Why is Multifactor Authentication Significant for Compliance and Safety

Enterprise Security Magazine Europe | Thursday, June 03, 2021

Multi-Factor Authentication (MFA) allows users to enter more than one—usually two—parts of information to obtain an account.

FREMONT, CA: According to one IT giant, the worldwide average data breach expense is 3.92 million dollars. There are a variety of steps that companies may take to minimize their chances of data theft. One of the more obvious ways to deter unscrupulous individuals from obtaining access to sensitive online accounts is by implementing a multifactor authentication system.

Multi-Factor Authentication (MFA) allows users to enter more than one—usually two—parts of information to obtain an account. MFA minimizes the possibility that sensitive details on your company will be stolen wherever possible. MFA provides another layer of authentication to your keys, making it more impossible for your accounts to be compromised. The computing power available to a hacker with relative ease is astounding these days, so it is now more important than ever to allow MFA, if possible. Besides, the addition of an MFA system to prevent unauthorized access can help ensure organizational compliance with various regulations.

In reality, multifactor authentication for compliance reasons is one reason why some companies are seeing exceptional uptake right now. Multifactor authentication is commonly categorized into three major groups. There are the following:

Knowledge factors are things one must know. These can be aspects like answers to hidden questions. Possession factors refer to things one owns, like security tokens or key fobs.

Inherence considerations are based on biological characteristics. These variables generally depend on biometric data such as retinal scan data and fingerprint scans.

Multifactor Authentication Support Technology

A list of MFA-supported websites can be accessed at Two Factor Authentication. This is a great tool that can help employees determine whether to use a program that hosts confidential data. Below are a few ways in which authentication factors are implemented:

SMS–With this option, a code is transmitted via a text message. This code has to be inserted after one types the password.

Authenticator apps–Authenticator apps produce hidden key codes. These apps display time-sensitive codes that must be entered after the login password.

SecurityTokens–These are hardware devices that allow access to a network service.

Check out: Top Risk and Compliance Solution Companies

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