Cybersecurity 
Some common cyber threats facing the retail industry include ransomware attacks, social engineering, system intrusions and insider threats. The retail sector is often targeted by cybercriminals
4 min read
Published on December 20, 2022
Updated on September 18, 2024.
MFA can provide many benefits for both individuals and organizations. Some benefits of enabling MFA include extra layers of security added to accounts, account takeover prevention and compliance with industry standards like HIPAA for organizations.
Continue reading to discover more benefits of implementing MFA in your everyday life and business operations.
What is multi-factor authentication?
Multi-factor authentication (MFA) is a security measure that requires two or more methods to prove a user’s identity in addition to a username and password. MFA helps to ensure that only authorized users can access accounts.
MFA vs 2FA vs passwordless authentication: What’s the difference?
Muti-factor authentication, Two-Factor Authentication (2FA) and passwordless authentication are often used interchangeably but mean different things. 2FA refers to using only one additional authentication method, whereas MFA refers to using two or more authentication methods apart from a username and password. On the other hand, passwordless authentication verifies a user’s identity without requiring traditional passwords. Instead, a user’s identity is verified using different means such as biometrics, passkeys, One-Time Passwords (OTP) or magic links.
The five benefits of implementing MFA
Here are the top five benefits of implementing MFA.
1. MFA adds extra layers of security to accounts
Since MFA requires two or more verification methods in addition to a username and password, it adds extra layers of security to online accounts. The numerous security measures ensure that only authorized users can access their information. The more authentication methods an account has enabled, the more secure it is.
2. MFA helps prevent Account Takeover (ATO) attacks
Account takeover attacks happen when a threat actor takes over your online account and changes your password, preventing you from being able to log in. Account takover attacks often happen due to the use of weak or compromised passwords. MFA helps to prevent account takeover attacks by requiring that you verify your identity using various authentication methods before you’re granted access to your account. Even if a threat actor guesses or cracks your password, with MFA enabled they would still have to verify your identity which they’d be unable to do.
3. MFA ensures regulatory compliance
When it comes to adhering to certain industry standards, implementing multi-factor authentication is essential and oftentimes required. For example, MFA assists healthcare providers in complying with the Health Insurance Portability and Accountability Act (HIPAA) in order to protect patients’ sensitive information.
Additionally, MFA has been made a requirement by many cyber insurance providers in order to obtain coverage. Businesses run the risk of paying a higher premium or perhaps losing their insurance coverage if they do not implement MFA. U.S. President Biden’s Cybersecurity Executive Order also requires that federal agencies implement MFA, which is a development that came after an increase in cyber attacks that included password cracking.
4. MFA enhances access control
Multi-factor authentication enables organizations to have complete control over who has access to sensitive data. Using two or more authentication methods guarantees that the only people who can access the data are those authorized to do so. MFA is particularly beneficial to organizations that share information with third parties since oftentimes sensitive information is shared with them insecurely.
5. MFA removes the risks associated with passwords
Password risks can be extremely common, especially if you’re not using a password manager. According to Keeper’s 2022 US Password Practices Report, 56% of respondents revealed that they use the same password for multiple accounts. If cybercriminals were to find your duplicate passwords, it would make it easier for them to gain access to multiple of your accounts. Enabling MFA on accounts removes this risk since cybercriminals wouldn’t be able to access them without first authenticating who they are.
Along with implementing MFA, it’s important to practice good password hygiene by creating strong passwords for each of your accounts. Strong passwords paired with MFA are the ultimate combination to keeping all of your data safe and sound.
Types of multi-factor authentication
The types of MFA can be split into four main categories:
- Something you know: Knowledge-based authentication is based on something the user would know such as an answer to a security question.
- Something you have: Possession-based authentication is based on something the user physically has such as a hardware security key or authenticator app downloaded on their phone.
- Something you are: Inherence-based authentication is based on a unique trait the user has such as their fingerprint or other biometric.
- Somewhere you are: Location-based authentication is more common in a zero-trust environment and is based on the user’s physical location. This type of authentication only allows users to access an app or service from locations that are permitted.
Keeper® makes implementing MFA easy
Most individuals avoid implementing MFA to their online accounts because they find it inconvenient or difficult to use. A little-known benefit to using a password manager like Keeper is it not only generates and stores passwords, but it can also generate and store 2FA codes. This guarantees that your accounts are not only protected with strong passwords and 2FA, but also makes logging into your accounts a seamless experience. For organizations, Keeper can help encourage employees to enable MFA and make it easy for IT admins to enforce the use of it for company accounts.
See how Keeper can help strengthen your online security by starting a free 30-day personal or 14-day business trial today.
