As threats from bad actors become more and more complex and increasingly successful, every organization in the financial industry needs to step up security to make sure that employees, the company, and customers are safe. Studies show that up to 70% of breaches come from stolen passwords. Multi-factor authentication (MFA) has proven to greatly reduce the risks associated with stolen passwords.
To do this, Workplace now requires the use of MFA when signing in. We call this feature “sign-in verification,” and all it takes is a simple but necessary second step to sign into the Workplace environment.
Here is a two-minute video explain how MFA would benefit your organization.
Here are three reasons why turning on sign-in verification is a value add for your organization.
- Your employee’s bad password habits will no longer put your firm at risk.
Most users are known to use the same passwords over and over again. There have been multiple major security breaches that have exposed just about everyone’s passwords in the past 10 years. While your users may have changed their passwords since then, users tend to re-use old passwords after they run out of password ideas. Using MFA requires that the user use something they are in possession of, in addition to their password, to gain access to the system. In the case of Workplace, this item is your cell phone. Stealing a password will not allow a bad actor to gain access to your Workplace account.
- You can change your passwords less frequently.
The latest NIST guidelines for password do require multi-factor authentication. However, the guidelines also toned down the requirements to change passwords frequently. Now, users can create better passwords that last longer in addition to using multi-factor.
- You now get MFA for every website that you add to Workplace
Workplace’s “websites” feature allows Workplace to manage your credentials and providing single-sign on to all of your favorite websites. The websites feature will also allow users to generate secure, random passwords for your websites. By activating sign-in verification and creating a random secure password for every website, your users will effectively have gained multi-factor authentication for every website they use. Individual website breaches will no longer require you to change your password on every site you visit!
More details on setting up MFA for your organization can also be found here.