Page 101 - Cyber Defense eMagazine Annual RSA Edition for 2024

Why MFA Isn't Enough?

Multi-factor authentication (MFA) is a multi-step identity-based authentication requiring users to verify
themselves using more than just a password. With MFA, you can verify your identity with what you know
(a password), what you have (a phone), and who you are (facial recognition or fingerprint), making it
difficult for cybercriminals to gain unauthorised access.

MFA has long been used to safeguard online accounts from unauthorised entry. It effectively protects
sensitive data from several kinds of cyberattacks, including.

• Brute force and dictionary attacks
• Credential stuffing
• Phishing and spear phishing
• Keyloggers
• Man-in-the-middle attacks

While MFA provides an additional security layer to your online logins, it’s not foolproof. Hackers
increasingly exploit MFA vulnerabilities to access sensitive data. Here are some examples:

Phishing Scams

Phishing occurs when hackers use fake webpages, emails, or SMS disguised as trusted organisations
to steal login credentials or other sensitive data. If you don’t think twice, you can get tricked and end up
with data loss, identity theft, or financial theft. In Q4 2023, Microsoft topped the list of impersonated
brands for phishing scams, accounting for 33% of all phishing scams.

Business Email Compromise

Another example is business email compromise (BEC), where hackers target business leaders. BEC
operators impersonate legitimate vendors or executives via email to trick key employees into authorising
payments or providing sensitive information. Between April 2022 and April 2023, Microsoft detected 35
million BEC attempts, averaging 156K daily. It also noticed a troubling 38% surge in BEC between 2019
and 2022.

Malware Infections
While O365 data is safe within the MS 365 cloud with its robust security, personal computers and network
infrastructure can still be vulnerable to ransomware (a kind of malware) attacks. Cybercriminals use
Microsoft 365 Exchange Online and other email tools to sneak ransomware into their victims’ local
devices by sending emails with infected files or links to malware. It allows them to encrypt computer files
and demand ransom money to decrypt them.

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