Privacy and security are the two major concerns of the modern tech era. With rapidly growing data on the globe, it becomes essential to ensure that its security is maintained at all expenditures. Even after implementing advanced security systems and data protection methods, data breaches remain a common problem worldwide. Thus, advanced technology is needed to put a stop to these unwanted information compromises.
Multi-Factor Authentication emerged as an efficient way to prevent data breaches and reduce them to a great extent. By adding an extra layer of security, this approach proved to be a significant obstacle for hackers and data thieves. While multi-factor authentication has surpassed other security measures, including 2FA and passwords, it uses a different approach to provide security to the data.
In this blog, we’ll take a closer look at how this technique works to prevent data breaches and what makes it more efficient than other security methods.
What is Multi-Factor Authentication?
Multi-Factor Authentication is a digital security method that places an additional layer of security over any platform that needs protection against data breaches and security threats. Its prime features include:
- It offers multiple authentication modes, including emails, SMS, biometrics, and others.
- One can customize MFA software to suit the organization’s security requirements.
- It employs hard tokens and soft tokens. Examples of these are one-time passwords (OTPs) and Time-based one-time passwords (TOTPs).
It prevents an intruder from breaching your data or privacy. Research by Microsoft says that Multi-Factor Authentication can prevent 99.9% of attacks on your accounts.
How does MFA help prevent data breaches?
The main goal of Multi-Factor Authentication is to establish a robust security layer over the target. This layer can be accessed only by the actual owner, preventing unauthorized access. MFA has significantly increased the security satisfaction rate of users worldwide by 90%. However, to achieve this, Multi-Factor Authentication employs specific identification processes to successfully verify the authenticity of the person trying to access the target.
Here are these identification processes that the Multi-Factor Authentication technique uses to prevent data breaches.
Identification Through Trusted Devices
Multi-factor authentication involves verifying a user’s identity through trusted devices, which are considered reliable sources. This includes sending a unique code or a notification to these trusted devices. The user must then verify their identity by acknowledging that notification or the unique code displayed. Reliable ways of verifying the user’s authenticity through devices include push notifications, one-time passwords (OTPs), biometrics, and two-factor tokens that are widely used around the world.
Identification Through An Authenticator
Google Authenticator has emerged as a reliable source for multi-factor authentication. In this process, a unique code is displayed on the verified Google Authenticator application, which remains valid for a few seconds only. A true user can match the code on the MFA screen and authenticate themselves to access the target.
Identification Through Knowledge
In this process, the multi-factor authentication asks users certain questions to which they provided answers earlier. Access to the target is granted only if their answers match the ones provided at the first instance. Even a non-similar upper or lowercase of the answer given can make a difference in invalidating the user’s authenticity.
Thus, using the above three authentication processes, multi-factor authentication minimizes a majority of data breaches each day. More reliable than a two-factor authentication system, MFA is a more advanced technology to provide security against data thefts and breaches.
Benefits of using Multi-Factor Authentication
Using Multi-factor authentication has several benefits. Here are some major security advantages that it provides to your data.
More Reliable Than 2FA: The multi-factor authentication technique is more advanced compared to 2FA. It allows preventing access to the target data through a password, an OTP, and an authenticator device like Google Authenticator all at once.
Maintains User Experience: MFA comes with a smooth verification process, ensuring that the user experience is not compromised. This ensures a bright future for MFA in the tech industry.
It Uses The Single Sign-On Technique (SSO): With MFA, creating complex passwords is no longer needed. The Single Sign-On (SSO) technique makes it easier to authenticate a user through a single trusted device. This makes the verification process quick and also reduces the risk of a data breach.
Assures Identity Of A User: If a user successfully passes through all the verification processes of MFA, it ensures that they are the true owner of the property. Since it becomes extremely difficult to gain unauthorized access to a target with a multi-factor system enabled.
Prevents Money Loss: A single data breach can cost around $4.35 million, leading companies to high losses. Multi-factor authentication helps prevent more than 99% of data breaches, therefore, preventing high losses for organizations.
OLOID’s Deviceless MFA
OLOID offers a Deviceless Multi-Factor Authentication solution, ensuring secure and user-friendly logins. It provides seamless MFA for frontline workers with options like Face, PIN, Access Card, NFC, and QR Code-based authentication. Additionally, it facilitates easy onboarding/off-boarding in high-churn environments without the need for physical token management. OLOID’s embedded MFA technology complies with industry standards, featuring a consent framework, audit trail, SOC2 compliance, NIST-compliant liveness detection, and end-to-end encryption, ensuring robust data and user authentication security.
To conclude, multi-factor authentication has proved to significantly reduce data breaches. Its introduction to the technical world has proved to be a boon for a majority of organizations. Research shows that multi-factor authentication has been able to prevent more than 40% of data breaches as compared to other two-factor authentication processes and simple passwords.
Nearly 80% of companies all around the world are using multi-factor authentication. This has helped to prevent around $4.35 million per data breach in recent times. Thus, multi-factor authentication has helped to prevent data breaches all around the world making it a reliable data guarding source.