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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 big hit once the chip is used universally. However, you may still be at risk after switching to the chip, since mobile banking and transactions will still be commonplace. So how can you, and businesses worldwide keep information, data, and banking information safe?

Multi-factor Authentication (MFA) Provides a Solution

Multi-factor authentication (MFA) is possibly the newest and most secure solution to cybercrime. MFA typically combines two or more login/password credentials independent of one another. For example, it may include something you know, something you have, and what the user is, or biometric verification.

Multifactor authentication is an advanced cybercrime defense system with complex layers cyber criminals will have trouble peeling back to get at your personal information. Things like a physical location of the user may be asked, making a security breach far more challenging.

In fact, if one piece of the multifactor authentication process is compromised, there are several more in place to keep the cybercrime from happening. Multi-factor authentication includes swiping and entering a pin, entering a one-time password (OTP), downloading a VPN client, scanning a fingerprint, answering a security question, or using a USB hardware token, among others.

What Should be Top Priority?

Of course the obvious holds true. Securing both your financial data and personal information at the same time is ideal. However, there is a bit of a difference when examining the loss after a cybercrime.

For example, many bank and financial institutes simply focus on securing banking assets, rather than the detailed personal information compiled by most corporations. However, securing your personal information from cybercrime is potentially more important.

Your personal information is essentially not a number, and therefore it is impossible to quantify it. It is also more long lasting than any financial amount, because your personal identity stays with you for life, whereas money often comes and goes, and insured by banking institutions.

Your health records are an excellent example of this. If multifactor authentication is not in place, a cybercrime could happen, leaving your personal health information in the wind. To combat this, for example, online health platforms take extra steps to ensure they meet HIPAA compliance and personal information is safe.

Wrapping Up . . .

Ensuring you and your business have complete security, it is vital to employ a multifactor authentication system. This will ensure you have the most secure credentials available, because 76 percent of security breaches occurred due to lost, weak, or stolen credentials.

You and your company simply need to develop a multifactor authentication everyone can use at home and the office. You and your company can use smartphones as “something you have,” a mobile network as “something you know,” and a location as a “real-time” credential.

Develop an online security plan that fits your needs and is easy to use. This could be a three-stage multifactor authentication system using your smartphone. Don’t let cybercrime ruin your digital era experience, and your identity, . Take the next steps to embrace it.

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