The continuous expansion of the digital space has brought pros and cons for businesses. Organizations have gained limitless opportunities to advertise their products and services on the web because more and more people shop online. The annual retail e-commerce sales are projected to increase by more than $5.5 trillion by the end of 2022, as predicted by eMarketers. However, technological advancements also led to the rise of cybercrime in recent years.
RiskBased Security revealed that data breaches exposed more than 22 billion records in 2021. A successful data breach can affect any business in various ways, such as financial losses, loss of productivity, and reputation damage. Despite these circumstances, Sophos found that less than 50 % of companies’ information technology (IT) departments can handle advanced cyberattacks.
The rise of cybersecurity threats encourages companies to integrate robust online security structures. Investing in an MFA or multi-factor authentication solution can address the needs for high-level digital safety for businesses and their customers. These are the specific reasons why:
Offer Stronger Authentication
The top multi-factor authentication solutions boomed because more businesses look to secure digital payments better as cybercrimes rise. ReportLinker announced that the MFA market will grow to $26.7 billion by 2027 at more than a 15% compound annual growth rate (CAGR)in five years, starting in 2022.
MFA enables businesses to provide higher-level security for confidential information. Through MFA, authentication is no longer limited to providing passwords. Aside from knowledge-based credentials, this security solution also involves inheritance (something you are) and possession (something you have). This way, hackers cannot easily bypass security by phishing the victims’ login details or stealing their devices containing passphrases.
Adapt to the Changing Workplace
Advanced MFA products can help businesses adapt to the changing workplace, considering that transactions can be held online. Businesses must carefully authenticate users requesting access because bad actors can pretend to be the actual account owners.
MFA tools can identify the user on the other end more accurately than password authentication alone. For example, the user registered on a website requiring passphrases and biometrics. Hackers might successfully learn the victim’s passcode but must still provide the user’s biometric imprint to access the account.
Provide Security Without Compromising User Experience
The more passwords to remember, the more trouble users have to face using the online site. A 2021 study found that 57% of Americans admitted reusing their passphrases across multiple accounts. This might seem comfortable for them but increases the risk of phishing and credential stuffing.
76% of millennials reuse their passphrases, putting them at risk of phishing and credential stuffing.
With MFA, businesses can allow users to choose from security options for their authentication procedure. Consumers might go passwordless by opting for inheritance and possession-based credentials. This leaves a smaller window for cybercriminals to succeed with their illicit plans.
Businesses looking to integrate MFA in their operations must only look for a trusted digital security provider, like authID. With cutting-edge security solutions, authID can provide clients with secure and seamless authentication for a better user experience. Interested clients can inquire using our contact page.