How Much Does Multi Factor Authentication Cost?

Multi-factor authentication (MFA) is popular in the world of cybersecurity. It’s an authentication method that uses something other than a password, such as a security token, to verify an identity. So, what is it and how much can you expect to pay for it? In this article, we’ll explain the benefits of MFA and show you how to implement a passwordless solution in hours, not years.

Multi Factor Authentication

Unfortunately, many companies today still struggle to secure their digital assets and compliance requirements. In a fast-moving digital world, it’s harder than ever to keep track of new requirements, or to know where every security control should be applied. And that means there are more security lapses than ever.

Perpetual budget constraints and increasing regulatory requirements are just two of the reasons why chief information officers and security teams around the world are looking for ways to cut costs and reduce operational complexity.

So how can you take cost out of your multi-factor authentication strategy? Read on to learn more about how much it will cost you to implement MFA, as well as some strategies that you can use right away in order to minimize the financial impact on your company’s bottom line.

What is Multi Factor Authentication?

Multi-factor authentication is a security method that requires the user to provide more than just a password to access a computer system. Additional factors may include something the user is, such as a one-time password sent to a mobile device, or something the user has, such as an authentication device.

Multi factor authentication is commonly used in two ways:

• End-User Authentication – Used to ensure that only a person who should have access has access.
• Asset Authentication – Used to confirm that the person logging in is actually in possession of the asset, such as a computer, or that the asset is in a specific location.

Can Multi-Factor Authentication Be Used to Reduce Costs?

Yes, but it takes a little bit of creativity on your part. Here are a few ways you can use multi factor authentication to reduce expenses:

• Reduce Third-Party Costs – Many companies are forced to outsource the management of their authentication infrastructure due to budget constraints. This includes managing service providers, managing the infrastructure that supports authentication, and the internal data center management required to manage the entire solution. By cutting out the third party management, you are reducing the expense of managing your entire solution.
• Reduce Staffing Costs – MFA is not just a compliance issue; it is also a security issue. You will need to hire more staff to manage the increased security requirements. So, as you are implementing MFA, be mindful of the cost associated with managing the additional security requirements.
• Reduce Support Costs – You will incur increased support costs as you implement MFA. This may be due to the inability to support the volume of calls related to MFA implementation issues, or it may be due to new requirements that come with MFA implementation.

How Much Does MFA Cost?

While the exact cost of implementing multi factor authentication will vary depending on the specifics of your organization, it’s important to put a dollar amount on the cost of the added security.

That said, the cost of MFA is not cheap. According to a report by research firm Verigo, the average cost of implementing two-factor authentication is close to $2 per user per day. If you are trying to minimize the cost impact on your organization, you may want to rethink the implementation strategy.

Strategies for Reducing MFA Costs

When it comes to securing your company’s digital assets, there are a few key factors that can help you reduce the cost of implementing multi factor authentication. Here are a few things you can do to cut down on the MFA costs associated with your solution:

Choose the Right Solution – Make sure that the solution you choose to implement MFA is a cost-effective solution that won’t result in a high cost for your company.

Implement MFA Across the Board – When you first start implementing multi factor authentication, you may find that you want to focus primarily on asset authentication. However, you should also begin to implement end-user authentication. This will help to reduce the MFA costs associated with managing user privileges.

Start Small – The most expensive part of implementing multi factor authentication is the initial set up. So, you will want to start with an easy method, such as SMS two-factor authentication, and scale up as necessary.

So, how much does multi factor authentication cost?

When it comes to securing digital assets, implementing multi factor authentication can be a cost-effective way to protect sensitive data and respond to threats. However, the costs of implementation will vary depending on the specifics of your organization. To minimize the costs associated with implementing MFA, you will want to make sure that you are choosing the right solution, implementing MFA across the board, and starting with an easier method to scale up as needed.