Why Small Businesses in Europe Need Multi-Factor Authentication (MFA)

If you're running a small or medium-sized business (SMB) in Europe, you're probably aware of the constant cybersecurity threats out there. But are you doing enough to protect your business from these risks? One of the simplest and most effective ways to beef up your security is through Multi-Factor Authentication (MFA). Let’s dive into why MFA is so important for SMBs and how it can help protect you from becoming a cybercriminal's next target.

What is MFA?

Multi-Factor Authentication (MFA) is a security process that requires users to verify their identity in more than one way before they can access important systems or data. It usually involves two or more of the following:

• Something you know: like a password or PIN.
• Something you have: like a phone or security token.
• Something you are: like a fingerprint or facial recognition.

This extra layer of security makes it a lot harder for hackers to get into your systems, even if they manage to steal your password.

SMBs: The New Favorite Targets

Many SMBs think that they’re too small to be targeted by cybercriminals, but the reality is different. In fact, a report by ENISA (European Union Agency for Cybersecurity) showed that 40% of cyberattacks target small businesses. Why? Because SMBs often have weaker security defenses, making them easier to hack compared to larger companies with big IT budgets and security teams.

And it gets worse. According to Cybersecurity Ventures, 60% of SMBs that get hacked end up going out of business within six months . That’s a pretty terrifying statistic, especially when you consider that the average cost of a data breach for SMBs in Europe is around €100,000 .

Why Passwords Aren't Enough

Most of us rely on passwords to secure our accounts, but let’s be honest—many people aren’t great at creating strong ones. In fact, Verizon's 2023 Data Breach Investigations Report found that 80% of data breaches involve weak or stolen passwords . Relying solely on passwords is like locking your door and leaving the key under the mat—it’s just not enough anymore.

MFA fixes this problem by adding an extra step to the login process, like a code sent to your phone or biometric verification. Even if a hacker gets hold of your password, they won’t be able to access your systems without that second piece of authentication.

Remote Work and Cybersecurity Risks

With more people working remotely than ever, the need for better cybersecurity has skyrocketed. Remote work creates new opportunities for hackers, as employees may log in from less secure networks or use personal devices. In fact, Cisco found that 70% of European SMBs reported an increase in cyber threats since the shift to remote work .

By implementing MFA, you add a much-needed layer of protection for employees who are accessing sensitive data from different locations. It ensures that only authorized people can access your systems, no matter where they are.

How TD SYNNEX can help you get started with MFA

If you’re an SMB looking to enhance your cybersecurity, TD SYNNEX is here to make your Multi-Factor Authentication (MFA) journey seamless. Partnering with industry leader RSA, we offer scalable MFA solutions tailored to your specific needs. Whether you’re securing cloud apps like Microsoft 365 or protecting sensitive data, RSA’s advanced features—such as biometric authentication and mobile push notifications—provide more than just password protection.

Our Managed Authentication Service takes security a step further by handling the complexities of MFA for you. From setup to ongoing management, TD SYNNEX ensures that your MFA solution is fully optimized and maintained, allowing you to focus on your business. We handle integration, provide expert guidance, and offer continuous monitoring to keep your systems secure.

Final Thoughts

The digital landscape is more dangerous than ever for SMBs, but you can protect your business with smart cybersecurity practices like MFA. By adding this extra layer of security, you make it much harder for hackers to compromise your systems. With European businesses being increasingly targeted, it’s time to stop relying on weak passwords and start taking cybersecurity seriously. Your business—and your peace of mind—will thank you for it.

References

1. ENISA (European Union Agency for Cybersecurity): [ENISA Threat Landscape 2022](https://www.enisa.europa.eu/publications/enisa-threat-landscape-2022)

2. Cybersecurity Ventures: [Small Business Cybersecurity Statistics 2022](https://cybersecurityventures.com/cybersecurity-almanac-2022/)

3. Verizon Data Breach Investigations Report 2023: [Verizon DBIR 2023](https://www.verizon.com/business/resources/reports/dbir/)

4. Cisco Cybersecurity Report: [Cisco Security Outcomes Study 2023](https://www.cisco.com/c/en/us/products/security/security-outcomes-report.html)