MFA Becoming A Top Priority for Organizations in 2020

For a decade passwords have been popular and is still popular, but recent research show that organizations are vulnerable to passwords and it is easier to breach security by hackers. Beyond passwords there are different authentication factors which if organization can implement will help protect their identities.
80% of breaches that happens are related to passwords, and organizations sometimes overlook or unaware and discover late that breach has occurred. Pulse Q&A research in October 2019 show that adopting Multi-Factor authentication (MFA) will be top the priority for organization in 2020.
The research show that 59% of organizations will either expand or implement MFA better in 2020.This is mainly because organization are understanding the importance to secure and safeguard identities are vital to cybersecurity.

MFA gaining prominence

The research finds that executives across verticals believe MFA provides better security preparedness. In multi factor authentication two factor verification is required hence provide significant challenge for hackers and attackers. This also reduces the risk of compromise by 99.9%.Therefore it makes MFA a viable option for organization to deploy broadly at the earliest.
Basic MFA takes passwords with SMS, one time Passwords (OTP) and codes generated by mobile devices. Strong MFA uses include FIDO security keys, smart cards to authenticate users. Majority of executives surveyed found looking for easy to use but stronger forms of authentication such as biometrics or password less tech.43% surveyed are using strong MFA of which 11% use biometrics. And the latest mobile devices and laptops also use facial recognition and a fingerprint reader encrypted which makes the device more difficult for hackers to gain control of.
The research further revealed that 91% executives are leaning towards evolving their MFA implementation plan. This will include expanded MFA purchases. 52% will expand existing MFA methods, 22% will go towards stronger MFA authentication like smart keys and 13% to move towards biometrics for stronger security reasons.
The state of awareness among executives towards a stronger security to secure identities will keep threat vectors on toes. Fingerprint scans, facial scans, and other biometrics are secure authentication methods providing better security preparedness for cyber security. One of the strongest authentication method to protect from security risks is MFA. Organisations have deployed AV, FW and without authentication like MFA the organisation security is great risk,

“The weakest link for cyber-criminals is the password which they weaponize against the organisation. Cyber criminals do password pharming through phishing and key logging on systems which are without MFA”.

“MFA help to secure organisation without compromising the user experience, MFA differs from organisations which can reduce sophisticated attacks. MFA acts as multilayer and protects the business from multiple layers. Besides stronger authentication it helps in increasing security hygiene and becoming a priority for the business “says Manikant R Singh ,CISO, DMI Finance.

“Businesses today face an increasingly sophisticated and evolving threat landscape, scarcity of trained security professionals, and an increasingly porous perimeter. As a result, network security, advanced endpoint protection, multi-factor authentication, secure networking, and threat detection and response capabilities are consistently ranked as top security investment areas by IT decision-makers and IT solution providers who serve them.

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