Multi-Factor Authentication: Coming For Your Business Protection
Have you ever considered how much of your life takes place on computers and mobile devices?
In recent years, our lives – and businesses all around the world – have shifted online at rapid speed. Unfortunately, scammers have followed suit and are employing new digital strategies to target Australians. Xero is the custodian of your data, and we do everything in our power to keep the information in your account secure.
What is Multi-Factor Authentication?
Multi-factor authentication is one of the three universal cybersecurity controls (MFA). Due to the tremendous amount of security it provides for minimal cost, it is a complete no-brainer in both company and personal life (free).
Multi-Factor Authentication Working Process
To access an account or service, multi-factor authentication requires two (or more) forms of authentication. One type of authentication is a traditional password. After entering a password, multi-factor authentication demands another form of authentication be given. The most popular practice nowadays is to enter a randomly generated one-time password (OTP) after first entering your regular password.
With multi-factor authentication, your accounts are much safer since even if a hacker were to get their hands on your usual password, they would be unable to access anything. To gain access, they would need both your regular password and the randomly generated one-time password. It is a very difficult nut to crack, despite the fact that it can happen and has in the past.
Multi-factor Authentication Coming for Australian Customers
One of the ways to get through this cybercriminal is Multi-factor authentication (MFA). An approach designed to protect your Xero login and verify that you are who you claim to be. Due to an Australian Tax Office (ATO) adjustment to MFA rules, anyone who accesses an Australian organisation from a foreign country will soon need to re-authenticate their device every 24 hours while signing in to Xero.
The MFA was probably first used by many of our Australian clients in 2018 when the ATO first made it accessible. In 2021, Xero pushed out mandatory MFA for users in all other countries. All current Xero clients must use MFA to log in. Due to growing cybersecurity dangers, the ATO recently changed its MFA regulations for software providers like Xero. This means that the longest a device may be relied on for in cloud-based business software like Xero is 24 hours.
How does MFA help?
One of the many crucial methods used to protect against cybersecurity threats is MFA. Before you can access your account, you must provide at least two different factors—something you know (your password) and something you have (a mobile device). Even if someone knows your password, they will not be able to access your account thanks to this second degree of security. Actually, studies indicate that MFA can stop up to 80% of data breaches.
Why consider Xero Verify?
Using MFA, Xero Verify offers quick, simple, and secure access to your Xero account. As a result, you can always access your Xero account because it is the only software that allows you to authenticate using push notifications and create a time-based numeric passcode in case there is no wifi. Simply search for “Xero Verify” in the Apple and Google app stores, then download the free app to your smartphone or tablet. The setup is quick—it just takes a few minutes—and will make signing in simple.
Multi-factor Authentication Becoming Global Standard
Private enterprises and some governmental institutions require MFA in order to conduct business with private enterprises and be in compliance with bigger data privacy standards. Even if Australia’s law was the first to specifically demand 2FA for phone porting. In June 2019, Microsoft announced that MFA was a prerequisite for all of its Cloud Solution Providers (CSPs). According to the IRS, MFA is necessary for any federal, state, or a local employee accessing IRS data remotely in the US.
The apparent level of friction decreases with each new piece of legislation mandating MFA. In other words, buyers are accustomed to MFA whenever they make significant purchases, and it is becoming more and more common. Because of this, no company that uses it needs to be concerned about unduly burdening end users.
Final Thoughts
Businesses do everything possible to protect their data. They need to make it harder for cybercriminals. MFA is the best tool to protect your business. The Alkye team is always here to help your business protect it from cybercriminals. We thrive on keeping our clients’ technology ahead of competitors and always fulfilling their consumers’ needs.
