Introduction:
Data breaches are becoming increasingly sophisticated, yet businesses are still struggling to adapt to these rising security threats. One of the reasons that breaches and other hacks have become more frequent is that passwords are a poor form of security. Consumers are not security experts, nor do they care. So they choose passwords that are easy to remember (and also easy to guess). However, even the most complex passwords can be hacked in a matter of seconds or minutes through brute-force methods.
Multi-factor authentication (MFA) is gaining popularity as the simplest yet most effective way to protect businesses' digital assets while ensuring that their customers are who they say they are. MFA works by adding an additional layer of verification during the login process. It is based on the concept of using something you know (your ID and password) and combining it with something only you have (a separate device or app such as a smartphone or Google Authenticator).
Criteria you should consider when evaluating a solution with multi-factor authentication:
1. Security Impact
A major goal in implementing multifactor authentication solutions is to minimize the risk of a data breach. If it can't meet these criteria, it's not worth implementing.
2. Strategic Business Initiatives
When evaluating a solution with MFA, consider how it will integrate with your current and future business initiatives. In order to avoid switching solutions every year, you need to ensure that the tool you choose will support your company's growth plans.
3. Cost of Ownership
The cost of ownership includes all direct and indirect costs of owning a product. For a solution that offers multi-factor authentication, however, this may include many hidden costs: licensing fees, support contracts, maintenance agreements, operating costs, and many other unforeseeable expenses.
Conclusion
Businesses are struggling to adapt to the increasingly sophisticated threats posed by data breaches. One of the reasons for this is that consumers do not care about security and choose easy-to-remember passwords, which are also easy to guess through brute-force methods. Multi-factor authentication is one way that businesses can protect their digital assets while ensuring that their customers are who they say they are.
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