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Passwords alone are no longer enough to protect personal or business accounts. With the rise of online accounts and services, people now juggle dozens of usernames and passwords. To manage these, many resort to unsafe practices, like reusing passwords across multiple accounts or relying on simple, easy-to-guess combinations.
These habits, however, leave users vulnerable to various attacks, including phishing and brute-force attacks. Cybercriminals are quick to exploit weak passwords, and once compromised, they can often gain unobstructed access to sensitive information. Adding to this risk, breaches are now an everyday occurrence, exposing millions of passwords regularly. As a result, password-only security has become increasingly unreliable.
This is where multi-factor authentication (MFA) steps in. MFA builds on traditional password-based security by requiring additional steps to verify identity. Not only does this discourage unauthorised access, but it also protects users and businesses from the costly consequences of data breaches.
Multi-factor authentication is about adding extra layers of security to ensure that the person logging into an account is who they say they are. Unlike the single layer of security provided by a username and password, MFA combines multiple verification methods, significantly increasing security.
By using more than one layer of authentication, MFA limits the risk of unauthorised access, even if passwords are compromised. With MFA, even if a malicious actor obtains someone’s password, they would still need additional verification, making it far harder to breach accounts.
For businesses, the importance of MFA goes beyond enhanced security; it’s now a recognised requirement in many industry standards. For example, ISO 27001:2022 includes Annex A 8.5 (Secure Authentication), which specifies the need for strong identity and access management. MFA helps organisations meet this and other compliance mandates, reducing risk and demonstrating a commitment to data protection.
The costs of unauthorised access and data breaches can be astronomical for organisations. Beyond the direct costs of a breach, such as remediation and regulatory fines, the loss of customer trust and potential reputational damage can be devastating. MFA is a proven measure to reduce these risks, and as a proactive measure, it can potentially save organisations significant amounts of money and resources.
MFA operates by requiring multiple types of authentication factors. These factors are categorised as:
These categories represent the cornerstone of MFA. Most systems use a combination of two factors, balancing security with ease of use, and giving users peace of mind knowing their accounts are harder to breach.
Despite the clear benefits of MFA, adoption rates remain relatively low. According to a recent Microsoft study, less than 30% of users enable MFA on their accounts, even though MFA is readily available on most major platforms. This reluctance to adopt MFA leaves many users exposed to preventable threats.
For personal accounts, surveys indicate that only a small fraction of users take advantage of MFA, even on sensitive accounts like email and banking. Business adoption is higher, particularly in industries with strict compliance requirements, but there is still considerable room for improvement.
Studies repeatedly show that MFA can prevent a vast majority of unauthorised access attempts. Google, for instance, has reported that MFA blocks up to 99% of phishing attacks. By requiring an additional authentication factor, MFA drastically reduces the likelihood that a single compromised password can result in a successful breach.
With the increase in remote work and cloud-based services, MFA is becoming an industry standard. Experts predict that the adoption of MFA will continue to grow, particularly as regulatory requirements evolve and organisations recognize the importance of robust security practices.
One real-life example illustrating the importance of MFA is the Synovis data breach. Synovis, a healthcare technology provider, experienced a significant breach that compromised sensitive client and patient information. In this case, hackers exploited an account that was only protected by a password. Once inside, they were able to access a range of sensitive data without detection.
The breach exposed Synovis to massive potential liabilities, not only for failing to safeguard client information but also for non-compliance with data protection standards. The breach could have been mitigated or even prevented if MFA had been in place. By requiring a second layer of authentication, the attackers’ access would have been blocked, or at least more difficult, potentially thwarting the attack.
If Synovis had implemented MFA, the additional layer of security almost certainly would have acted as a critical barrier to unauthorised access. In many cases, MFA alone can be enough to deter attackers, who tend to focus on accounts that lack such protections.
This case emphasises how crucial MFA is for protecting sensitive data and demonstrates the potential consequences of neglecting this essential security measure. MFA can be a relatively simple solution that offers strong protection against unauthorised access, significantly reducing an organisation's exposure to cyber threats.
With cyber threats growing in sophistication, it’s crucial that individuals and organisations adopt best practices for online security, with MFA at the forefront. Not only does MFA provide an extra layer of defence, but it also aligns with modern compliance standards like ISO 27001. By making MFA a standard practice, users can enjoy more secure digital interactions and reduce the risks of unauthorised access, data breaches, and the financial and repetitional costs associated with them.
For those seeking to improve their security, MFA is an essential step. It’s a practical, accessible way to increase online security—and as the statistics and case studies show, it’s a measure that can make all the difference.
Cyber threats are evolving, but you don’t have to tackle them alone. We can support you in strengthening your security with solutions like MFA, tailored to protect your unique needs. Our team will guide you every step of the way, from planning to implementation, ensuring your business is protected against today’s threats.
Reach out today to discover how we can support you with MFA or other cybersecurity quires. Or why not book a free 30-min-strategy.
Contact Periculo for expert cyber security solutions tailored to the digital health industry.