Multi-Factor Authentication (MFA) Statistics


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Multi-Factor Authentication (Mfa) Statistics 2023: Facts about Multi-Factor Authentication (Mfa) are important because they give you more context about what’s going on in the World in terms of Multi-Factor Authentication (Mfa).

LLCBuddy editorial team scanned the web and collected all important Multi-Factor Authentication (Mfa) Statistics on this page. We proofread the data to make these as accurate as possible. We believe you don’t need to check any other resource on the web for Multi-Factor Authentication (Mfa) Facts; All are here only 🙂

Are you planning to form an LLC? Thus you need to know more about Multi-Factor Authentication (Mfa)? Maybe for study projects or business research or personal curiosity only, whatever it is – it’s always a good idea to know more about the most important Multi-Factor Authentication (Mfa) Statistics of 2023.

How much of an impact will Multi-Factor Authentication (Mfa) Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your Multi-Factor Authentication (Mfa) related questions here.

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Top Multi-Factor Authentication (Mfa) Statistics 2023

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Multi-Factor Authentication (Mfa) “Latest” Statistics

  • The banking industry has barely acknowledged adopting hardware tokens among other sectors, and the utilization is only at 4%.[1]
  • A test from 2017 indicates that 65% of consumers are becoming more adept at recognizing bogus emails from real ones.[1]
  • 17% of receivers click on the phishing link buried in the message body, whereas only 1 in 3 recipients read the email.[1]
  • Mobile push notifications are the most popular authentication technique, being used by 68% of users.[1]
  • According to a recent TeleSign research, 54% of users use 5 or fewer passwords for all of their online accounts.[2]
  • Grand View Research predicts that the multifactor authentication industry would grow to $17.76 billion by 2025, spurred by developments in biometric technology and cloud computing among other things.[2]
  • 3.8 million data were compromised by insider events in 2019, according to the Protenus Breach Barometer.[2]
  • 65% of infosec professionals have encountered compromised accounts, up from only 38% in 2017.[2]
  • According to data from Proofpoint, the main objective of 70% of the sophisticated attacks in 2018 was to get user credentials.[2]
  • In 2019, one successful phishing attempt that compromised credentials affected 55% of U.S. firms.[2]
  • Another piece of good news is that the use of Two-Factor Authentication (2FA) and Multi-Factor Authentication (MFA) has climbed by 7% since last year’s poll.[3]
  • In a poll regarding the use of 2FA, 86% said they utilized sms or email for 2FA, 39% used a phone call, and 52% used an authenticator app.[4]
  • 80% of hacking-related breaches were caused by weak or stolen passwords, according to the 2017 Verizon Data Breach Report.[4]
  • 73% of internet accounts use the same passwords twice.[4]
  • According to statistics published by the US national security cyber chief, the implementation of multifactor authentication might stop up to 80–90% of cyber attacks.[4]
  • MFA was used by 62% of enterprise companies compared to just 38% of small and medium.[4]
  • According to research, using MFA reduces the risk of account breach by more than 99.9%.[4]
  • Despite the slow pace of adoption, Twitter reported a rise of 9.1% in users who used 2FA to protect their accounts against account hijacking attempts between July and December 2020.[4]
  • MFA was utilized by 57% of workers at enterprises globally, up from 12% of all employees worldwide in 2018.[4]
  • Multi-factor authentication, according to Microsoft, prevents 99.9% of automated assaults on its platforms’ websites and other online services.[4]
  • Microsoft is not the first company to claim that employing MFA prevents 99.9% of automated account takeover threats.[4]
  • According to Google, adding a recovery phone number to your Google Account may stop up to 100% of automated bots, 66% of targeted attacks, and 99% of bulk phishing assaults.[4]
  • According to the most recent Microsoft statistics, MFA was not used by 99.9% of hacked accounts.[4]
  • Just 11% of companies worldwide utilize MFA.[4]
  • In a 2017 poll, 28% of participants utilized 2FA and 54% of them started using it freely rather than as a requirement for a job.[4]
  • Only 2.3% of all active accounts have at least one kind of two-factor authentication activated between July and December 2020, according to Twitter’s most recent transparency report.[4]
  • In 2021, 95% of firms that used 2FA also used software-based solutions, including mobile apps.[5]
  • Facebook 2FA is currently activated on more than 15 million accounts, according to TechCrunch.[5]
  • According to a Duo Labs survey, users who are working embrace the security of 2FA at a rate of 79% compared to those who are jobless at a rate of 60%.[5]
  • According to Duo Labs, financial services would be the most concerned sector if it were hacked, and this is supported by 93% of respondents.[5]
  • Businesses in the technology and software sector were the most proactive in 2021, according to research from LastPass, with 39% of respondents saying they were already implementing MFA.[5]
  • The worldwide adoption rate of enterprises employing MFA increased by 12 percentage points from the prior year in 2020, according to LastPass, bringing it to 57%.[5]
  • In contrast to the 4% of workers who claimed to utilize biometrics like fingerprint or face recognition, just 1% of respondents stated they employed hardware-based authentication, such as a physical token.[5]
  • According to the Twitter survey, 77% of users who use two-factor authentication use SMS, followed by 30.1% who use authenticator apps, and just 5% who use security keys.[5]
  • According to Verizon’s 2019 data breach investigations report, weak or hacked passwords are to blame for 80% of hacking.[6]
  • According to a 2021 Verizon data breach investigations report, improper credentials were used in 61% of incidents in 2020.[7]

Also Read

How Useful is Multi Factor Authentication Mfa

MFA is a security process that requires users to provide two or more verification factors to gain access to an account. These factors typically fall into three categories: something you know (such as a password), something you have (such as a mobile device), and something you are (such as a fingerprint). By requiring multiple forms of authentication, MFA adds an extra layer of security that makes it significantly harder for unauthorized individuals to access your accounts.

One of the key benefits of MFA is its ability to prevent unauthorized access even if a password is compromised. Hackers may be able to steal or guess a password, but without the additional verification factors required by MFA, they would still be unable to gain access to the account. This added layer of security significantly reduces the risk of unauthorized individuals gaining access to sensitive information or causing harm.

Furthermore, MFA also provides peace of mind to users by giving them greater control over their accounts. With increased reports of data breaches and cyberattacks in recent years, many people are understandably concerned about the security of their personal information online. MFA helps to mitigate these worries by making it much more difficult for malicious actors to compromise accounts, ultimately enhancing the overall security of the digital landscape.

Additionally, MFA is relatively easy to implement and use. Many websites and online services offer MFA options as part of their security settings, allowing users to enable it with just a few clicks. Once activated, MFA typically only requires a few extra seconds for users to verify their identity, a minor inconvenience compared to the potential consequences of a security breach.

However, despite its many benefits, MFA is not without its drawbacks. Some users may find the additional steps required for verification to be cumbersome or time-consuming, particularly if they are accessing their accounts frequently throughout the day. As a result, there is a risk that some users may choose to disable MFA in favor of convenience, leaving their accounts more vulnerable to attack.

Furthermore, while MFA is a powerful tool for increasing security, it is not a foolproof solution. As with any security measure, there are always ways for hackers to bypass or circumvent MFA systems, albeit with greater difficulty than traditional password protection alone. Users must remain vigilant and take other security precautions, such as regularly updating passwords and monitoring account activity, in conjunction with MFA to ensure their information stays safe.

In conclusion, while MFA certainly has its limitations, its benefits in enhancing online security cannot be understated. From preventing unauthorized access to offering peace of mind to users, MFA is an effective tool for protecting sensitive information in the digital age. It may not be a perfect solution, but when used in conjunction with other security measures, MFA can greatly reduce the risk of unauthorized access and keep our accounts and information safe.

Reference

  1. dataprot – https://dataprot.net/statistics/two-factor-authentication-statistics/
  2. healthitsecurity – https://healthitsecurity.com/features/can-multi-factor-authentication-help-healthcares-security-posture
  3. rublon – https://rublon.com/blog/half-companies-do-not-use-mfa-2022/
  4. webinarcare – https://webinarcare.com/best-multi-factor-authentication-software/multi-factor-authentication-statistics/
  5. comparitech – https://www.comparitech.com/studies/data-breaches-studies/two-factor-authentication-statistics/
  6. microsoft – https://www.microsoft.com/security/blog/2020/03/05/it-executives-prioritize-multi-factor-authentication-2020/
  7. pingidentity – https://www.pingidentity.com/en/resources/blog/post/eight-benefits-mfa.html

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