Many companies and organizations still use regular username and password systems to protect some of their sensitive information, putting them in a pretty vulnerable position of being attacked by cybercriminals.
What’s more concerning about this is specific industries that hold more sensitive information about people and customers are usually targeted by cyber attackers. Industries like finance, healthcare, government, eCommerce, and the like are the types cyber-attackers target.
This is exactly why Next-generation Multifactor Authentication (Next-gen MFA for short) exists as an advanced tool in cybersecurity. In this article, you’ll find out what Next-Gen MFA is and the industries that benefit from it.
Okay, let’s get started.
Table Of Contents
What Is Next-Gen MFA?
Next-generation multifactor authentication is a more advanced form of cybersecurity that involves users completing a set of security measures as a means of identity verification before they are granted access to their data, account, or resource.
It’s more effective than the regular password systems given the typical security processes involved. MFA usually asks for 2 things from users to verify their identities before they are granted access and they include:
- What the users know (this is either a PIN or password)
- What the users own (this could be an OTP code or physical token).
- Specific features of the users (this includes biometric credentials such as face recognition, and fingerprints).
Next-gen MFA adds extra security layers, lessening the risk of cyberattacks, and improving the security systems of industries. This advanced security system is gaining widespread acceptance given its effectiveness, but many organizations and businesses are yet to catch on.
If you own a company or run an organization and still use the basic passwording system, you’re at risk of being cyberattacked. Microsoft reports that up to 99.9% of cyberattacks can be disarmed with MFA.
Currently, Next-gen MFA is the safest cybersecurity measure out there.
Let’s consider the benefits of Next-Gen MFA in a couple of industries;
Next-Gen MFA In The Financial Industry
This is one of the major industries that cybercriminals target. And banks need to have extra security layers to protect the money and sensitive information of customers. The problems that could arise from a cyberattacker gaining access to a customer’s account go beyond just financial theft.
The cybercriminal could also get their credit card info, and social security numbers to perpetrate more crimes. This is exactly why MFA is important. Many banks have implemented this security system in their ATMs.
Accessing your bank account via an ATM requires you to know your PIN and have your ATM card. This lessens the risk of ATM theft happening. Many banks need to also implement this security system in their customer’s login process to ensure there is no unauthorized access to their customers’ accounts.
Next-Gen MFA In The eCommerce Industry
This is also another major industry that cyberattacks go after. Account takeover frauds are now more rampant than ever and even right now, many cybercriminals prefer stolen account info to credit card info given the “long-term benefits.”
Many online merchants have seen the need to implement next-gen MFA, but they are reluctant because they feel their customers may be discouraged from using their e-com platform if the security processes change.
However, many account frauds in eCommerce can be prevented with next-gen MFA. Customers can be quite convinced that their accounts are safe, building brand trust and loyalty.
Next-Gen MFA In Government
Cybercriminals also target employees who work government jobs. Why? They typically deal with sensitive pieces of info such as economic and financial records. Many cyber attacks that go on in government circles are usually phishing scams. They send a link to government employees, pretending to be trusted sources when they want to obtain login credentials.
If history is any indication, many government services have suffered through high-profile data breaches and they affected government activities and led to the leaking of the private info of people.
Next-gen multifactor authentication ensures only government officials who are approved users can access sensitive government info. This lessens the risk of infiltration. One of the best things about Next-gen MFA is its ability to create extra security layers.
Next-Gen MFA In The Healthcare Industry
In many healthcare companies, employees are required to change their passwords periodically. This makes them quite difficult to remember. It also makes it easy to lose. However, with the implementation of Next-gen MFA, employees don’t have to remember passwords that should be changed periodically.
They can simply use a passwordless, biometric system. With facial recognition and fingerprints, it gets pretty easy. Many healthcare companies can implement this security system to make things easy for their employees and lessen the risk of data breaches.
Conclusion
Virtually every industry that operates in the digital space needs Next-generation multifactor authentication. Unlike the traditional authentication system, next-gen MFA creates extra security layers with biometric features, making it difficult for cybercriminals to gain authorized access to sensitive data and info.
