Exploring The Pros And Cons Of Multi-Factor Authentication For Password Protection

Multi-factor authentication, or MFA can be an important part of the cyber-security of your organization. If you do not have it in your organization, hackers can even infiltrate your shared internal drives and ask for millions of dollars in exchange for the files on those drives. So, we hope that now you understand how important an authenticator app can be for your business. MFA is defined as a system of access control that needs at least two methods of authentication from separate categories to verify the identity of a user at the time of log-in. It is an important component if you want to build a secure network.

The Benefits Of MFA

Having an authenticator app ensures you have a greater degree of security while dealing with third parties. Are you a large corporation? In that case, there is a high chance that third parties would be accessing your systems for various business-related reasons. Depending on how big you are as an organization, the number of entities going out of and coming into your systems could be hundreds or thousands. It is not easy to monitor such huge numbers without a proper system.

If you can add another form of authentication, such as an authenticator app or a physical or biometric form of authentication, it helps you create a layered defense.

It Provides You With Better Control Over Who Accesses Your Files

One of the biggest issues of having passwords in such a context is that they can be duplicated or passed around. However, having an authenticator app is always better in these cases as it helps you define who enjoys access to your systems and who does not. This means getting access to confidential and sensitive data. A report done in 2021 by Ponemon stated that 51% of the surveyed correspondents were not assessing the privacy and security practices of third parties before permitting them to access confidential and sensitive information.

On top of this, around 65% of the correspondents in the survey did not identify the third parties who had permission to access the most critical information and data in their organization. This is where MFA can prove to be so useful for you as not only does it limit access, but it also makes sure that only authorized entities can access such data. They are the only ones who are on the list of entities who have been granted access in this case.

It Offers You A Wide Range Of Choices For Meeting Your Security Requirements

MFA such as an authenticator app comprises of three basic credentials – what the user knows, what the user has, and who the user is. In other words, an authenticator app relies on a password, a security token, and a biometric authentication device. In the case of MFA at least two have to be employed for the system to work. However, it is you who gets to decide which ones of these are used and the extent of access that you would like to grant to third parties. You can adjust this as per your security and logistical requirements.

It Helps You Meet Regulatory Requirements

HIPAA (Health Insurance Portability and Accountability Act) makes it mandatory for access to ePHI (electronic protected health information) to be provided only to authorized personnel. You have to implement technical safeguards such as using an authenticator app to make sure unauthorized access can be prevented. Various government institutions also need to follow the CJIS (Criminal Justice Information Services) Security Policy where government cyber-security is needed to implement MFA.

It Reduces Password Risks

Yet another major issue with passwords is that they can be guessed or cracked. The number of accounts using duplicate passwords is over 65%. This means that if a cybercriminal finds the password to the email account of your employee there is a 65% chance that they would also uncover sensitive and secure information regarding your company that is supposed to lie deeper in the network. A good way to prevent this is to use complex and unique passwords. The better way to stop this from happening in your organization is to use an authenticator app. With an Authenticator app, even if a password is compromised, a hacker still faces barriers to accessing your sensitive data.

Conclusion

An authenticator app safeguards your sensitive data by offering protection even if your password is compromised by a bad actor. Such technology keeps your systems and data secure by placing roadblocks to keep out unauthorized users. Hackers may have a password or some other component that makes up MFA, but it is rare for them to have all of them. On top of this, MFA happens to be compatible with SSO (single sign-on) technology. This is why it is also a great solution for companies whose user bases are always growing.