When people talk about cybersecurity, they often focus on protecting against malware, viruses, and hackers. These threats are real, but there are plenty of other ways companies can become victims of cybercrime. One way businesses fall victim to fraud is through phishing attacks. Phishing attacks involve sending emails that impersonate legitimate organizations to steal personal information. For example, scammers could pretend to be PayPal and ask you to log into your account and update payment methods. Once you provide the info, the scammer can take over your account and drain your bank accounts.
Another common type of attack happens when someone gains unauthorized access to a computer system. For example, this could occur when a hacker breaks into a server or steals a password. Or it could happen when a person shares his or her login credentials with a friend or coworker. Either way, once the attacker gets control of the computer, he or she can do anything from deleting files to installing malicious software programs.
MFA addresses both types of attacks. A traditional username/password combo won't work when someone hacks into your PC, but it won't stop an email scam either. With MFA, however, attackers must possess a username and password and additional verification factors, such as a phone number or physical token. If they try to break in without those two pieces of proof, they'll be denied access to systems.