Multi-Factor Authentication (MFA) Statistics 2023 – Everything You Need to Know

Are you looking to add Multi-Factor Authentication (MFA) to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Multi-Factor Authentication (MFA) statistics of 2023.

My team and I scanned the entire web and collected all the most useful Multi-Factor Authentication (MFA) stats on this page. You don’t need to check any other resource on the web for any Multi-Factor Authentication (MFA) statistics. All are here only 🙂

How much of an impact will Multi-Factor Authentication (MFA) have on your day-to-day? or the day-to-day of your business? Should you invest in Multi-Factor Authentication (MFA)? We will answer all your Multi-Factor Authentication (MFA) related questions here.

Please read the page carefully and don’t miss any word. 🙂

Best Multi-Factor Authentication (MFA) Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 65 Multi-Factor Authentication (MFA) Statistics on this page 🙂

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Multi-Factor Authentication (MFA) Usage Statistics

• Among other industries, only the financial sector has reported using hardware tokens, but even this usage is only at 4%. ^[0]

Multi-Factor Authentication (MFA) Market Statistics

• According to Grand View Research, the multi factor authentication market is projected to reach $17.76 billion by 2025, driven by advancements in biometric technologies and cloud, among others. ^[1]
• The global multi factor authentication market size was valued at $10,300 million in 2020, and is projected to reach $40,000 million by 2030, registering a CAGR of 18% from 2021 to 2030. ^[2]
• Post COVID19, the size of the global multi factor authentication market size is estimated to be $ 10,300 million in 2020, and is projected to reach $ 40,000 million by 2030. ^[2]
• The market is concentrated with major players consuming 45 50% of the share. ^[2]

Multi-Factor Authentication (MFA) Software Statistics

• Out of the businesses where employees used MFA, 33 percent worked in education, 32 percent worked in the banking/ finance industry, 31 percent worked in telecommunications and 27 percent each worked in tech/software or the government. ^[3]
• 95 percent of the employees who used MFA used a softwarebased solution like an app, while four percent used a hardware based solution and only one percent used biometrics. ^[3]
• , 33 percent worked in education, 32 percent worked in the banking/ finance industry, 31 percent worked in telecommunications and 27 percent each worked in tech/software or the government. ^[3]

Multi-Factor Authentication (MFA) Adoption Statistics

• Weinert stated that among enterprise cloud users, there is only an 11% MFA adoption rate. ^[4]
• However, despite the meager rate of adoption, Twitter saw a growing number of users who enable 2FA to secure their accounts from hijacking attempts, with an increase of 9.1% from July to December 2020. ^[5]

Multi-Factor Authentication (MFA) Latest Statistics

• Considering that up to 73 percent of passwords are duplicates, this has been a successful strategy for many attackers and it’s easy to do. ^[6]
• By providing an extra barrier and layer of security that makes it incredibly difficult for attackers to get past, MFA can block over 99.9 percent of account compromise attacks. ^[6]
• Microsoft has found multi factor authentication blocks 99.9 percent of automated cyberattacks on Microsoft platforms, websites, and other online services. ^[1]
• The latest Microsoft stats show that 99.9 percent of compromised accounts did not use multi. ^[1]
• And just 11 percent of organizations use MFA, overall. ^[1]
• According to the Protenus Breach Barometer, insider incidents compromised 3.8 million records in 2019. ^[1]
• What’s worse, 55 percent of US organizations experienced one successful phishing attack last year, leading to credential compromise. ^[1]
• The primary goal of 70 percent of these sophisticated attacks in 2018 was to obtain user credentials, according to Proofpoint research. ^[1]
• As a result, 65 percent of infosec professionals experienced compromised accounts from these attacks, up from just 38 percent in 2017. ^[1]
• A recent TeleSign report found that about 54 percent of users leverage five or fewer passwords for all of their online accounts. ^[1]
• And 73 percent of online accounts use duplicated passwords. ^[1]
• The use of multifactor authentication could prevent as much as 80–90% of cyber attacks, according to figures cited by the US national security cyber chief. ^[7]
• While the majority of the best authentication practices lie with the developers themselves, there are a few ways that users like you can use it to your advantage , an increase of over 112 percent. ^[3]
• Through our research, we discovered some interesting statisticsAs of a 2017 survey, 28 percent of respondents used 2FA, 54 percent of whom began using it voluntarily as opposed to mandatorily from a job. ^[3]
• Out of the 1.8 percent of the survey’s respondents who had used 2FA in the past and then stopped, seven out of the eight respondents said the driving factor was inconvenience. ^[3]
• The most popular MFA options among businesses were LastPass Authenticator at 39 percent,. ^[3]
• As of a 2017 survey, 28 percent of respondents used 2FA, 54 percent of whom began using it voluntarily as opposed to mandatorily from a job. ^[3]
• Out of the 1.8 percent of the survey. ^[3]
• Older people were less likely than younger people to use 2FA; students, employed people, and men were the most likely groups to use 2FA. ^[3]
• 86 percent of the respondents used 2FA through email or SMS, 52 percent used it through an authenticator app and 39 percent used a phone call10. ^[3]
• In 2019, 57 percent of the employees at businesses worldwide used MFA; this number was up from 12 percent of all global employees in 2018. ^[3]
• Duo Security at 31 percent, and Google Authenticator at 24 percent11. ^[3]
• 59 percent of executives say that they plan to implement or expand MFA within three to six months, while another 26 said they plan to implement or expand it in the next. ^[3]
• Adding a second layer of authentication is a low cost, proven cloud security solution your business can employ to prevent 99.9% of account compromise attacks and avoid a data breach. ^[4]
• That means that 89% of users have not enabled the most effective tool against cyberthreats within their organization. ^[4]
• Of those 1.2M compromised accounts, greater than 99.9% did NOT have MFA enabled. ^[4]
• It is estimated that by properly implementing MFA that 99.9% of account compromise attacks can be blocked.1 Also 94% of ransomware victims investigated did not use MFA.2. ^[8]
• According to the 2017 Verizon Data Breach Report, “weak or stolen passwords were responsible for 80% of the hacking related breaches. ^[8]
• /security/blog/019/08/0/onesimpleactionyoucantaketoprevent99.9percentofaccountattacks/ Source Areta Presentation “Ransomware Cards” 731. ^[8]
• With 68% of use, mobile push notifications are the most common authentication method. ^[0]
• In 2017, the same test had a 65% success rate, so a drop this significant shows that users are getting better at distinguishing fake emails from legitimate ones. ^[0]
• One in three recipients, for example, will open the email, while 17% of recipients click on the phishing link embedded in the body of the message. ^[0]
• According to Microsoft , MFA can “prevent 99.9 percent of attacks on your accounts.”. ^[9]
• A 2021 Verizon Data Breach Investigations Report found that 61 percent of breaches in 2020 were executed using unauthorized credentials. ^[9]
• 61% of data breaches involve the use of unauthorized credentials. ^[9]
• Microsoft says that users who enable multi factor authentication for their accounts will end up blocking 99.9% of automated attacks. ^[10]
• “Based on our studies, your account is more than 99.9% less likely to be compromised if you use MFA,” said Alex Weinert, Group Program Manager for Identity Security and Protection at Microsoft. ^[10]
• Guessing, hammering, lowand slow Very high – accounts for at least 16% of attacks. ^[10]
• The 0.1% number accounts for more sophisticated attacks that use technical solutions for capturing MFA tokens, but these attacks are still very rare when compared to the daily hum of credential stuffing botnets. ^[10]
• Microsoft’s boast that using MFA blocks 99.9% of automated account takeover attacks isn’t the first of its kind. ^[10]
• “Our research shows that simply adding a recovery phone number to your Google Account can block up to 100% of automated bots, 99% of bulk phishing attacks, and 66% of targeted attacks that occurred during our investigation,” Google said at the time. ^[10]
• As of that time, 62 percent of enterprise organizations did use MFA in comparison to only 38 percent of small and medium organizations. ^[11]
• Available to download in PNG, PDF, XLS format 33% off until Jun 30th. ^[11]
• Consider the following statistics Cybercrime is up 600% following the onset of the COVID 19 pandemic in March 2020. ^[12]
• This record number of complaints represents a 69% increase in total complaints over 2019 alone. ^[12]
• According to the National Institute of Standards and Technology, “MFA, sometimes referred to as two factor authentication or 2FA, is a security enhancement that allows you to present two pieces of evidence–your credentials–when logging in to an account. ^[12]
• Based on our studies, your account is more than 99.9% less likely to be compromised if you use multi. ^[13]
• Twitter has revealed in its latest transparency report that only 2.3% of all active accounts have enabled at least one method of two factor authentication between July and December 2020. ^[5]
• Almost 80% of 2FA enabled accounts use SMS. ^[5]
• Out of the 2.3% of all users who had 2FA enabled over this reporting period, 79.6% used SMS based, 30.9% a multifactor authentication app, and only 0.5% a security key. ^[5]
• 92% of organizationshave credentials for sale on the Dark Web 61% of peoplereuse the same or similar password everywhere “123456” and “password” were thetop. ^[14]
• 81% of data breacheshave been the result of weak or stolen passwords. ^[14]
• As per a study published by the security solutions provider F5 Labs, a 220% increase in the number of phishing attacks were reported since the first phase of lockdowns started in many countries. ^[2]
• As per a study published by the security solutions provider F5 Labs, an 220% increase in the number of phishing attacks were reported since the first phase of lockdowns started in many countries. ^[2]
• For instance, in 2020 the U.S. Department of homeland security reported a 250% increase in the number of data breaches and cyber related attacks on federal systems over the past two years. ^[2]

I know you want to use Multi-Factor Authentication (MFA) Software, thus we made this list of best Multi-Factor Authentication (MFA) Software. We also wrote about how to learn Multi-Factor Authentication (MFA) Software and how to install Multi-Factor Authentication (MFA) Software. Recently we wrote how to uninstall Multi-Factor Authentication (MFA) Software for newbie users. Don’t forgot to check latest Multi-Factor Authentication (MFA) statistics of 2023.

Reference

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1. dataprot – https://dataprot.net/statistics/two-factor-authentication-statistics/.
2. healthitsecurity – https://healthitsecurity.com/features/can-multi-factor-authentication-help-healthcares-security-posture.
3. alliedmarketresearch – https://www.alliedmarketresearch.com/multi-factor-authentication-market-A13118.
4. security – https://www.security.org/digital-safety/authentication-guide-how-to/.
5. systemsengineering – https://blog.systemsengineering.com/blog/new-statistics-warn-about-the-urgent-need-for-mfa.
6. bleepingcomputer – https://www.bleepingcomputer.com/news/security/twitter-reveals-surprisingly-low-two-factor-auth-2fa-adoption-rate/.
7. microsoft – https://www.microsoft.com/security/blog/2019/08/20/one-simple-action-you-can-take-to-prevent-99-9-percent-of-account-attacks/.
8. infosecurity-magazine – https://www.infosecurity-magazine.com/news/tech-execs-mfa-prevent-90-of/.
9. tnbankers – https://tnbankers.org/2023/03/08/multifactor-authentication-will-help-ensure-your-bank-is-not-the-next-cyber-crime-statistic/.
10. pingidentity – https://www.pingidentity.com/en/resources/blog/posts/2021/eight-benefits-mfa.html.
11. zdnet – https://www.zdnet.com/article/microsoft-using-multi-factor-authentication-blocks-99-9-of-account-hacks/.
12. statista – https://www.statista.com/statistics/918862/worldwide-survey-multi-factor-authentication-use-business/.
13. swbc – https://blog.swbc.com/businesshub/why-multi-factor-authentication-mfa-is-a-business-imperative.
14. microsoft – https://docs.microsoft.com/en-us/azure/active-directory/fundamentals/concept-fundamentals-mfa-get-started.
15. jumpcloud – https://jumpcloud.com/blog/what-is-multi-factor-authentication-and-why-should-you-use-it.

How Useful is Multi Factor Authentication

The primary benefit of multi-factor authentication lies in its ability to provide an additional layer of security. Traditional single-factor authentication systems, such as relying solely on a password, have proven to be vulnerabl e, often succumbing to breaches and hacks. MFA acts as a formidable deterrent, ensuring that malicious actors face multiple barriers when attempting unauthorized access.

One commonly adopted form of MFA involves the use of biometrics, such as fingerprints or facial recognition, in conjunction with a password. Biometric measurements are unique to an individual, making them significantly harder to replicate or forge compared to conventional passwords. By requiring an individual’s physical presence along with a password, MFA adds an extra level of complexity that diminishes the likelihood of successful cyber attacks.

Moreover, MFA solutions often involve the utilization of hardware or tokens that generate temporary codes. These codes, coupled with a password, authenticate the user’s identity. Such methods often require possession of the device generating the code, limiting access to only authorized individuals. This added layer of physicality significantly reduces the chances of a successful breach, as it would necessitate not only knowledge of the password but also acquiring the user’s physical device.

Additionally, MFA is increasingly beneficial in scenarios where a single compromised account can have severe consequences. Individuals using online banking platforms, e-commerce websites, or managing sensitive personal or professional information can greatly benefit from the robust protection of MFA. As the value and volume of critically important data continues to rise exponentially, being proactive by deploying proven security measures like MFA is crucial in combating evolving threats.

Despite its apparent advantages, MFA does shine a light on some potential challenges. Since enabling MFA usually involves additional steps or hardware, it may disrupt a seamless user experience and convenience. While convenience should not entirely override security, it undeniably poses a friction point, requiring users to strike a balance between usability and protection.

Moreover, MFA’s effectiveness does depend, to some extent, on user behavior. Careless management of authentication credentials can still render MFA ineffective. Individuals have been known to write passwords or passcodes on sticky notes or to share them with others. In such instances, no matter how robust the MFA protocol, the weakness lies solely in the user’s negligence.

Nonetheless, considering that single-factor passwords can be easily stolen or discovered, MFA instills a sense of confidence and peace of mind. It acts as a deterrent against those who may stumble upon an individual’s password but lack the necessary components elsewhere, severely inhibiting unauthorized access.

As technology progresses, it is crucial that we adapt and embrace advanced security measures. While MFA is not without its limitations, it undoubtedly offers an effective shield against the growing army of cyber criminals. By employing a multi-faceted approach to authentication, we can bolster our digital security, safeguarding our personal and professional lives from unseen threats. MFA should be seen as an essential tool in the ongoing battle to keep our sensitive information secure.

In Conclusion

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