Money may not be the root of all evil, but it is the root cause of the majority of data breaches. Last year roughly 76% of data breaches were financially motivated, according to the Verizon 2018 Data Breach report, with bad actors trying to obtain valuable information like social security numbers, online banking credentials, financial account info and insurance details. Using these precious identity attributes, these individuals then follow a variety of paths—such as hacking into a bank account, defrauding an insurance claims/billing system, filing a false tax return, or opening a new credit line—to get to a pile of money.
To guard against unauthorized individuals acquiring sensitive information in the first place, most enterprises put multi-factor authentication (MFA) in place to secure their high-risk applications. But that may not be enough. Companies in the financial sector in particular can benefit from the use of MFA to protect access for every user to literally everything in your enterprise. By deploying MFA everywhere, you lower the risks of breach while also providing a seamless experience for your end users.