When it comes to business cybersecurity, there are many threats that companies face on a daily basis. From ransomware to phishing attacks, hackers have many ways of stealing information or disrupting business operations. One way to help protect your company from these threats is by implementing multi-factor authentication (MFA).

Multi-factor authentication is a security process that requires more than one form of identification before someone can access data or systems. To learn more about what MFA is, take a look at our previous blog post. In this blog post, we will discuss the benefits of multi-factor authentication and how you can get started protecting your business today.

Cyberthreats to Your Business 

Small to mid-sized businesses are becoming more and more targeted by cyber criminals typically due to a lack of sophistication with their cybersecurity. One of the most common threats targeting SMBs is phishing.  Phishing accounts for 90% of all breaches that organizations face, increasing 65% over the last year. 

Phishing occurs when hackers send emails that appear to be a legitimate source but are actually trying to get the recipient to click on a link or download an attachment that will install malware on their computer. Phishing attacks can also be used to steal login credentials, which can then be used to gain access to sensitive data or systems.

Ransomware is one of the other most common cyber-attacks, attacking thousands of businesses every year. These attacks have only become more common, as they are one of the most lucrative forms of attacks

This type of malware can encrypt data and demand a ransom be paid in order to decrypt it. Ransomware attacks can be devastating for businesses, as they may not be able to access essential data or systems until the ransom is paid causing downtime. 

These are just a few of the many threats that businesses face on a daily basis. While there is no way to completely eliminate all risks, implementing multi-factor authentication can help mitigate the cyber risk to your business. 

The Benefits of MFA 

There are many benefits of implementing multi-factor authentication, including:

As we mentioned, MFA adds an extra layer of cyber security to your data and systems. By requiring more than one form of identification, it makes it more difficult for hackers to gain access.

Implementing MFA can actually help save your business money in the long run. If your systems are breached and sensitive data is stolen, you may be subject to regulatory fines or lawsuits. By implementing MFA, you can help reduce the risk of a breach occurring in the first place. Additionally, cybersecurity insurance typically requires companies to have practices in place such as MFA.  Our team of cyber experts can help ensure you are meeting the requirements of MFA required by your cyber insurance provider. 

Why Your Business Needs Multi-Factor Authentication

MFA helps ensure your personal information remains secure, protecting individuals and the company or organization they may be affiliated with.  MFA serves as an additional level of security to work alongside foundational security such as firewalls, antivirus software, and encryption technology by increasing breaching barriers for targeted devices or apps making it harder for criminals to steal information.   

A few reasons your business needs to implement MFA can include:

  • Prevents identity theft
  • Secures devices in a remote world
  • Adds an additional layer of security to devices and applications
  • Ensures compliance with industry standards

MFA makes sure only the right people with the right credentials have access to key information, preventing breaches, security risks, and other disruptions in an organization’s operations.

How ThrottleNet Can Help  

Now that you know the benefits of multi-factor authentication (MFA) and why you need it for your business, you may be wondering how to get started. The first step is to assess your risks and determine which systems and data need to be protected. Once you have done this, you can start looking into MFA solutions that will work best with your business.

Many different types of MFA solutions are available, so it is important to choose one that will meet your needs. We recommend reaching out to a cybersecurity professional. They will be able to determine the best options for you and help you install and monitor these solutions so that your data stays protected in the future. 

16 Ways to Protect Your St. Louis Business From Cyberattacks

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15 Ways to Protect Your Business from Cyberattacks