The easiest way for a hacker to grab information from an organization is to target those who are lazy with their passwords. Organizations of all sizes are subject to having lazy password schema’s, therefore susceptible to ransomware attacks. Reducing risk involves combining authentication processes, in a manner to ensure users can still get their data. Many of the social media sites have utilized the phones as a secondary method (Multi-Factor) to confirm user access when done from an unrecognized device.
What is Multifactor Authentication?
Multifactor authentication (MFA) is a process of requiring two or more information for verification. For example, banking transactions or patient data access can be validated with a one-time password sent via SMS or through a mobile app. Multi-Factor authentication consist of three basic elements:
Something known by the user (Password or Pin)
Something possessed by the user (Smart card or mobile phone)
Something you are (Fingerprint, Face ID, Iris)
A combination of user password and one of these three basic elements is what helps create a Multi-Factor authentication. Utilizing two passwords is not multi-factor authentication, instead, sending an authentication code after logging in as a secondary form is MFA.
Benefits of Multi-Factor Authentication
Adds another layer of protection after your password.
Allows for advanced security options like Single Sign-on which requires one sign in for all applications and data.
Inexpensive solution that can be accomplished with very little capital investment.
Encourages the use of strong passwords
Prevents hacking from Ex-Employees
Reduction in data theft
The username-password combination has become inadequate and obsolete. Data breaches, ransomware attacks, and fraudulent ACH have occurred within multiple organization, yet most still believe password security is sufficient. When something is this fundamentally insecure, it's only a matter of when not if you will be a victim of a breach.