Cyber trends underline need for mature MFA

Significance

MFA involves requiring people to present more than one credential to authenticate themselves. These protocols reduce the risk and impact of credential theft, but also present other opportunities for compromise if they are not implemented correctly.

Impacts

• Regulators and insurers will make conformity of MFA to the latest technical standards mandatory as it becomes a default security practice.
• SMS-based MFA will be phased out and replaced by alternatives such as in-app notifications, and physical tokens.
• Novel methods for bypassing or compromising MFA systems make regular reviews of these systems essential.