Multifactor Authentication: What You Need to Know
Choosing weak passwords for your dealership systems makes it easier for hackers to attack you. And when it comes to overall password protection, users get complacent and use the same password for multiple applications, store passwords in insecure locations and keep the same password for long periods of time. In fact, according to the 2020 Verizon Data Breach Investigations Report, stolen login credentials are the top tactic used by hackers to achieve data breaches. So how can your dealership prevent having login credentials stolen? The best way is to ensure that any digital users in your dealership provide at least two pieces of evidence to prove their identity. This is where multifactor authentication can add another layer of protection.
What is Multifactor Authentication?
Multifactor authentication, or MFA, is when a user's credentials must come from at least two of three different categories, or factors. Two-factor authentication, or 2FA, is a subset of MFA where only two credentials are required, but MFA can use any number of factors.
MFA = Two or more of the following:
Username, password, PIN or other knowledge-based questions
A cell phone, key card or USB
Fingerprints, iris scans, facial recognition or other biometric data
Benefits of MFA
Once hackers steal a password, they can use those credentials to log in to your DMS, CRM, OEM portal or employee files and bypass other access controls. These bad actors will wreak serious havoc by causing downtime or stealing your dealership’s data. Installing MFA in your dealership provides that extra layer of protection for both your employees and customers. MFA is important, as it makes stealing your sensitive dealership data more difficult for the average cybercriminal. The less enticing your data is, the more likely that thieves will choose someone else to target. For example, a criminal would need to steal both your password and an authentication code sent to your smartphone to access your dealership’s financial data. MFA decreases the likelihood of a hacker being able to login as you. Some of the other benefits of MFA include:
- Risk reduction and stronger authentication
- Additional layer of data protection
- Fast and easy to implement in your dealership
- Easy to manage
- Enables enterprise mobility
- Adapts to the changing workplace
- Increases productivity
- Reduces downtime
- Helps meet compliancy
Why is MFA Important?
It’s impossible to prevent every cyberattack but having multifactor authentication will make it more difficult for someone else to access your data. By installing MFA in your dealership, you’ll be making a smart decision to add another layer of security to help protect your employees, partners and customers.