Making the Case for MFA
When considering the direct and indirect expenses associated with a data breach, the costs can add up. After a breach, a company often hires specialists to investigate the cause of the breach, and then adds security measures to address any failures, as well as pays regulatory fines, legal fees, and more. Even so, the indirect costs from reduced employee productivity, and lost current and future customers can be more substantial. To put a number on it, a Ponemon Institute study puts the average cost of a data breach at $141 per data record with sensitive data… or $1.32M when you consider the average data breach of 9,350 records.
How likely is it that you will experience a breach from a weak or shared password? Data shows that 3 out of 100 people use the weak password “123456” and out of 100 use the same password for all online accounts. So, you have to ask yourself, how likely is it that one or more of your employees are mishandling their passwords? This may be why more regulatory bodies are requiring 2FA or MFA for at least some portion of compliant companies’ users – such as with the additions to the Payment Card Industry Data Security Standard (PCI-DSS) v 3.2.
The good news is that you can mitigate these risks with Cloud-based multi-factor authentication for a reasonable cost!