Your password may not be providing the level of protection you believe. Here are some of
the common problems with traditional passwords:
- Reuse of passwords for multiple applications or systems that allows hackers to take
down multiple accounts just by cracking one password - Passwords stored in one place (electronically or written down)
- Passwords that are not complex enough and can easily be breached
Even with a complex password, malicious cyber actors can find ways to evade this security
measure. It is not at all surprising that majority of data security breaches involve weak,
default or stolen passwords obtained via phishing, social engineering or malware. These
result in identity thefts. Once they gain access to your accounts, the consequences could
include losing your funds and potentially compromising your identity.
So, what’s the solution? You need more than just a password; you need an additional layer
of identity verification.
Multifactor authentication (MFA) significantly enhances your security. Going beyond the
reliance on a password alone, MFA adds an extra step to safeguard your business, online
transactions, bank accounts, and even your personal identity from potential hackers.
MFA goes by various names, including: - Two factor Authentication
- Multifactor Authentication
- Two Step Authentication
- Two Step Verification
What is Multifactor Authentication?
Put plainly, an authentication factor is a means by which you demonstrate that you are the
rightful owner of the account you are attempting to access in an application or system.
Examples of authentication factors encompass passwords, personal identification numbers
(PI numbers), hardware or software-based tokens, biometric credentials, and more.
Multifactor Authentication (MFA) is an authentication method that necessitates the use of a
combination of distinct authentication factors to achieve successful authentication. By
incorporating multiple factors, MFA enhances your protection, creating an additional barrier
that makes it more challenging for malicious individuals to compromise your identity.
Users who activate MFA significantly reduce their vulnerability to hacking. This is because,
even if a malicious cyber actor manages to compromise one factor (such as your password),
they would still be unable to fulfil the second authentication requirement. This ultimately
prevents unauthorized access to your accounts.
Online services prioritize confirming your identity and, more crucially, preventing
unauthorized individuals from reaching your account and data. To achieve this, they take an
extra step by double-checking. Instead of solely relying on something you know (like a
password), which can be reused, easily cracked, or stolen, they add an additional layer of
security by requesting another piece of information to verify your identity:
Popular forms of MFA include: - Text message/Voice message
- Application based MFA (E.g. Authenticator App, Duo)
- Biometric based MFA (E.g. Fingerprint, Facial recognition)
- Phishing resistant MFA (E.g. FIDO2, Windows Hello)
According to Microsoft Implementing MFA can make you 99% less likely to get hacked.
So why wait, start using MFA today !!!
