What risks can a business face without MFA in place?
Businesses without MFA are at a higher risk of cyberattacks, including data breaches and unauthorised access to sensitive information.
If attackers can obtain or guess a user’s password, they can easily access the system without additional barriers.
This increased vulnerability can also harm a company’s reputation, lead to financial penalties, and possibly result in regulatory violations.
Implementing MFA substantially lowers these risks.
Industries with strict data protection standards, such as financial services, healthcare, and e-commerce, often require businesses to implement MFA.
For example, the financial sector has to comply with FCA regulations, which mandate strong authentication methods like MFA for certain transactions.
Likewise, healthcare organisations handling sensitive patient information should follow HIPAA requirements to protect patient data.