Multifactor authentication (MFA) is a security protocol that identifies users through two or more verification methods when they log in to their account. It is currently one of the best ways to protect online accounts from cyber attacks. In fact, the MFA market is expected to reach $28.34 billion by 2026 and grow 17.8% annually within the next five years.
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Passwords act as a universal security solution that protects online accounts from cybercriminals by preventing unauthorized access. But as cyberattacks become more prevalent and sophisticated, especially in the time of the COVID-19 pandemic, passwords are no longer enough to mitigate the risk of attacks.