The new guide from Transmit Security underscores that MFA requires more than a password for authentication. If customers experience a leak, malware attack, or virus that exposes their Personal Identifiable Information (PII), the system is designed to prevent account takeover.
The recent guide comes as industry data reveals the average cost of a data breach increased by 10% from 2020 to 2021, or $4.24 million from $3.86 million–the highest average cost in history.
In order to mitigate risk and prevent data or revenue loss when breaches occur, businesses need to utilize the latest advances in account security. Multi-factor authentication adds additional roadblocks in three areas. These factors include pins or security questions, tokens or devices, or biometrics.
Transmit Security’s guide explains that the most common form of protection is a combination of knowledge-based and possession-based factors. This could include entering a one-time passcode into a pre-authorized smartphone. Each specific factor has a different level of protection, and these are discussed in depth throughout the guide.
By following the tips outlined in the document, businesses of all sizes can improve account security as part of their risk management strategy. Reducing company reliance on single-factor authentication means that attackers have to overcome more obstacles in order to achieve their goals.
Transmit Security is dedicated to providing advanced identity and security solutions for clients across sectors. The team offers digital identity fraud protection, passwordless MFA solutions, and immersive fraud prevention services with a focus on customer trust.
The new guide is part of their continued focus on customer education across security channels. Additional guidance is provided through a Frequently Asked Question section, where readers can learn more about each aspect of MFA and how it relates to their business.
A spokesperson for the company states: “The primary benefit of MFA is improved account security. If an authentication system relies on a single factor, then an attacker only needs to learn or steal that factor. The use of multiple factors makes it more difficult for an attacker to successfully take over a user account. By combining MFA with SSO or SAML, an organization can more strongly verify a user’s identity before providing them with access to multiple accounts.”
Interested parties can learn more at: https://www.transmitsecurity.com
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Herald Quest journalist was involved in the writing and production of this article.