The most traditional method to log into an online account is through single factor authentication. A user enters their username and a password, one that has most likely been reused for several accounts, and almost instantly, they’re signed in with full access to their personal information.
Though a password may seem secure, they also open the door to hackers. In a short period of login time, several of a user’s accounts may be breached, no matter the slight character variation in their passwords. Hackers have a multitude of methods to gain control of consumer accounts, like the popular method of brute-force attack, in which a hacker attempts all possible patterns of passwords to successfully acquire your data. In today's digital age, protecting your online accounts and sensitive information is more important than ever.
It is essential to take steps to secure online accounts from hackers and cybercriminals attempting to steal personal and financial information, and one of the best ways to do so is using Multifactor Authentication (MFA).
What is Multifactor Authentication?
MFA is a method of verifying a user's identity that requires multiple authentication factors. These factors can include traditional codes (such as a password or PIN), user devices (such as a security key or smartphone), or biometric confirmation methods (such as fingerprint or facial recognition). According to Microsoft, using MFA reduces the risk of account compromise attacks by an astounding 99.9%.
Why MFA matters to your business
Traditionally, the security of an online account is based on the strength of a password. Unfortunately, it is difficult for users to remember strong password patterns that include uppercase, lowercase, and special characters, which leads to them adopting simpler, yet weaker, passwords. This timesaving choice makes the account more vulnerable to hackers stealing critical information. By implementing MFA as a supplement to the use of passwords, it is more difficult for a threat to gain access to information systems, providing greater security than singlefactor authentication. With damage from cyberattacks estimated to increase by 300 percent since 2015 (McKinsey), it is vital to protect consumer data with security that is proven to eliminate these attacks.
How to implement MFA to protect your customers and their data
Using MFA is simple and straightforward, most online services and applications already offer the option to enable it. The specific forms of MFA used can vary depending on the service or application; the most common forms are:
- Security Tokens: Security tokens are physical devices that generate one-time passwords and are often used in conjunction with a static password to provide an extra layer of security. These security tokens are cost effective, one-time investments that provide the best security possible.
- Biometric MFA: Uses biometric data, such as a fingerprint, iris scan, or facial recognition, to confirm the user's identity. While these can’t be used by anyone apart from the registered user, making it the next best MFA method after the hardware security token, accurate biometric sensor MFA options can be expensive.
- Push-based MFA: Uses a mobile app to send a push notification directly to a user’s phone that they must open in order to approve the login request.
- Smartphone-based MFA: Uses a smartphone to confirm identity, either through a code sent via SMS, or biometric authentication such as fingerprint or facial recognition. Smartphone-based MFAs provide more security than SFA but are not as secure as the hardware-based MFAs. The codes sent to the phone may be compromised if the user’s phone or messages are hacked.
- One-Time Passwords (OTP): A unique, time-limited code that is sent to the user's phone or email and is used to authenticate their identity.
Benefits of using MFA
Safe from Social Engineering:
Social Engineering is a method of deceiving or manipulating a victim into revealing sensitive information to gain access to credentials and steal personal information. Hackers typically attempt to acquire this data through fraudulent links and impersonating a trusted source. This includes attacks like: Phishing (email or social-media based attacks), Vishing (voice-based social engineering, frequently over the phone but can also be in person or VoIP), and Smishing (mobile phone-based text messaging (SMS) attacks).
MFA provides critical security against these attacks through its multiple verification stages. Even if a user’s password is compromised due to Social Engineering, the attacker is unable to gain access to the account without an additional authentication factor. Hardware MFAs provide the greatest protection against Social Engineering as the user needs to physically tap on the hardware token to grant access, which renders a remote attacker useless.
Compliance:
In recent years, to achieve and maintain compliance with cyber regulations, it has become a requirement for many organizations to deploy some sort of MFA to access their accounts. A June 2022 report by the Cybersecurity & Infrastructure Security Agency found that adopting MFA compliance requirements was a main way the nation can improve its security and should be prioritized.
How Akoya bolsters security of customer data with MFA
According to an October 2022 survey by McKinsey, digital crimes continue to grow and damage from cyberattacks is expected to amount to about $10.5 trillion annually by 2025. With this spike in cybercrime, MFA implementation has accelerated greatly, especially with larger names within tech.
At Akoya, using MFA to protect online accounts and sensitive information is essential to our operations. Akoya has MFA built into all our products and applications and is now introducing MFA for our Data Recipient Hub. This will leverage new technology to allow for quicker logins, easy recovery of account information when necessary, and confidence that a user’s account is secure. MFA can be set up on the Hub in a matter of minutes, with many options including authentication apps, hardware security keys, and biometric support. Read more about setting up MFA on the DR Hub here.
To learn more about how Akoya helps its customers protect their personal and financial data, read our articles about tokenized account numbers and security, or contact us for more information.
