Seven big reasons to make multifactor authentication for Office 365 a business priority.
Did you know cybercrime costs the Australian economy up to $1 billion each year in direct losses?
Australians are attractive targets for serious and organised crime syndicates because of our wealth and high use of technology for work, socialising, dating, online banking and accessing government services, which is why we strongly recommend updating to multifactor authentication.
The pervasiveness of the internet and our reliance on it for personal and business use has brought with it plenty of benefits, but it’s also made it easier than ever for people to commit fraud and theft.
As well as to the loss of money, cybercrime causes other damage, including:
• Damage to your personal and professional reputation
• Loss of business or employment opportunities
• Impact on emotional and psychological wellbeing
Many small businesses don’t realise they could be an attractive target for hackers – but the great news is that you can take simple steps to protect your business and customers.
What is multifactor authentication?
Any time you’re dealing with sensitive business information, you should take care that your security measures are up to the task of protecting that data from misuse.
Multifactor authentication (MFA) is a security protocol that requires more than one method of authentication to confirm your identity when you log in to a device or application or make a transaction.
The goal of MFA is to create a layered defence that makes it harder for criminals to hack into your device, network or database. If one factor is compromised, the attacker still has at least one more barrier to breach before successfully breaking in.
Multifactor authentication might sound like a lot of extra work, but you probably already use it in other parts of your daily life without realising. When you swipe your debit card and enter the pin at the supermarket checkout you’re using MFA. When you’re asked to enter a unique code to process a bank transfer despite already being logged in to the online banking app, you’re also using MFA.
In its purest form, MFA is all about making it more difficult for hackers to access your sensitive data, email addresses, files, company credit card numbers, sign-in information and even personal information.
Office 365 makes multifactor authentication easier for IT administrators
The excellent news is Office 365 makes it easy for your IT team to set up multifactor authentication for your whole business.
In Office 365, IT administrators can turn on an additional layer of security as a part of your Office 365 subscription. MFA options include:
• The ability to turn on and enforce mandatory MFA for end users
• The use of a mobile app (online and one-time password) as a second authentication factor
• The use of a phone call as a second authentication factor
• The use of an SMS text message as a second authentication factor
• Application passwords for non-browser clients
• Default Microsoft greetings during authentication phone calls
Why should my business switch to multifactor authentication?
So, here are our top seven reasons your business should make multifactor authentication for Office 365 a business priority.
1. Identity theft is the fastest-growing crime in the world. It is a simple, low-risk, high-reward crime, and it’s a threat to your business.
2. The overwhelming majority of cybersecurity breaches come down to human error or inattention. Data is compromised because user login details and passwords are compromised.
3. Password theft is alarmingly common and continuously evolving. Phishing scams, keylogging and pharming all becoming more sophisticated as criminal syndicates get smarter/
4. Weak or stolen user credentials are used approximately 95 per cent of all web application attacks.
5. Cybercriminals don’t just steal data. A lot of the time they destroy data, change programs or services, or use the servers they hack into to transmit propaganda, hate, spam, or malicious code. Creating a risk to your reputation as a business.
6. An MFA method forces anyone accessing data to use more than a password alone. Even if users’ passwords are compromised, MFA means data is still safe.
7. Your employees are already used to authenticating themselves when they use social media, dating apps, games, online banking and even their personal email. All of these platforms have all adopted mobile-based tools to authenticate their users. Your workers should take to MFA like ducks to water.
Can MGR IT help my business switch to multifactor authentication?
We recommend using MFA in your office, reach out to your Client Manager who can assist. They’re already familiar with your technology and your network, so they can help determine what kind of multifactor authentication will work best for you and your staff.
Book a consultation with your Client Manager by telephoning (03) 5444 8799 or emailing email@example.com