Multi-factor authentication: Why you need it

Multi-factor authentication (MFA) adds another layer of protection to your online accounts and is one of the simplest ways to improve your digital security.

In this video, former Sagiss marketing manager Jordan Weber explains what multi-factor authentication is and why individuals and businesses alike should be opting in.

Below is an adapted transcript of the video contents.

What is multi-factor authentication (MFA)?

Multi-factor authentication, also referred to as MFA, (and also referred to as two-factor authentication or 2FA) is a security practice wherein after entering the password for an online account, the user is required to supply additional information to confirm the user's identity.

Which methods can be used to implement multi-factor authentication?

The additional piece of information may be:

• A USB key.

• A PIN.

• An additional piece of information such as a passphrase.

Multi-factor authentication is a more secure way of logging into an online platform, simply because you're using more than one piece of information to confirm a user's identity.

Note: Multi-factor authentication is more effective when paired with a password manager.

So why is multi-factor authentication a big deal?

As you likely well know, the rates of identity theft and cybercrime have been on the rise for some time.

As a matter of fact, according to the FTC, the rate of identity theft actually doubled between 2010 and 2015. Texas ranks 12th in the country overall for rates of identity theft and third for rates of cybercrime across the entire country.

Businesses need to be just as wary as individuals for the risks of identity theft and cybercrime.

The FBI has actually found instances of bad actors going after payroll accounts, pension funds, and everything in between. In 2017, the cost of cybersecurity damage to US businesses alone was $1.4 billion.

Multi-factor authentication is an excellent way improve your security and your odds of avoiding a data breach. So it's important that you set up multi-factor authentication on as many accounts as possible.

Luckily, many of the most popular online platforms offer multi-factor authentication.

Unfortunately, it's impossible to make your accounts immune from compromises or hacks. But multi-factor authentication is the simplest way to dramatically increase your security. The ROI makes opting in to multi-factor authentication a no-brainer.