{"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

Why Aren\u2019t More SMEs Using Multi-Factor Authentication?<\/h2>\n\n\n\n
\"person<\/figure>\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

What Is MFA? <\/h2>\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