MFA blends at least two separate factors. One is "something you know" (username and password) and the other could be "something you have" (cellphone) or "something you are" (fingerprint, facial recognition). In terms of "something you are", this additional verification can be obtained in several ways such as a code texted to your cellphone, a code obtained through an authenticator app such as Google Authenticator, or a push notification sent to your cellphone.
There are many benefits to MFA. Below are a couple of the main benefits.
The main benefit of MFA is that it will provide stronger security to your organization's data and applications by asking the user to identify themselves by more than a username and password. MFA makes it less enticing for cybercriminals to try and access your information and applications. Over 80% of hacking-related breaches are caused by stolen or weak passwords. MFA is essential in providing the kind of bulletproof authentication needed in today's world.
As more and more employees work outside of the office, MFA helps to manage more complex access requests. Employees are utilizing personal devices to access data and applications increasing the risk for cybercriminals to obtain usernames and passwords.
The more passwords users need to remember the weaker the passwords tend to become. In addition, it's important to avoid weighing IT down with password resets because of strengthening password requirements. MFA secures the environment and the devices they are using without requiring stringent password policies.
Many organizations are electing to purchase cyber insurance. This type of insurance covers your organization's liability from a cyber attack. In order to qualify for this type of insurance, the insurance company will most likely require all applications utilized by the organization to be accessed through MFA.