Pages

Many small business owners are unaware of the fact that Multi-Factor Authentication is good for their businesses security, study reveals

In this age of technological advancements, everything is moving forward and most of our data like credit card information, passwords, etc. are stored on the internet in apps like ing apps and apps that require subscriptions like Netflix and Disney+. But little do we know, while these mentioned apps have top-notch security they can be hacked, putting our personal information at risk.

While this can be combated by a two-factor authentication icon can still prove to be not enough, and putting your trust in multiple-Factor-Authentication or MFA processes is a better option. A new study named Global Small Business MFA was released by the Cyber Readiness Institute (CRI) which stated owners of most small businesses are still relying on usernames and passwords to secure and request employee data like account numbers, addresses, etc.

In the study, when asked, more than half of business owners said that they do not use Multiple Factor Authentication to secure their employee’s information, while only 46% of businesses use MFA. Just like the name suggests, MFA requires users to provide multiple pieces of evidence to access their business accounts on a new device.

MFA has been used for decades and is very much recommended by experts in Cybersecurity. Even with that many small business owners are not aware of the enhanced security benefits of MFA and like we said before 54% don’t even use it. Out of the 54% who don’t use MFA, 47% said that they don’t use MFA for two reasons, either they don’t understand how it works or they just don’t see the value of such a tiring protection system. Even more so, almost 60% of business owners have never discussed MFA with either their partners or their employees, sometimes even both.

As said by Karen S. Evans who is the managing director of CRI, most of the direct attacks on an account can be stopped by MFA, quite easily as it can just ask for a code sent on the user’s phone number. But from the minority of businesses who do use MFA, most of them have done it very messily, as 39% of companies who use MFA, have a process that gives the utmost importance to software, hardware, and personal and business data. But that isn’t all as 49% of owners only encourage the use of MFA when it is available.
Read next: Meta and Google’s Ad Spend Duopoly to Dip Below 50% in 2023 as TikTok Provides Stiff Competition

No comments: