{"id":55249,"date":"2022-11-18T12:46:35","date_gmt":"2022-11-18T17:46:35","guid":{"rendered":"https:\/\/jumpcloud.com\/?p=55249"},"modified":"2024-02-21T14:26:46","modified_gmt":"2024-02-21T19:26:46","slug":"why-arent-more-smes-using-multi-factor-authentication","status":"publish","type":"post","link":"https:\/\/jumpcloud.com\/blog\/why-arent-more-smes-using-multi-factor-authentication","title":{"rendered":"Why Aren’t More SMEs Using Multi-Factor Authentication?"},"content":{"rendered":"\n
Cyberattacks against small and medium-sized enterprises (SMEs) are on the rise \u2014 from ransomware to Distributed Denial of Service (DDoS). Leveraged credentials, most often passwords, cause 61% of data breaches<\/a>.<\/p>\n\n\n\n Nearly half<\/a> of all cyberattacks target SMEs who are less equipped to recover from damages. <\/p>\n\n\n\n Why don\u2019t cybercriminals limit their nefarious activity to organizations with large bank accounts? They have strategically determined SMEs are less likely to invest in security best practices than large enterprises. <\/p>\n\n\n\n Sadly, the consequences of these data breaches can be devastating. On average, 60% of SME breach victims file for bankruptcy within six months of an incident. The good news is SMEs can avoid nearly 100% of breaches by taking one simple action: implementing multi-factor authentication (MFA)<\/a>. <\/p>\n\n\n\n According to a 2021 study<\/a>, organizations that use MFA are 99.9% less likely to experience a breach than those that do not. <\/p>\n\n\n\n Yet, despite having awareness of cybersecurity risks, an estimated 67% of business decision-makers <\/a>don\u2019t use MFA for any of their login points.<\/p>\n\n\n\n Why aren\u2019t more SMEs using multi-factor authentication? Is the resistance to MFA one of misunderstanding, misinformation, or the perception of inconvenience? And how can it be overcome? Let\u2019s explore MFA\u2019s benefits<\/a>, challenges, and common misconceptions around SMEs using multi-factor authentication \u2014 but first, a primer on MFA: <\/p>\n\n\n\n MFA is a method to protect an access transaction by utilizing multiple (often two) factors to verify a user\u2019s identity. MFA, sometimes referred to as two-factor authentication (2FA)<\/a>, goes beyond vulnerable password authentication by requiring two or three forms of identity:<\/p>\n\n\n\n Though the technology has been around for decades, biometric data recognition was mostly relegated to sci-fi movies until recently. <\/p>\n\n\n\n However, technologies like facial recognition and fingerprint scanning are now mainstream thanks to organizations embedding them into their products. A recent survey<\/a> of 1,000 Americans found that 70% of them find biometrics easier to use than traditional passphrases.\u00a0<\/p>\n\n\n\n End users may see MFA as slightly inconvenient as it involves a few extra steps. But the process itself is relatively straightforward: <\/p>\n\n\n\n Once the user\u2019s identity has been verified by the organization’s chosen secondary and\/or tertiary factor, the user is granted admission to the network. <\/p>\n\n\n\n Implementing MFA has many benefits, but here are three: <\/p>\n\n\n\n In addition, MFA is one of the easiest security measures admins can take. <\/p>\n\n\n\n Now, let\u2019s dig into why more SMEs aren\u2019t using multi-factor authentication. Identity management is the only technology that requires users and admins to balance efficiency, convenience, and security all at once \u2014 a challenge, but a surmountable one. <\/p>\n\n\n\n Here are the three challenges most often cited by SMEs resisting MFA:<\/p>\n\n\n\n When it comes to choosing between speed and security, speed often wins. Fortunately, new innovations in UX design are delivering a seamless user experience with no compromise. Implemented correctly, MFA can increase IT security without adding complexity or slowing productivity for the end user. <\/p>\n\n\n\n Managed MFA solutions can support multiple factors depending on the applications, devices, and systems they protect. Integrated into a cloud directory platform like JumpCloud, managed MFA solutions reduce the complexity of protecting a single identity while securely connecting the user to multiple IT resources. Less complexity leads to higher user adoption rates and a greatly reduced attack surface.<\/p>\n\n\n\n Employees may continue to lose their smartphones on occasion, but this problem can be solved with an authentication app like JumpCloud Protect\u2122. JumpCloud Protect will: (1) temporarily relax MFA requirements while the user sets up their new phone; or (2) shift MFA requirements to a non-smartphone-based method like a hardware-based key or fingerprint scanner.<\/p>\n\n\n\n Finally, MFA costs are scalable<\/a> for SMEs, with simplified \u00e0 la carte and bundled pricing plans that deliver what businesses of all sizes need, when they need it. (Note: Cloud MFA services are free with all bundled JumpCloud packages.)<\/p>\n\n\n\n With so much on the line for SMEs, whose data is frequently targeted by hackers, MFA adoption has never been more critical. MFA helps keep accounts secure even if passwords have been compromised. <\/p>\n\n\n\n According to Aberdeen Research, small businesses of less than 500 employees with up to $50M in annual revenue experienced downtimes costs of up to $8,600 per hour in 2016<\/a>. All things considered, a solid Zero Trust initiative like MFA is a drop in the bucket. <\/p>\n\n\n\n Interested in learning more about JumpCloud and how to achieve more robust security practices? <\/strong>Start a free 30 Day Trial of JumpCloud today.<\/strong><\/a> <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Nearly half of all cyberattacks target small and medium-sized enterprises (SMEs) who are less equipped to recover from damages.<\/p>\n","protected":false},"author":163,"featured_media":72405,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","inline_featured_image":false,"footnotes":""},"categories":[23],"tags":[2420,2383,2439,2373,2374],"collection":[2775,2780],"platform":[],"funnel_stage":[3016],"coauthors":[2640],"acf":[],"yoast_head":"\nWhy Aren\u2019t More SMEs Using Multi-Factor Authentication?<\/h2>\n\n\n\n
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What Is MFA? <\/h2>\n\n\n\n
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How Does MFA Work?<\/h2>\n\n\n\n
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Benefits and Challenges of Using MFA <\/h2>\n\n\n\n
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MFA Benefits<\/h3>\n\n\n\n
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MFA Challenges and Solutions<\/h3>\n\n\n\n
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The ROI of Multi-Factor Authentication for SMEs<\/h2>\n\n\n\n