Password security is one of the most important issues facing information security today. According to the 2021 Verizon Data Breach Report, 80 percent of data breaches involve weak or stolen passwords. To overcome these challenges, many organizations are looking to multi-factor authentication (MFA) technology to help deliver a layered approach and mitigate the risk associated with just one, password-level security layer.
Multi-factor authentication refers to a method of confirming identity by requiring a user to successfully present two or more iden- tification factors. These factors can be something the user knows (like a password or PIN), something they possess (like a hardware token or smartphone) or something they are (like a fingerprint scan). A basic example is using an ATM; logging on requires the user to insert their debit card (a thing they possess) and enter their PIN (a thing they know).
But unfortunately, traditional MFA solutions are often difficult for businesses to implement and manage, especially those with limit- ed IT resources. To better understand the current state of password security and MFA usage, WatchGuard commissioned a survey of small and midsize business owners and IT decision-makers at companies with less than 1,000 employees in the United States, the UK and Australia. Here’s what was found.