use similar processes to protect their users’ accounts from identity theft, as well as to protect the security of their internal systems. In particular, you’re likely to come across two-factor authentication when signing up for a new email account, social media site, or even an online bank account. There are many security benefits to using multi-factor authentication. Here’s how both individuals and companies benefit from this practice.

Reduces the chances of identity theft for customers

Although multi-factor authentication isn’t foolproof, it does dramatically increase the security of your online accounts. Even if a hacker has your password, for example, the chances of them having access to your phone are very slim, which still makes it impossible for the hacker to get in. Some companies even make use of biometric technology, which makes it virtually impossible for someone else to access your account. For example, your bank may require you to verify your fingerprint using your smartphone to access their app. This kind of multi-factor authentication can help keep customer data safe and, in turn, builds trust between businesses and their customers.

Increases internal security

Another benefit of using multi-factor authentication is that it can help your company bolster its internal security systems. By requiring all employees to present multiple pieces of information to access secure data, you’re preventing outsiders from accessing secure information. Regardless of the size of your company or the industry you are in, you could be susceptible to devastating attacks from cybercriminals. Multi-factor authentication dramatically reduces the risk.

Simplifies login process

Another benefit of multi-factor authentication is that it can actually simplify the login process for many systems. In the past, many systems would ask users to answer predetermined security questions to access their accounts. Not only were these questions easy to hack, but they could be difficult to remember and generally felt like a hassle. Modern multi-factor authentication processes don’t add much time or complexity to the login process, but they keep secure data much safer.

Helps with compliance

Depending on what industry your company is in, you may have certain government regulations you have to adhere to. Multi-factor authentication can help you better adhere to these regulations and meet key compliance standards. Even if there aren’t local or federal regulations in place that apply to you, multi-factor authentication is now considered best practice in many industries.

If your business isn’t currently using multi-factor authentication, now is the right time to implement it. It’s one of the most efficient and effective ways to keep your data safe. Contact your team at RedWave Technology Group, LLC to see how we can help!