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MFA Isn't Always Keeping Businesses Safe From Cyberattack
techradar, Friday, February 9th, 2024
Despite deploying MFA, businesses are still getting hacked

If you think multi-factor authentication (MFA) is the be-all and end-all security solution for your business, you might want to think again. New research from IDEE found that despite having MFA deployed, many firms still suffered devastating data breaches.

The company recently surveyed more than 500 IT and cybersecurity professionals working within UK businesses. Of that number, 95% have deployed some form of MFA. Still, less than half (44%) did not suffer a cybersecurity incident in the past year.

Two-factor authentication and multi-factor authentication are often used interchangeably; however, that's not the case. Both authentication methods aim to strengthen security protocols and fortify security, but they differ. With this blog, let's understand more about MFA security and 2FA vs MFA debate

All types of businesses, whether well-established enterprises or budding start-ups aiming to set their foundation in the industry, all are at risk of cybercrime or threat. As per Trends, hackers attack around 40% of small businesses, and the average cost of a global data breach is around USD 4.45 million, which marks a 15% rise over three years.

As per IBM's Cost of Data Breach Report 2023, around 51% of businesses are planning to invest heavily in strengthening the security of their IT infrastructure. Secure authentication is one of the crucial aspects of protecting your assets and data by preventing unauthorized access. Two-factor authentication (2FA) and multi-factor authentication (MFA) are pivotal tools to fortify access tools; however, which one is the best?

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