What is an MFA and why should your business pay close attention?

Statistics from 2023 show the cybersecurity industry has more work to do to people-proof different attack vectors. And even though MFA has been a thing for some time now; there are still those who don't know what is an MFA.

MFA (short for Multi-Factor Authentication) is that extra layer of protection that keeps the bad actors out of your systems and data. If your employees are not paying close attention to it, your business could already be in serious trouble.

Attackers are getting smarter, and they're making life miserable for businesses. They're not just relying on hacking skills -- they're targeting your weakest link – people.

Think about it. They're snatching passwords, tricking employees, and using social engineering to get inside. They're also exploiting business emails and pretending to be someone they're not (a tactic known as pretexting.)

And while MFA is not the solution for everything cybersecurity, it's still one small step that can help a lot!

Credential theft is a top attack method
Despite years of warnings, ever-evolving password requirements, and the introduction of multiple authentication methods, the grim reality is that password-stealing remains the preferred playground for cybercriminals.

Just take a look at the latest report from the Ponemon Institute – 54% of security incidents stem from credential theft (followed by DDoS attacks and ransomware.)

What's more concerning is that 59% of organizations are NOT revoking credentials that are no longer needed.

It's like leaving the front door unlocked and hoping for the best – a strategy that ended disastrously for Colonial Pipeline (which led to disrupted fuel supplies to the entire U.S. Southeast.)

That's why so many cybersecurity providers talk about what is an MFA and its importance. Because it is very important!

Moreover, Verizon's Data Breach Investigations Report notes that nearly 50% of all data breaches were due to stolen credentials.

It's as clear as day – cybercriminals are leveling up their game, no doubt about it. But if there's a convenient shortcut to breach your defenses, you can bet they'll take it. Too often, that shortcut leads right through your passwords and vulnerable access points.

What is an MFA, and why is it THAT important?
What most businesses and people don't like to hear is this…

If you can access something online – whether it's a network, a server, or sensitive data – you better believe that a malicious actor can, too.

And if you can use credentials (usernames, passwords) to unlock your sensitive data, those bad actors can do it, too!

Now, throw third-party remote access into the mix, and you've got a recipe for disaster.
Add third-party remote access into the mix, and you've got a recipe for disaster.

So, what is an MFA?
With MFA, even if someone manages to swipe a password, they're not getting in without that extra layer of security. It could be a fingerprint scan, a one-time-use code sent to your phone, or some other clever trick.

Keep in mind that most MFA systems won't eliminate usernames and passwords. They simply layer on another verification method to ensure that only the right people can access the system or network.

A typical MFA process looks like this:
Your employees link a cellphone or a key fob to the system (and declare that this item is theirs.)
They enter a username and password into a secure system.
The system connects with the registered item.
As you can see, it's remarkably easy for most people to set up.

Targeting industries with the most to lose
Let's face it: the more data you have, the more you will attract attackers.

There's a reason that financial institutions are like magnets for them. They're constantly under siege from credential theft and ransomware attacks (the most common ones.)

Let's rewind a bit and look at the big picture: In 2021, a staggering 83% of all breaches across various industries were due to personal data being compromised.

And fast forward to the 2022 Verizon Data Breach Investigations Report, and you'll see that web application attacks, system intrusions, and human errors were responsible for 79% of breaches in the financial and insurance sector.

The bottom line?
It's a clear signal that companies need to start with simple steps before going to the unified approach to cybersecurity.

You can't just leave the security of your identities to chance.

You've got to shore up your defenses, especially when it comes to safeguarding credentials, locking down the Internet of Things (IoT), and securing those third-party vendor connections.

Because if you don't, they'll find yourself in a nightmarish game of catch-up – cleaning up the mess that a cybercriminal has already made on your business.

Remember this....The less appealing your data looks to thieves, the more likely they'll move on to easier prey.

So, don't make it easy for them – activate that MFA and invest in cybersecurity to protect what matters most.

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