MFA: MFA KPI/What is MFA how it works and why SMEs should use MFA

MFA/2FA & Should SME’s Use It? – CyberKPI: MFA (Multi Factor Authentication) and 2FA (2 Step Factor Authentication) is equally important to Businesses as it is to Individuals.

What is Multi Factor Authentication and why should SMEs use it? The Essential Guide to Multi-Factor Authentication for SMEs

Multi-factor authentication (MFA; two-factor authentication, or 2FA) is a multi-step account login process that requires users to enter more information than just a password. For example, along with the password, users might be asked to enter a code sent to their email, answer a secret question, or scan a fingerprint. MFA protects personal data—which may include personal identification or financial assets—from being accessed by an unauthorized third party that may have been able to discover, for example, a single password.

Multi-Factor Authentication for SMEs

Multi-factor authentication (MFA) stands out as a critical security measure for small and medium-sized enterprises (SMEs) in today’s digital landscape. By requiring users to provide two or more forms of verification to access an account, MFA significantly enhances security. An example of this enhanced security is the use of physical security keys like YubiKey, which necessitates physical presence for authentication, adding an extra layer of protection. The multifaceted approach of MFA, involving factors like something you know (password), something you have (smartphone), and something you are (fingerprint), makes it notably challenging for cyber attackers to compromise accounts, even if login credentials are obtained.

For SMEs in Europe, the implementation of MFA is crucial not only for enhancing security but also for ensuring compliance with data protection regulations such as the General Data Protection Regulation (GDPR). Compliance with these regulations is essential for safeguarding sensitive data and avoiding potential legal consequences. MFA helps mitigate the risks of data breaches and financial losses that SMEs often face due to cyber-attacks. By utilising MFA solutions like Google Authenticator and Microsoft Authenticator, which generate time-based one-time passcodes for authentication, SMEs can establish a robust security framework that protects their digital assets and fosters trust with customers and partners.

How Multi-Factor Authentication Works

Multi-factor authentication (MFA) operates on the principle of combining different factors to verify a user’s identity securely. These factors typically include something you know, like a password or a PIN, something you have, such as a smartphone or a physical security key, and something you are, like a fingerprint or facial recognition. For instance, when a user logs in with MFA enabled, they may first enter their password (something they know), followed by a one-time code generated by an authenticator app on their smartphone (something they have), and then authenticate their fingerprint on their device (something they are) to gain access to their account. This layered approach significantly enhances security by creating multiple barriers that cyber attackers must overcome to breach an account.

What is a VPN & Does my SME Need one? A VPN is a Virtual Private Network a method of securing your communications credentials. When it comes to Small and Medium-sized enterprises (SMEs), the choice of VPNs can significantly impact the security and efficiency of their operations.

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CYBER Insights – Helping keep European SMEs CYBERSafe!

Launched in 2020 by Cybersecurity Journalist Iain Fraser and his team at IfOnlyCommunications, CYBERInsights was developed to be the go-to platform providing definitive, reliable & actionable Cybersecurity News, Intel & Awareness Training for SMEs throughout Europe (UK & EU) as they as they further embraced new Technologies and Business Practices.