7 Reasons Why Phishing-Resistant MFA Should Be Your Goal
As the digital world continues to evolve, so do the threats against it. Phishing is one of the most common and dangerous cyberattacks, and it’s only getting more sophisticated. That’s why phishing-resistant multifactor authentication (MFA) is more important than ever.
MFA is an authentication method that requires more than one factor to verify a user’s identity. This can include something the user knows (like a password), something the user has (like a physical token or key), or something the user is (like a fingerprint).
Phishing-resistant MFA adds an extra layer of security by making it more difficult for attackers to spoof a user’s identity and gain access to sensitive data.
There are many reasons why phishing-resistant MFA should be a goal for businesses of all sizes:
1. Passwords Alone Aren’t Enough
Passwords are the most common form of authentication, but they’re also the weakest. They can be easily guessed, stolen, or phished. Attackers can also use password spraying, a brute force technique that guesses common passwords across multiple accounts. Today, you can go on the darknet and download entire archives of stolen passwords.
Although employees don’t intend to contribute to the problem, they are prone to password sharing. When it will make an employee’s life easier, they may just give their passwords to other people so they can complete their work. Unfortunately, not only is this dangerous for the company, but it can also lead to an employee’s own data being exposed. When an employee is working on personal devices (laptops, tablets, and smartphones), personal exposure can also matter for a business.
2. Phishing is on the Rise
Phishing attacks are becoming more common and more sophisticated. In 2018, there were over 1.3 billion phishing attempts, and that number is expected to grow to over 10 billion by 2022. It’s not just pure phishing attacks, either. Phishing attacks are being integrated into ransomware, blackmail, and other corporate espionage. Phishing simply describes the act of getting login information from a person, but this login information can be used to virtually any end.
3. Phishing-Resistant MFA Can Protect Your Revenue
If your business is the target of a phishing attack, the damage can be significant. A successful phishing attack can lead to data breaches, financial losses, and reputational damage. Many businesses will actually close within six months of a significant phishing attack because of the sheer weight of the damage involved.
Phishing-resistant MFA will protect your organization’s revenue by making it far less likely that you could be the target of a successful phishing attack. Most phishers go after weak targets. Every incremental improvement that your organization makes in its operations will remove it further from being an “ideal target.”
4. Phishing-Resistant MFA is Good for User Experience
Many people are hesitant to use MFA because they think it will be inconvenient. But with today’s technology, MFA can actually improve the user experience. There are many different types of MFA, and businesses can choose the one that best meets their needs.
Some MFA doesn’t even require that the employee repeatedly log into their accounts, but instead seamlessly log employees in based on credentials that are entirely frictionless to the employee. MFA can be extremely advanced, easy to use, and passwordless, thereby addressing many of the chief complaints from personnel. The easier an authentication system is to use, the less likely it is that employees will find it difficult to adjust to — and the less likely employees themselves will be the ultimate source of compromise.
5. Phishing-Resistant MFA Increases Security Across Devices and Accounts
Attackers are not just targeting businesses; they’re also targeting individuals. By using MFA, businesses can protect their employees’ personal accounts from being hacked. MFA can also be used to secure devices and IoT devices. Phishing-resistant MFA can increase security across all devices and accounts, thereby providing a united front.
Imagine that an employee shares the PIN to their phone and spyware is downloaded on their phone. Even if this is the employee’s personal phone, it’s likely that they check their work email, get work texts, or even get work calls. And because of that, employees absolutely need to protect their own security.
MFA systems can protect employees on any device. Cloud-based, SaaS solutions will protect the account rather than the device, so the device being comprised doesn’t impact the organization’s data.
6. Phishing-Resistant MFA is an Essential Part of a Comprehensive Security Strategy
MFA is just one part of a comprehensive security strategy. businesses should also implement other security measures, such as data loss prevention (DLP) and user activity monitoring (UAM).
But even though MFA is only part of a comprehensive security strategy, it’s one of the most important parts. MFA serves as a gate, preventing malicious attackers.
7. Phishing-Resistant MFA is the Future of Cybersecurity
As the threats against businesses continue to evolve, so must their security measures. Phishing resistant MFA is an essential part of a comprehensive security strategy, and it’s only going to become more important in the future.
Realistically, cybersecurity threats are only growing. Organizations need to shore up their security now if they want to remain secure in the future. Phishing-resistant authentication and passwordless MFA will be important steps toward securing these systems.
How to Fight Phishing
Phishing-resistant MFA is an authentication method that requires more than one factor to verify a user’s identity. This can include something the user knows (like a password), something the user has (like a physical token or key), or something the user is (like a fingerprint).
Phishing-resistant MFA adds an extra layer of security by making it more difficult for attackers to spoof a user’s identity and gain access to sensitive data. There are many reasons why phishing resistant authentication should be a goal for businesses of all sizes.
Want to learn more? Contact the experts at Axiad.