Protecting Your Business In 2022: The Importance Of Multi-factor Authentication For Your System!

Multi-factor authentication (MFA) is an IT authentication technique that requires a user to present at least two factors that prove their identity. It has become mission-critical to add an extra layer of security wherever it is required. Be it your home, office, mobile phone, or anything that holds some monetary aspect demands security. Not only security but multi-security, we call it Multi-factor authentication. This term is quite purposed for digital business terms where there is a need to secure crucial data through multiple security layers. This authentication further superseded mobile phones as most of the businesses, such as Managed IT Services in Mississauga, today are being operated via mobile phones. Also, with the increase of cyber-crime events, it has become essential to take extra measures to protect your data from criminals.

Multi-factor authentication plays a crucial role and holds several benefits, especially for businesses. We will discuss out one by one. First of all, let me introduce you to the term MFA and what it entails. 

“Multi-factor authentication is an electronic authentication method in which a user is granted access to a website or application only after successfully presenting two or more pieces of evidence to an authentication mechanism: knowledge, possession, and inherence.” 

Well, according to statistics, there are around 15 billion bank account credentials in the world from which a cybercriminal can attempt a crime. Just imagine if that criminal chooses your account, would you like to accept that event? Nobody will. Multi-factor authentication is the kicker here that will keep hackers miles away from reaching your bank accounts. 

Why use Multi-factor Authentication?

Well, according to statistics, there are around 15 billion bank account credentials in the world from which a cyber criminal can attempt a crime. Just imagine if that criminal chooses your account, would you like to accept that event? Nobody will. Multi-factor authentication is the kicker here that will keep hackers miles away from reaching your bank accounts. 

How does it work?

Multi-factor authentication entails at least two separate parameters. One is typically your username and password, which is something you know. The other could be a cellphone, key card, or USB identity verification factors. Furthermore, today, fingerprints, iris scans, or some other bio metric data are also used for identity verification. Using only traditional usernames and passwords is highly vulnerable to cyber attacks as they can be very tricky. Adding the second layer of protection enhances your privacy and makes your account less vulnerable to hacking. Even if the hacker knows your credentials, he won’t be able to gain access to your account if you have enabled MFA. Because MFA will force him to verify through other factors such as OTP via phone or email or face or finger scanning. 

Multi-factor authentication must be applied to the accounts holding sensitive information such as health care, bank details, business information. 

2FA & MFA

2 FA is two-factor authentication, it adds a double layer of security. On the other hand, MFA is multi-factor authentication and it adds more than two layers of security. That’s why it is called multi-factor authentication(MFA).  We, Biz Empower, are one such IT solutions company in Mississauga that will guide you with all the thick and thins related to system security. You can always count on us if you need any help while implementing multiple layer authentication for your business. We have your back 24/7 got your back.

Let’s now discuss the types of MFA. It can be classified into 5 categories. They are as follows:

  • Knowledge Factors

Knowledge factors involve logging in using some data or information such as a password or personal identification number (PIN). It is basically used to restrict access to a system and confine access to the only person having its password or PIN. Most generic applications or network logins require a username/e-mail address and a corresponding password or PIN number to gain access.

  • Possession Factors

Possession factors involve a specific piece of information or device before they can be granted access to the system. This special piece of information could be OTP that could be generated from the registered mobile number or email address. 

  • Inherence Factors

These factors involve inherence factors such as fingerprints, thumbprints, face scanning, or palm scanning, etc. This also includes Voice and facial recognition and retina or iris scans.

  • Location Factors

Network administrators can implement services that use geolocation security checks to verify the location of a user before granting access to an application, network, or system.

  • Behavior Factors

A behavior-based authentication factor is based on actions undertaken by the user to gain access to the system. Systems that support behavior-based authentication factors may allow users to pre-configure a password by performing behaviors within a defined interface and repeating them later as a method of identity verification.