Key points

• MFA adds an extra layer of security by requiring more than one form of verification, making unauthorised access significantly more difficult.
• Implementing MFA can decrease the likelihood of account breaches by nearly 100% compared to relying on single-factor authentication.
• Different MFA methods, such as SMS codes, hardware tokens, and biometrics, offer varying degrees of security and convenience.
• Metomic provides an easy way to support your MFA efforts, improving both security and user experience across your organisation.

As cyber-attacks grow more sophisticated and frequent, protecting your organisation’s data is crucial.

Multi-Factor Authentication (MFA) provides a comprehensive defence by adding extra layers of security to your systems. Unlike passwords, which can be easily compromised, MFA requires more than one form of verification.

This typically involves something you know (like a password), something you have (such as a smartphone or security token), and something unique to you (like a fingerprint).

By integrating these verification methods, MFA makes it significantly harder for attackers to access sensitive information. In the face of increasingly advanced cyber threats, MFA is a key strategy for protecting your organisation’s valuable data and maintaining security.

What is multi-factor authentication?

Multi-Factor Authentication (MFA) is a security method that adds extra layers of protection by requiring users to provide two or more types of verification before they can access an account or sensitive data.

Instead of just using a single password, MFA ensures that access is tightly controlled.

Here’s a common example: when you log in to your email, you start by entering your password. Then, you’ll receive a One-Time Password (OTP) on your mobile phone or email, which you enter to complete the login.

This OTP is temporary and changes with each login attempt, making it much harder for anyone to misuse your password alone.

Another everyday example of MFA is using a fingerprint scanner or facial recognition in addition to a password.

These additional steps make it far more challenging for cybercriminals to access your accounts, giving you a stronger shield against unauthorised access and keeping your sensitive information safe.

How does multi-factor authentication work?

Multi-factor authentication (MFA) adds extra layers of security to your logins, making it much harder for hackers to gain access.

Here’s how it works:

1. Knowledge Factors: This is something you know, like your password or PIN. While a password is a common starting point, it’s also easier for cybercriminals to steal through phishing or brute-force attacks.
2. Possession Factors: This is something you have, such as your phone or a security token. For example, when logging into your bank account, you might get a One-Time Password (OTP) sent to your phone. You enter this code along with your password. Since the OTP is sent to your personal device, it's much harder for someone to intercept.
3. Inherence Factors: This is something you are, like your fingerprint or facial recognition. These biometric factors are tied directly to your body, making them very secure. Though, it’s worth noting that sophisticated attacks can sometimes spoof these traits.

So, when you try to log in, you start with your password and then provide a second factor, such as an OTP or a biometric scan. This extra step makes it much harder for hackers to break in.

In fact, MFA can lower the chances of a successful attack by up to 99.9% compared to using just a password.

Getting and using an OTP usually only takes a few seconds, making MFA both quick and effective. By combining these different factors, you’re adding a solid layer of protection against cyber threats.

Why is it important? What are the benefits?

By adding layers of security, MFA makes it much harder for hackers to access sensitive data. For individual users, MFA means an extra line of defence against identity theft and unauthorised access.

Businesses benefit greatly from MFA too. Implementing MFA can cut the risk of a significant data breach by 50%, leading to substantial improvements in security and privacy savings for an organisation.

Beyond reducing the risk of data breaches, MFA helps in meeting compliance requirements, as many regulations now mandate multi-factor authentication for protecting sensitive information.

Adopting MFA can also enhance overall security posture, boosting confidence among clients and stakeholders that their data is well-protected.

What are the security risks of not using MFA?

Relying solely on passwords leaves you exposed to significant risks. Passwords are easily compromised through various methods, such as phishing, brute-force attacks, or data breaches.

When passwords are stolen, it’s not just about individual accounts being compromised; businesses face far-reaching consequences. A staggering 86% of data breaches involve stolen credentials, highlighting just how vulnerable single-factor authentication can be.

Phishing remains a leading threat, with around 3.4 billion phishing emails sent daily by cyber criminals who masquerade as trusted sources. These attacks often trick users into revealing their passwords, which hackers can then use to gain unauthorised access.

The financial impact of such breaches is substantial. In 2024, the global average cost of a data breach has risen to $4.88 million, a 10% increase on the previous year. This figure reflects not just the immediate costs, but also the long-term damage to a company's reputation and customer trust.

Without MFA, you’re leaving a significant gap in your security framework. The lack of additional verification means that if a password is compromised, so is everything protected by that password.

Are there different types of MFAs?

Multi-factor authentication (MFA) comes in various forms, each offering different levels of security and convenience. Here’s a quick overview:

1. Biometrics

This method uses unique biological characteristics, such as fingerprints, facial recognition, or iris scans, to verify identity. Biometrics are highly secure because they rely on traits that are unique to each individual. 66% of organisations now require the use of biometrics for employee authentication.

2. Hardware Tokens

These are physical devices that generate one-time passwords (OTPs) or use other secure authentication methods. They are very secure and resistant to phishing but require users to carry an extra item.

3. One-Time Passwords (OTPs)

OTPs are temporary codes that are used for a single login session or transaction. They can be sent via SMS, email, or generated by hardware or software tokens. While they add an extra layer of security, their effectiveness can depend on the method of delivery.

4. SMS Codes

This method involves sending a verification code via text message to a user’s mobile phone. While convenient, SMS codes can be vulnerable to interception and phishing attacks.

5. Authenticator Applications

These apps generate time-based one-time passwords (TOTP) or push notifications directly on a user’s smartphone. They are popular due to their balance of security and ease of use, and lead the pack with 57.8% adoption by companies.

6. Email Links

Some systems use a link sent to the user’s email as a form of verification. This method is less common and generally considered less secure compared to other MFA methods.

Each type of MFA provides a different blend of security and convenience, allowing organisations to select the best option based on their specific needs and threat landscape.

Best practices for using MFA

When it comes to multi-factor authentication (MFA), getting it right can make a huge difference for your organisation’s security.

Here’s how to do it effectively:

1. Pick the Best Method

Choose MFA options that fit your needs. While SMS codes and one-time passwords (OTPs) are common, authenticator apps and biometrics offer an extra layer of security that’s worth considering.

2. Apply It Everywhere

Don’t just use MFA for some things—apply it consistently across all your important systems.

“Currently, 83% of organisations use password-only authentication for at least some IT resources. Organisations are looking to make password-based authentication as secure as possible, as 83% also require employees to use MFA to access all IT resources.” - State of IT 2024: The Rise of AI, Economic Uncertainty, and Evolving Security Threats

3. Get Everyone Onboard

Make sure your team knows how to use MFA and understands why it’s important. Data security training can go a long way in avoiding mistakes that could leave your systems vulnerable.

4. Keep It Up-to-Date

Stay on top of the latest MFA technologies and practices. Cyber threats are always changing, so your security measures should too.

5. Watch and Respond

Keep an eye on MFA activity and be quick to act on any unusual signs. Regular monitoring helps catch and address potential issues before they become serious problems.

Following these steps can help you make the most of MFA and keep your organisation’s data safer.

How can Metomic help?

While Metomic isn’t an MFA provider, it plays a crucial role in enhancing your organisation’s overall security, complementing your existing MFA efforts. Metomic is a data loss prevention platform designed to safeguard sensitive information within SaaS applications.

Here’s how Metomic can support your MFA strategy:

• Sensitive Data Detection: Metomic automatically identifies and monitors sensitive data across your SaaS integrations, ensuring that your critical information is protected at all times.
• Automated Access Controls: By automating access controls and enforcing data security policies, Metomic ensures that only the right people have access to your sensitive data, reducing the chances of unauthorised access.
• Visibility and Monitoring: Metomic provides detailed visibility into where sensitive data resides within your organisation, making it easier to manage and secure.
• Real-Time Alerts: With alerts and remediation for potential security risks, Metomic helps you respond quickly to threats, strengthening your overall security posture.

Together with MFA, Metomic provides a powerful layer of protection for your organisation’s most valuable data.

Getting started with Metomic

Free risk assessment scans

Metomic offers free risk assessment scans that can pinpoint potential vulnerabilities and highlight areas where your security can be strengthened.

These scans cover popular SaaS platforms like Google Drive, Slack, and ChatGPT, providing valuable insights into your organisation's data protection efforts.

Book a personalised demo

For a deeper understanding of how Metomic can support your organisation's security strategy, book a personalised demo with Metomic’s security experts.

They’ll walk you through the platform’s features, and demonstrate how Metomic can complement your MFA setup, providing tailored solutions to meet your specific needs.