Multi-Factor Authentication (MFA) is Regarded as the Gold Standard of Authentication

Authored by Harikrishna Prabhu, COO, TechnoBind

Digitisation has penetrated all areas of the modern world. Authentication is a key facilitator that contributes to maintaining the security aspects of the digitisation process. Multi-factor authentication (MFA) has been a de facto standard for systems requiring rigid cybersecurity. In today's world, MFA is expected to be utilised in scenarios where safety requirements are higher than usual.

The current era’s high dependency on digital solutions and services has altered the way organisations and businesses see user authentication. As the threat of cyber-attacks targeting authentication mechanisms has been proliferating, numerous incidents of data breaches are reported annually. Organisations have comprehended that standard password-dependent authentication is a huge security liability and creates an immense need for users and clients to use MFA.

As the need for top-notch security has increased, IT admins nowadays face immense pressure and demands. Admins must defend the network in such a way that access remains easy as cyber thieves develop more powerful and complex tactics. MFA as a security strategy protects the organisations platforms and systems, while decreasing complexity, maintaining quick access and increasing flexibility, easing the burden on IT admins and organisations. Some other benefits of incorporating MFA into the security strategy include:

• Minimises Fraud & Identity Theft: The days of being able to crack a simple password and gain access to privileged information are over. Breaching becomes more difficult for hackers when more than two methods of authentication are necessary. Hence, MFA decreases fraud and identity theft by requiring additional security measures that hackers can rarely access.
• Ensure compliance: through the implementation of the MFA, as this may be a key requirement when it comes to complying with certain industry regulations. Some industries, such as health, finance, and government entities, require and demand specific compliance measures that businesses need to follow strictly to protect consumers’ rights and mitigate risk. When determining security requirements, MFA makes sure that the organisation's unique needs are complied with.
• Reduce Operating Costs by Customizing Security Solutions: Every authentication factor offers multiple options, providing organisations with the ability to customise the user experience while meeting their needs. Notifying users of suspicious activity on their accounts will cost businesses time and money. As MFA reduces fraud and identity theft, help desk efforts are also reduced, enabling staff to focus on more complex customer service issues.
• Enables Enterprise Mobility: The pandemic accelerated organisations' digital transformation. This allows employees to use mobile and personal devices to easily and securely access the resources they need to increase productivity. Applying MFA to log into business applications, especially when integrated with SSO, provides flexibility while keeping networks and data protected.

“Many do not take security seriously. Protocols that were designed in the 80s are still in use and are a major concern in terms of cybersecurity. Enforcing MFA mechanisms boosts security in any computer system and drastically enhances security, as the attacker would need to gain possession of multiple identifiers at the same time, which makes it difficult to breach in comparison to a single username-password combination,” said Harikrishna Prabhu, COO, TechnoBind.

As more and more companies move towards digital transformation, cybersecurity becomes more and more critical. There is a constant risk of hackers and security breaches, which are serious and carry a significant impact on businesses. Hence, it becomes vital to add an extra layer of security wherever it is required. It's here that MFA plays a crucial role since it offers enhanced and adequate security against theft and damage of a company’s critical data. Due to its ease of use and the protection it provides, MFA will only continue to become more widespread.