In the modern age of technology, so much business is conducted remotely through networking. Person-to-person, cash in hand contact is a rare form of interaction in today’s tech-fueled economy. Third-party access through a supply chain of partners has become a widely acceptable business model.
For example, if someone goes to a Farmer’s Market and swipes their card through a square account on the vendor’s smartphone, they’ve now introduced at least three additional parties into a transaction that began with someone selling them local organic apples. The intricacies of consumer exchange get much more complicated from there. Precautions put in place to manage network security, which protects sensitive information, continue to evolve.
Third party access imposed on a company’s sensitive data makes added security a necessary consideration. Multifactor authentication requires several levels of verification through a series of steps. Compared to the single sign on verification process – which only involves the first level of name and password authentication – multifactor authentication, also referred to as MFA, requires this plus additional steps, such as retrieving and entering a one time key-code.
Another example of this, more sophisticated, type of authentication process is when signing into some online banking accounts. In many cases, the bank will send the user a one time code after the name and password has been entered, either through their email or via text message. Sometimes, the user will even have to answer a previously assigned security question in addition to entering the one-time verification code. This is a very involved authentication process because the user will have to have additional access to other secured accounts, such as email or cell phone, as well as private information, such as their mother’s maiden name.
Company’s are faced with the objective of leveraging security and overhead expenses. Affordability drives most common business ventures and marketplaces. Considering the cost of doing business is a critical step towards success. Success in capitalism has to do with maximizing profits while minimizing overhead expenses and reducing waste. In the virtual world, services can be just as imperative and as expensive as the physical world. The business of internet security becomes more lucrative as demand increases.
Traditional, single sign on – herein referred to as SSO – authentication methods are child’s play to today’s assemblage of hackers. Although the internet is international, different countries play by different rules when it comes to regulations. Even in the case where laws have been firmly established on the books, some rogue programmers view the challenge of network hacking as a game.
The threat of cyber attacks is as real as the cost of preventing them. Considering the costs of network security, companies seek to avoid wasting time, effort, and funds on ineffective, outdated, traditional methods. The most cutting edge identity verification solutions are offered by companies that specialize in not only SSO, but MFA as well.