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Advantages of Implementing MultiFactor Authentication

In 2019 alone, the United States saw over 1400 data breaches containing more than 164 million exposed records.

Identity compromise has the potential to ruin an organization, not to mention the lives of those whose identities have been compromised. It is the number one attack vector for hackers and online criminals. Because of this, many companies are considering the implementation of more stringent security measures such as MultiFactor Authentication (MFA).

With MFA, a business’s sensitive data is made safer by adding a layer of security that supplements your employee’s username and password. When logging in, a MFA code is generated on the users secondary device such as a cell phone. This MFA code, which could be a time-based one time password (TOTP) or SMS, is required along with the username and password for access.

Each business is unique and should determine their own need and level of security measures. For some companies, it is required to not only encrypt their data but also to leverage MFA at the end-user level in order to maintain regulatory compliance with statutes. This is even more important for businesses who handle and maintain records that contain Personally Identifiable Information such as social security number or financial information.

Understanding the security requirements and expectations is an important part of the MFA implementation process for any business. Companies need to consider many factors including their own business model, their industry, and any compliance regulations such as PCI. They also should consider the type of data they will be capturing, utilizing, and storing in their normal business operations.

In today’s climate where remote work is the name of the game, MFA plays a huge role in mitigating high risks by helping to protect data when employees connect to systems from external WiFi networks.

MFA not only offers additional protection for your sensitive data, but it also can help to simplify the login process for your team and can be a tangible reminder of the importance of tight identification security. Your employees have dozens of username and password combinations that they need to remember in order to conduct business. By implementing MFA with a Single-Sign-On solution, businesses can simplify the login process and make it more secure simultaneously. With this combination, there is only one login to access all systems associated with a user’s profile.

Here at Launcher, the security of your data is our number one priority. We offer various MFA options for our clients as an important component of data protection.

If you are looking for a loan origination system that does more to protect you and your customers, we have the BETTER solution.

 

Source:
https://www.statista.com/statistics/273550/data-breaches-recorded-in-the-united-states-by-number-of-breaches-and-records-exposed/
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