Huge volumes of data are gathered, processed, and stored on computers and other devices by governmental, commercial, military, commercial, and medical entities. There is a very good chance that a significant portion of the data will contain extremely sensitive information, such as intellectual property, financial or legal data, or other forms of data for which improper disclosure or access could have disastrous results.
Practice demonstrates that the pandemic of 2020 served as a major catalyst for the explosive increase in cybersecurity risks. According to CSO Online, phishing operations account for almost 80% of corporate data breaches, and 94% of malware is distributed via email.
ECommerce attacks are widespread, as well. ECommerce is under serious threat from credit card fraud, hackers, malware, and other issues.
So how do you keep your business away from all the dangers of cyber-attacks? Let’s explore one of the main solutions and get details on how you can benefit from it.
The Importance of Multi-Factor Authentication
2020 brought a lot of intricate cybersecurity concerns in addition to the global epidemic, making it challenging for the globe to handle.
The amount of data breaches is continuously growing for several years since then, with over 37 billion compromised data records published in 2020. Users routinely update their passwords in an effort to increase data security and safeguard themselves against a data breach. Passwords might not always be enough to safeguard sensitive data, though. At this point, Multi-Factor Authentication (MFA) comes into the equation. MFA is one of the most well-liked approaches to dealing with the typical issues with passwords.
Luckily, there are various professional IT services and companies available that are both high quality and affordable for such teams.
Advantages of Multi-factor Authentication
MFA is vital for maintaining data security. It protects against potential data breaches, keeps track of employee accounts, and keeps away hackers. Additionally, it protects users even if their login details are unintentionally disclosed. Let’s look more closely at its primary benefits.
- It provides more layers of security than 2FA
As this method requires additional protection measures, it’s more secure compared to 2 Factor Authentication. The use of passwords, Time-based One-Time Passwords (TOTP), and Google Authenticator might be required by an organization for both clients and employees. They might make certain that the end user is verified in this manner.
- Implementation is simple
Multi-factor authentication is by nature non-intrusive. The other virtual areas used by a company or institution are unaffected. Furthermore, because of its simple user interface, clients will not have a hard time quickly learning how to use it.
- It effectively safeguards a customer’s identity.
MFA is a fantastic solution that preserves consumer data and aids in preventing identity theft. By employing this technique, an additional layer of protection is provided to the safety of the standard username and password login. Hackers will have difficulty deciphering TOTP (Time-based One-Time Passwords) because it might be supplied via SMS or a phone call that is automatically answered.
The Importance of Cybersecurity in Digital Transformation
Digital transformation is commonly regarded as the key to companies’ success in today’s lightning-paced environment. Organizations may stay competitive, adaptable, and productive in a fiercely competitive market by converting manual processes to digital ones. It is apparent that digitalization is essential to long-term success, whether that means businesses switching to a digital workforce or clinics investing in telemedicine.
At the same time, research indicates that after integrating new technologies into their infrastructure, 82% of IT and C-suite managers experienced one or more data breaches.
- Digital transformation without cybersecurity is a formula for disaster.
Unfortunately, a crucial step in their efforts to digitize—cybersecurity—was skipped since so many organizations needed to respond quickly to a global pandemic.
A massive wave of data and connections is typically produced by digital transformation, which is broken down into four main categories: domain, process, business model, and overall organization. Although this abundance of information opens up new possibilities for innovation and efficiency, it also makes businesses more susceptible to cyber threats and data breaches. And one primary way to escape this scenario, as mentioned above, is to understand and implement cybersecurity measures like 2-factor authentication and more.
Cybersecurity and Authentication in Project Management
Your project’s level of protection depends on the amount of security provided by your project management tool. This includes the reliability of your network as well as the safety of the technology and the integrity and privacy of your data. Finding the appropriate balance can be difficult, particularly in light of the growing cybersecurity concerns.
The leading project management tools provide security measures that safeguard the safety and reliability of your data without making it difficult for authorized individuals to access it. The security features should be tough enough to address risks to your data that are known in the industry yet flexible and customizable enough that you may align them with your company’s security policies, procedures, and regulations.
When choosing project management software, you should consider the following five security factors:
- Physical protection
- System and network security
- security for applications
- Privacy
- Compliance
User Authentication
The unified authentication protocols supported by your selected project management tool should include Google OpenID, Azure, Office 365, ADFS, SSO, and SAML2. With the help of this procedure, staff members can securely use your program without needing a different login and password.
Two-step verification and programmable password security settings are further authentication elements to look for.
Service Management & Cybersecurity
According to a CX Network survey on customer service and cyber security, employees from various industries realize how essential cyber security is and think they are doing everything possible to increase the security of their practices. However, in reality, to prevent the harm caused by cybercrime, more needs to be done to bring customer service staff up to speed on the best practices of cybersecurity.
The notion of putting measures in place to make their systems more secure is opposed by certain customer support teams for a number of reasons. They think that existing customer support systems may become more difficult to use and less user-friendly as a result of additional cyber procedures.
On the other side, other teams are figuring out quick fixes, like two-step authentication, to boost data security while maintaining usability.
Overall, outdated infrastructure, a tight budget, and a lack of knowledge are the major obstacles for customer service teams to overcome in order to ensure that their department is secure.
Concluding Thoughts
Since more and more businesses are becoming digital, cybersecurity is becoming an increasingly crucial issue. It has an impact on every part of an organization, including customer service, project management, access control, and digital transformation. Authentication is one quick and easy step that all businesses can take to strengthen the security of their IT processes and prevent the loss and harm of their sensitive data. Contact Red Beach Advisors at info@redbeachadvisors.com to discuss your firm’s cybersecurity and protecting your company.