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MFA for SMBs: 3 Barriers to Adoption and How to Overcome them ASAPBy Andrew Bull - Senior Director Regional Sales EMEA in HID IAMS | ||
Dubai, United Arab Emirates While business behemoths often steal the economic headlines, it’s small and medium businesses (SMBs) who really steal the show. For context, the U.S. Small Business Administration reports there are 32.5 million small businesses in the United States, compared to only 20,516 large businesses. This means that 99.9% of all U.S. firms are considered to be small businesses, which are generally defined as independent organizations having fewer than 500 employees.
Andrew Bull - Senior Director Regional Sales EMEA in HID IAMS
And while the headlines might suggest that cyberattacks only impact large organizations, their smaller counterparts are equally vulnerable to these attacks and their related consequences.
Consider this from Cybersecurity Magazine:
But also consider this: 80-90% of cyberattacks could be prevented by the use of multi-factor authentication (MFA).
With this much protection offered by a single solution, what should SMBs know about MFA? And how can they work to adopt it more effectively?
A Quick Introduction to Multi-Factor Authentication If you need an introduction to multi-factor authentication, or MFA, the concept is relatively simple. Instead of using a single authentication factor, like a standalone password, MFA solutions verify a user’s identity using a combination of a variety of factors, such as a smart card, security key, OTP token, PIN, fingerprint, voice recognition - and the list goes on.
The combinations of how MFA can be deployed are numerous, but one of the most common use cases includes a password connected to a username, followed by a verification code sent via text message or email. This approach helps ensure that a user is indeed who they say they are, preventing bad actors from accessing sensitive data stored in a shared network, for example.
To further explain the power of MFA, the technology can be used to better protect critical resources for SMBs, such as:
With all of these benefits and protections in mind, one might wonder why more than half of SMBs have yet to implement a cybersecurity policy leveraging MFA.
Barriers to Adoption of MFA for Small and Medium-Sized Businesses Although MFA offers a straightforward solution in reducing risk of cyberattack, most SMBs have yet to take advantage of this technology. This is understandable as business owners and leaders must wear multiple hats, juggling competing priorities with often limited budgets.
According to the Cyber Readiness Institute, when we dive deeper into the details, there are three key barriers to MFA adoption:
How Smaller Businesses Can Best Implement MFA In the rapidly evolving threat landscape, SMBs must find ways to better protect themselves and their sensitive information. MFA can serve as a fundamental piece of a larger cybersecurity puzzle for small and medium businesses by allowing them to quickly and easily increase security and convenience.
For example, implementing MFA allows these organizations to eliminate reliance on passwords, which not only increases security, but also improves user experience. In addition, MFA facilitates a safer remote and/or hybrid work environment so employees can securely access necessary information from a variety of locations and devices.
So, what should decision-makers know about MFA for their SMB? Take a look at these guidelines to help find the right technology solution and provider for your needs:
Leading and growing a smaller business is a big challenge. Fortunately, adopting MFA provides a safety net to help thwart cybercriminals, protect your business’ reputation and most importantly, help protect your bottom line.
Want to learn more about multi-factor authentication for smaller businesses? Download the eBook >>
Andrew Bull is the global Sales Director of the Workforce Authentication solutions within HID’s Identity and Access Management portfolio. He brings over 25 years of experience in physical access security. Prior to his current role at HID, he supported HID SAFE within global banking organizations and other solutions within PACS. Andrew previously worked for JCI (Cardkey) and Honeywell. As an active member of UK ASIS Chapter, he enjoys speaking on a variety of identity and access management topics. |
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