Just having a username and password associated with an online account is not safe when cyber hackers are looking for the slightest opportunity to steal your business data. Unauthorized access to user identities and stolen passwords are a major concern today, and hackers with access to such credentials gain the ability to take control of accounts, a company’s social media page, or whatever company details exists online. This is the reason many businesses are now switching to multi-factor authentication solutions that need more than one type of authentication element from the end user. Here are some of the top benefits of multi-factor authentication (MFA) system:
Protects Financial Transactions in Smartphones
The world’s largest search engine company, Google, is providing users with a one-time access security code to protect accounts. When the application is launched on your mobile device, a user simply needs to enter the one-time code that is displayed on a desktop, laptop, or mobile device to get access to a restricted account. Financial and banking institutions use multiple mobile-based systems to authenticate users initiating a financial transaction online. With MFA solutions, the bank will automatically send a text message to the user’s registered cell phone. A user needs to enter the displayed code in the message to complete the transaction. However, this method may not be a safe one if the computer, laptop, and the smartphone are hacked using malware. This is the reason you need an MFA solution that is more secure and foolproof. It is also important to keep all computers protected with antivirus software.
Secure Access to a Mobile Workforce
Many companies now have workforces distributed in remote locations worldwide. The mobile workforce can perform their tasks from the comfort of their home or while on the go. This is the reason many enterprises are now looking for MFA applications that help them control access to the protected segments of their intranet or allow their mobile employees to gain access to locations over the internet. MFA is one of the best ways to offer secure access to the staff members working from remote locations. MFA helps in reducing the risks associated with data theft and security breach. Secure access can be provided in a number of ways including virtual tokens, magnetic stripe cards, soft tokens, one-time solutions, port tokens, and safe access via the USB port or smart cards.
Additional Verification through Security Token Devices
Many companies are now switching to security tokens as an additional layer of safety and a fail-safe method for MFA. These security tokens are hardware devices that provide users with a security code that keeps changing. This device is synchronized with the server of an organization so that they both know the precise code to be entered at that particular point in time. These security tokens are the perfect solution for many users who work from a distant location where cell phone signal is unavailable. Other security token devices such as a USB gadget automatically enter a one-time passcode with the simple touch of a button. A few of these devices also allow MFA with a scanned fingerprint via the USB port.
Many enterprises count on multi-factor authentication solutions to implement advanced security features such as a single sign-on (SSO), which is simpler for users and difficult for cyber hackers. With SSO, an end user executes the MFA process. Once this is done, the user gets access to his SSO software and gains the right to admission for using all data and apps without requiring to type in the login credentials or passwords every time. With account passwords becoming unsafe, multi-factor tools have broadened their use from core IT staff to about everyone in giant corporations, particularly where confidential business or customer data is being used.