A cybersecurity breach is costly for small businesses.
Cybercriminals employ social engineering tactics, such as phishing and pretexting, to acquire secure login information and extort funds. So, recovering from an attack is a major undertaking that requires coordinated action on several fronts.
Strengthening your cybersecurity system makes attacks less likely to succeed. Multi-factor authentication (MFA) can help thwart cyberattacks.
Let’s learn how you can use multi-factor authentication as a cybersecurity solution for your small business.
Multi-factor authentication is an authentication method requiring users to provide two or more verification factors to gain access to access a resource.
Implementing MFA significantly decreases the danger posed by phishing. Rather than relying on a single set of information to verify someone’s identity (e.g. their username and password), MFA requires at least two pieces of proof. A common example of MFA in practice is an email login that verifies a user’s identity with a code sent via text.
Employees who use simple, common passwords—either identical or only slightly different—on several platforms put their organization at risk. A phishing attack posing as their gym or grocery store rewards program could easily compromise the cybersecurity of their workplace. MFA creates another level of security.
Text messages aren’t the only type of MFA. Here are more types of multi-factor authentication:
For most companies, a simple text code app-based verification is probably the most practical option. It’s low-cost, simple, and easy to implement.
Analyzing the risk is the first step in implementing MFA. What aspects of your business are exposed, and what employees are particularly at risk? It may be the case that only some areas of your small business need added security.
Choose an MFA method and provider best suited to your business’ needs and budget. Then, make a plan. Inform employees of the new changes and educate them about how to use MFA.
Multi-factor authentication is an important cybersecurity solution for small businesses. It shores up weak passwords and protects employees who are vulnerable to phishing attacks.
But it does not provide complete protection from cyberattacks. No matter how strong your cybersecurity system may be, there is always a risk. To protect against that risk, small businesses can acquire cyber liability insurance.