MFA: The Key to Enhanced Digital Security

Relying on a password alone is not enough to keep online accounts safe; many sectors, particularly in life sciences and finance, require stringent security measures. By implementing multi-factor authentication (MFA), companies not only safeguard against data breaches but also ensure they meet regulatory standards, preventing legal and financial repercussions. In this article, we talk to Heléna Kattenhorn, Product Manager at Veratrak, to learn more about the advantages of using MFA as a fundamental component in meeting security requirements and protecting sensitive data.

Can you tell us more about MFA, and why it matters? 

Implementing Multi-factor Authentication (MFA) provides a powerful multi-layered defense. MFA is a security mechanism that requires users to provide two or more verification factors to gain access to a resource such as an application, online account, or VPN. Unlike traditional password-based systems, MFA adds extra layers of security, significantly reducing the risk of unauthorised access. 

In 2022, over 80% of data breaches were attributed to compromised passwords, according to research by Verizon. The impact of these password-related breaches was significant. The average cost of a data breach in the life sciences sector reached $5.04 million in 2024, marking a significant increase from previous years. 

At Veratrak, security is our top priority. Cyber threats are constantly evolving, and so are our security measures. Our MFA implementation demonstrates our commitment to data protection and fostering trust among our clients. By adopting MFA, we're not only enhancing security but also ensuring compliance with industry regulations. This approach significantly reduces the risk of unauthorised access, even if a password is compromised through phishing or other means, attackers still cannot access the system without the additional verification factors.

How does it work?

We’ve chosen OTP apps as the primary method for MFA due to their reliability and convenience. With MFA enabled and set up completed, users need to verify their identity using an additional step after entering their password. This second step involves a One-Time Passcode (OTP) generated by an authentication app on their mobile device, or via email.

Here are some of the key benefits:

• Enhanced Security: OTPs are time-sensitive and change every 30 seconds, making them highly resistant to attacks.
• Offline Access: Most OTP apps work without internet connectivity, so you can log in securely from anywhere.
• User-Friendly: Setting up and using an OTP app is straightforward, ensuring a seamless experience.

Popular OTP apps like Google Authenticator, Microsoft Authenticator, Authy, 1Password, LastPass Authenticator Duo Mobile and of course Auth0 Guardian app are widely available, and compatible with our platform.

At Veratrak, we’ve partnered with Auth0, a leading identity platform, to provide a secure and seamless MFA experience. Auth0’s robust infrastructure ensures:

• Top-Notch Security: Industry-standard encryption and security protocols.
• Flexibility: Support for a wide range of OTP applications.
• Streamlined User Experience: Auth0’s platform is designed with the user in mind ensuring that security enhancements like MFA don’t become a burden. 

While security is paramount, we understand the importance of user experience. Our MFA solution is designed to be both robust and user-friendly. By using OTP apps, we've struck a balance between strong security and convenience, reducing the burden of password management for both users and IT staff.

Can you suggest some helpful tips when implementing MFA?

• Picking your preferred OTP app: Select your preferred app carefully as the app chosen during set up will be your secondary mode of verification for all future log in attempts; you cannot use apps interchangeably.

• Backup Your Codes: Many OTP apps allow you to save backup codes. Keep these in a secure location in case you lose access to your device. 

With this enhanced security feature, we're addressing the limitations of password-only systems. This multi-layered approach significantly mitigates risks associated with credential leaks, weak passwords, and sophisticated phishing attacks.

At Veratrak, we're committed to providing not just a service, but a secure environment where supply chain managers can confidently manage their operations. Our MFA implementation is just one part of our comprehensive security strategy, designed to protect your data and maintain the integrity of your business processes.

Get in touch with the team to discuss how we can help secure your supply chain operations.