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Exclusive Insights: Top 10 Senior Execs Share Their Views of MFA Solutions and Trends

By John Gunn, CEO, Token  |  6 minute read

Discover how top security leaders are integrating advanced IAM and MFA strategies to protect against emerging threats and ensure every user's credentials are protected against breaches. 

Background

Token commissioned a leadership advisory firm, conducted a focused survey with 10 senior executives from US-based commercial organizations, each with average revenues of US$20 billion. The objective was to gather their perspectives on multifactor authentication (MFA) solutions and the prevailing trends in identity and access management (IAM). 

A Secure Identity Experience 

CISOs view security-centered vendors as the right identity partners for the future. Impact Leaders’ research shows that IAM must inhibit ransomware effectively to create value.

IAM Matters Most 

“Without well-oiled identity and access management, every other security dollar is wasted.” – CTO of a trade clearing firm. 

IT executives feel pressure to extend data protection from simple perimeter defense to defense-in-depth. According to the Verizon Data Breach Investigations Report (DBIR), 82% of breaches involved the use of stolen credentials, phishing, and other human-related vulnerabilities.

82% of breaches involved the use of stolen credentials

Multifactor Authentication: The Core of Security Strategy

Whether an organization is just dipping a toe in the strong authentication pond or revamping access controls to support a sudden shift to a remote workforce, MFA represents more than just another security project. It is the most accurate barometer of the overall health of a risk management program. 100% of CISOs and technology leaders surveyed value cost-effectiveness over cost alone. 

Identity Creates Value 

IT and security executives interviewed for this report detailed their strategies for garnering support for security-focused identity management. They stated that by maintaining a laser focus on value at both the top and bottom of the balance sheet, they secure more budget, increased headcount, and more enduring support from senior management for identity initiatives.

Legacy MFA Does Not Stop Ransomware

Most victims of major ransomware attacks were using legacy MFA solutions that were introduced twenty years ago. The Cybersecurity and Infrastructure Security Agency (CISA), an agency of the US DHS, reports that phishing attacks account for 90% of ransomware. CISOs highlighted the need for advanced MFA solutions based on technologies like FIDO2, WebAuthn, and PKI.

Phishing-resistant MFA must be the standards

Security First 

70% of IT executives say delivering the highest level of security is now the primary factor when choosing an IAM provider. CISOs seeking MFA solutions today want a vendor partner they can count on—one that integrates the entire IAM infrastructure and lifecycle, and one that has an intense focus on security.

“We put security first in all decisions, not cost or compliance. After all, if we are secure, we are, by definition, compliant and cost-avoidant.” – Executive, Fortune 500 chip manufacturer. 

Download the Report

These findings in the report "CISO Perspectives on Multifactor Authentication" highlight the critical importance of selecting the right identity and access management solutions to safeguard your organization against emerging threats. The full report delves deeper into these insights, providing actionable strategies and detailed analysis from top security leaders. 

Ready to dive deeper into these critical insights? Download the full report to explore comprehensive strategies, detailed analysis, and actionable advice from leading CISOs. 

 By downloading the report, you'll gain access to: 

  • In-depth analysis of current IAM and MFA trends. 
  • Expert opinions on the future of identity management. 
  • Practical strategies to enhance your organization's security posture. 
  • Detailed findings on the benefits of security-focused IAM providers.