MFA Failures And Surging Ransomware Losses: What's Going On?
Security Boulevard, Tuesday, July 23rd, 2024
Security experts and government bodies have strongly advocated for companies adopting multifactor authentication (MFA) in recent years. But despite the increased adoption of MFA, security defenses don't seem to be bolstered against rampant ransomware actors. In fact, recent findings suggest an increase in ransomware losses.
So, what's going on - are MFA failures to blame for this trend? This article takes a closer look at rising ransomware losses and whether MFA remains the best way to authenticate users. You'll also get pointers on avoiding MFA failures.
Why Are Ransomware Losses Surging?
To start with the numbers, Nuspire identified an uptick in ransomware publications in Q1 2024 compared to the previous quarter (see this threat report for more details). This increase seems surprising in light of higher MFA adoption-in a recent survey of IT professionals, 83% responded that employees at their company had to use MFA for authentication.