Why is Multi-Factor Authentication good for business?

Why is Multi-Factor Authentication good for business?

The need to secure your business-critical data and applications is more important than ever. Currently there’s more home and remote working, with employees accessing data systems from a wide array of devices which means that data breaches are more likely unless robust security solutions and protocols such as multi-factor authentication are firmly in place.

In addition to keeping the network up and running and dealing with diverse requests from across the organisation, IT managers now need to think strategically about keeping security top of the agenda, while supporting business growth.

Many businesses have put in firewalls, antivirus software, use encryption software and run vulnerability tests but, if multi-factor authentication (MFA) is not in place, all these security measures can be circumvented.

MFA is not complex, making it easy to add and further protect your sensitive data from cybercrime with an extra layer of security.  And, it can be rolled out quickly without blowing the budget.

MFA reduces fraud & identity theft

It used to be the case that cybercriminals just had to crack a simple password and gain access to sensitive data but thanks to MFA those days are over. MFA makes hacking harder for cybercriminals as more than two methods of identity verification is required, reducing fraud and identity theft.

MFA increases customer trust

Customers value and like to know their data is safe and secure. Customers trust businesses who take all the necessary precautions to protect them. Even though additional verification steps can sometimes seem unnecessary and irritating, customers appreciate why it is necessary.

MFA helps businesses to be compliant

Some sectors require specific data security compliance measures, such as GDPR and HIPAA. Finance, government and health bodies mandate that businesses follow strict guidelines that protect consumers’ data and mitigate risk. MFA adds another layer of security to protect your customers’ sensitive data.

MFA reduces operating costs

It costs businesses time and money to monitor and notify customers about suspicious activity on their accounts. With MFA the occurrence of fraud is reduced freeing up the help desk and enabling support staff to focus on other customer service issues.

MFA streamlines safe mobile transactions

Customers are completing transactions online and via mobile devices now more than ever necessitating increased security against fraud through multi-factor authentication. From banking apps to online purchases, MFA protects transactions and your customer’s privileged information.

MFA combats password fatigue

The average user has around 100 passwords according to research from NordPass in October 2020. And, because they have so many passwords to remember, many consumers use the same password on multiple accounts or create simple, easy-to-steal passwords. Both of which make it easy to hack the password.

MFA prevents password fatigue, adding an extra security layer, making sure hackers cannot crack even simple or repeated passwords.

MFA simplifies the login process

Multi-factor authentication has been made much easier by single sign-on logins. A one-time password​ (OTP) is sent to a user for a single login attempt to protect web-based services, private credentials and data.

The risk of fraud is reduced as OTPs send users time-sensitive, unique, and random codes and PINs to their mobile devices via SMS, voice, or push message. Combining MFA security with the convenience of using an app enables customers to use one login while maintaining high security standards.

About Xcomm

Xcomm offers a broad range of secure remote access solutions, market-leading data protection products and related professional data security services – all designed to help you safeguard business processes and stay compliant with regulations and best practice.

From IPSec VPNs, firewalling and data encryption to multi-factor authentication, email security and protection from spam, spyware, trojans and viruses, Xcomm has the solution.

Optimise your business communications security by contacting the Xcomm sales team.

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