Is multifactor authentication (MFA) finally experiencing a surge in popularity among enterprises? A recent study by LastPass by LogMeIn—the 3rd Annual Global Password Security Report—says yes. However, that answer may prove more complicated than it initially appears.
LastPass aggregates data from over 47,000 enterprises to produce their Global Password Security Report. Therefore, they found that 57 percent of businesses globally use multifactor authentication. Last year, only 45 percent used MFA, representing an improvement of 12 percent.
Meanwhile, 95 percent of employees use software-based MFA, including mobile devices. Surprisingly, only one percent use biometrics, although LastPass acknowledges other studies which find 62 percent of enterprises use biometrics.
23 percent of employees access their password vaults from a smartphone, which LastPass believes could improve adoption.
Large businesses lead the charge of MFA adoption, as it fits with their large workforces and IT infrastructures. However, small businesses now need to catch up. According to LastPass, 43 percent of cyber-attacks are designed for small business targets. Also, 60 percent of small businesses go out of business in the aftermath of a cyber attack.
Indeed, that fact proves indicative of areas where the Global Password Security Report feels less optimistic.
More Key Findings from the Global Password Security Report
LastPass notes that IT administrators lead the charge in increasing security and management through policies and integrations. Yet more could mandate the use of multifactor authentication.
In fact, they must do so to make up for the areas where enterprises still show weakness. For example, employees reuse each password an average of thirteen times. Employees at small businesses use an average of 85 passwords, whereas larger company employees have an average of 25 passwords. Worryingly, less than half of all enterprises use single sign-on.
In other words, you need to embrace next-generation identity management to secure your employee passwords. You can read the full LastPass Global Password Security Report here. Also, you can read our 2019 Identity Management Buyer’s Guide here.
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