Why Multi-Factor Authentication is Critical for Business Cyber Security


Cyber Security

The digital era is in full swing and it has made the daily lives of those who use tech easier. However, it has also made it much easier for cybercriminals to get your personal information. Multi-factor authentication may be the answer to keeping your personal and business information and data cybercrime secure.

This is true for both personal information cyber security, as well as any business cybersecurity or corporate accounts, data, and information you may have on your computer too. Your mobile phone is also at risk of being hacked and used to make your life much more challenging.

Everyone is at Increased Risk for Cybercrime

In fact, there will be an estimated 5.6 billion mobile subscribers by 2020. And currently 8 out of 10 of those mobile users want to do more banking via their smartphones. The cost of cybercrime is in the billions, and everyone appears to be vulnerable.

Businesses and corporate offices definitely have online security issues to deal with too. According to reports, 74 percent of businesses are affected by online fraud. And the amount of identities put at risk due to online fraud increased by 23 percent with 500 million people affected.

This makes keeping taps on cyber security essential. And smartphones are not the only gateway for hackers. A lot of the business cybercrime is happening via the server that business WordPress websites are parked. Working with a professional WordPress hosting providers is a vital first step. But not all security measures will be effective.

Heightened Security Efforts are Critical, But Does it Matter?

Banks have taken the first step in battling the tech savvy criminals that destroy lives using cybercrime. The implementation of chips on bank cards may be a fantastic way to deter and decrease banking fraud and identity theft.

However, there will be a spike in fraud, identity theft, and cybercrime before the bankcard chip is in full swing. In fact, counterfeit-card fraud will increase to $4.5 billion in 2016 alone, Julie Conroy, at financial-industry researcher Aite Group told Bloomberg.

That is a 12.5 percent rise from the previous year. This is an indicator cybercrime is going to take a