Multi-Factor Authentication (MFA) Statistics, Trends and Facts 2023

Multi-Factor Authentication (MFA) has become increasingly popular as a way to enhance the security of online accounts and transactions. MFA involves using multiple methods to confirm the identity of a user, such as a password and a one-time code sent to a phone.

In this post, we’ll explore statistics about Multi-Factor Authentication to understand the importance and usage of this security measure.

Multi-Factor Authentication (MFA) Statistics

Statistic	Percentage or Number
Companies using MFA	Over 80%
Increase in companies using MFA (last year)	20%
Reduction in online fraud risk	Over 90%
Decrease in data breaches caused by stolen passwords	Over 50%
Recommendation from security experts	Over 90%
Average cost of a data breach	$3.86 million
Increase in user adoption and trust	Significant
MFA-enabled mobile devices (last year)	50% increase
User feeling of security	Over 90% say they feel more secure
Future growth of MFA	Expected to continue growing in popularity

1. The multi factor authentication market is projected to reach $17.76 billion by 2025, driven by advancements in biometric technologies and cloud, among others.

2. Only 13% of employees at small to medium businesses (SMBs) are required to use MFA, compared to 87% of employees at companies with 10,000+ employees.
3. 77% of accounts use SMS (texting) as their two-factor authentication (2FA).
4. MFA blocks a whopping 99.9% of modern automated cyberattacks.
5. 81% of hacking-related breaches are due to weak/stolen passwords.
6. 27% of the businesses whose employees use MFA are in the government.

Industry	Share of businesses who use MFA
Education	33%
Banking/finance	32%
Telecommunications	31%
Tech/software	27%
Government	27%

7. 61% of people admitted to using the same password across multiple websites (Digital Guardian). Interestingly enough, the group that was most likely to reuse passwords were individuals aged 18-24.

8. Only 2.5% of all active accounts have at least one kind of two-factor authentication activated between July and December 2023
9. In 2023, 96% of firms that used 2FA also used software-based solutions, including mobile apps.
10. 38% of large organizations still don’t use MFA.
11. Between 2017-2021, the MFA adoption has increased by over 178%.

Year	MFA adoption
2021	78%
2019	53%
2017	28%

12. The technology industry is the most likely sector to use multifactor authentication

13. 73% of people believe smartphones are the most convenient MFA method.

MFA Method	Percent who think it’s the most convenient
Smartphone	73%
Built-in authenticator	17%
Smart card	5%
U2F	5%

14. Two-factor authentication uptake on Twitter is shocking

15. 65% of Americans use the same password for multiple accounts.

Password reuse	Share of Americans
Reuse passwords on all accounts	13%
Reuse passwords on multiple accounts	52%
Don’t reuse passwords	35%

16. MFA blocks a whopping 99.9% of modern automated cyberattacks.
17. MFA stops 96% of bulk phishing attempts.
18. MFA stops 76% of targeted attacks.
19. 95% of businesses using 2FA in 2021 employed software-based solutions like a mobile app.

20. Over 50% of people who receive phishing emails are tricked by them.
21. 30% of data breaches occur within the healthcare industry.
22. 69% of those 18-24 use MFA to protect their data.

Age	Share of MFA users
18-24	69%
25-34	68%
35-44	58%
45-54	49%
55-64	36%
65+	33%

23. Banking and investing is the most critical account type protected by 2FA

24. 399 of 520 respondents (77%) from the UK said they use 2FA, whereas 350 of 519 of those surveyed from the US (67%) said they use this method.

Adoption Rates of MFA by Industry

Industry	Adoption Rate
Technology	High
Financial	High
Agriculture	Low
Hospitality	Low

Benefits of MFA

Benefit	Explanation
Improved Security	MFA adds an additional layer of security to online transactions and accounts, reducing the risk of data breaches.
Improved Trust and Satisfaction	MFA is preferred by customers and employees over traditional two-factor authentication (2FA), improving trust and satisfaction.
Improved Productivity	MFA can reduce the risk of data breaches, improving employee productivity.
Reduced Risk of Phishing Attacks	MFA can reduce the risk of phishing attacks.
Reduced Risk of Identity Theft	MFA can reduce the risk of identity theft.
Reduced Risk of Account Takeover Attacks	MFA can reduce the risk of account takeover attacks.

Causes of Data Breaches

Cause	Explanation
Human Error	The majority of data breaches are due to human error.
Stolen Passwords	The majority of data breaches are the result of passwords being stolen.
Malware Attacks	The majority of data breaches are the result of malware attacks.
Social Engineering Attacks	The majority of data breaches are the result of social engineering attacks.
Unsecured Networks	The majority of data breaches are the result of unsecured networks.

Use of MFA by Type

Type of MFA	Use Trend
Biometric Authentication	Expected to increase
App-based MFA	Expected to continue to increase
Hardware Tokens	Expected to continue to decrease
SMS-based MFA	Expected to continue to decrease

Importance of MFA

Importance	Explanation
Essential for Sensitive Data and High-Value Transactions	MFA is an essential security measure for sensitive data and high-value transactions.
Improves Compliance with Regulations and Standards	MFA can improve compliance with industry regulations and standards.
Improves Security of Critical Infrastructure Systems	MFA can improve the security of critical infrastructure systems.
Improves Security of IoT Devices	MFA can improve the security of Internet of Things (IoT) devices.
Recommended for Individuals and Organizations	MFA is a recommended security measure for individuals and organizations.
Not Just for Technology Companies	MFA is important for all industries, not just technology companies.

Types of MFA Methods

Type	Explanation
Password	A password is the most common form of authentication.
Security Tokens	Security tokens generate unique, one-time codes that must be entered within a limited time frame.
Smart Cards	Smart cards are small plastic cards with integrated circuits that store and process information.
Biometrics	Biometrics refers to the use of physical characteristics, such as fingerprints or facial recognition, to authenticate a user.
Mobile Devices	Mobile devices can be used as a form of MFA, such as through app-based authentication.

Advantages of MFA

Advantage	Explanation
Stronger Security	MFA provides stronger security compared to traditional username/password authentication.
Easy to Use	MFA can be easy to use, especially with the increasing use of smartphones and biometric authentication.
Reduced Risk of Account Takeovers	MFA reduces the risk of account takeovers by requiring multiple factors to access an account.
Improved Compliance	MFA can help organizations comply with data privacy regulations and industry standards.
User Acceptance	MFA has seen high user acceptance, with many users finding it more convenient than traditional 2FA methods.

Challenges of Implementing MFA

Challenge	Explanation
Cost	Implementing MFA can be expensive, especially for organizations with a large user base.
User Resistance	Some users may resist using MFA due to the additional steps required to access their accounts.
Complex Deployment	MFA deployment can be complex, requiring organizations to integrate new technologies and train employees.
Limited Technology Support	MFA may not be supported by all systems and applications, leading to compatibility issues.
Technical Support	Technical support may be required to resolve issues related to MFA deployment and use.

MFA in the Workplace

Workplace Factor	Explanation
Employee Adoption	Employee adoption of MFA is crucial for its success in the workplace.
Integration with Systems	MFA must be integrated with existing systems and applications to ensure seamless use.
Security Awareness Training	Security awareness training for employees is important to ensure proper use of MFA.
Device Management	Device management is important to ensure that MFA-enabled devices are secure and up-to-date.
Technical Support	Technical support must be available to employees to resolve any issues related to MFA use.

Impact of MFA on Business

Impact	Explanation
Improved Data Security	MFA improves data security by adding an additional layer of protection to online accounts and transactions.
Increased Compliance	MFA can increase compliance with data privacy regulations and industry standards.
Improved Employee Productivity	MFA can reduce the risk of data breaches and account takeovers, improving employee productivity.
Improved Customer Trust	MFA can improve customer trust in an organization and its online services.
Increased ROI	Implementing MFA can result in a positive return on investment (ROI) for organizations.

Multi-Factor Authentication (MFA) Latest Statistics

1. 90% of data breaches are due to weak or stolen passwords.
2. MFA is recommended by cybersecurity experts to reduce the risk of data breaches.
3. 80% of companies use Multi-Factor Authentication for their employees.
4. 70% of consumers feel more secure using online accounts protected by MFA.
5. The use of MFA has increased by 70% over the past two years.
6. 60% of consumers would switch to a more secure service if their current provider did not offer MFA.
7. 50% of companies have experienced a data breach in the past two years.
8. 40% of data breaches could have been prevented with the use of MFA.
9. MFA reduces the risk of data breaches by 99.9%.
10. MFA is required by the Payment Card Industry Data Security Standard (PCI DSS) for online transactions.
11. The use of MFA has increased by 20% for online transactions in the past year.
12. 30% of online transactions are protected by MFA.
13. MFA is available for all major social media platforms.
14. MFA is available for all major email providers.
15. MFA is available for all major online banking services.
16. MFA is available for all major e-commerce platforms.
17. The use of biometric authentication, such as fingerprint or facial recognition, has increased by 50% in the past year.
18. The use of SMS-based MFA has decreased by 40% in the past year.
19. The use of app-based MFA has increased by 30% in the past year.
20. The use of hardware tokens for MFA has decreased by 20% in the past year.
21. MFA is required by the General Data Protection Regulation (GDPR) for online transactions in the European Union (EU).
22. MFA is required by the California Consumer Privacy Act (CCPA) for online transactions in California.
23. MFA is used by government agencies for secure online transactions.
24. MFA is used by military organizations for secure online transactions.
25. MFA is used by healthcare organizations for secure online transactions.
26. MFA is used by financial institutions for secure online transactions.
27. MFA is used by educational institutions for secure online transactions.
28. MFA is used by legal organizations for secure online transactions.
29. MFA is used by non-profit organizations for secure online transactions.
30. MFA is used by small businesses for secure online transactions.
31. The cost of implementing MFA is outweighed by the potential losses from a data breach.
32. The average cost of a data breach is $3.86 million.
33. The average cost of a data breach for small businesses is $200,000.
34. MFA is available for all major operating systems.
35. MFA is available for all major browsers.
36. MFA is available for all major VPN services.
37. MFA is available for all major cloud storage services.
38. MFA is available for all major project management tools.
39. MFA is available for all major HR management tools.
40. The adoption rate of MFA is lowest in the agriculture and hospitality industries.
41. MFA adds an additional layer of security to online transactions and accounts.
42. MFA is preferred by customers over traditional two-factor authentication (2FA).
43. The use of MFA can improve customer trust and satisfaction.
44. MFA is preferred by employees over traditional two-factor authentication (2FA).
45. The use of MFA can improve employee productivity by reducing the risk of data breaches.
46. MFA can reduce the risk of phishing attacks.
47. MFA can reduce the risk of identity theft.
48. MFA can reduce the risk of account takeover attacks.
49. The majority of data breaches are due to human error.
50. MFA can reduce the risk of data breaches due to human error.
51. The majority of data breaches are the result of passwords being stolen.
52. MFA can reduce the risk of data breaches due to stolen passwords.
53. The majority of data breaches are the result of malware attacks.
54. MFA can reduce the risk of data breaches due to malware attacks.
55. The majority of data breaches are the result of social engineering attacks.
56. MFA can reduce the risk of data breaches due to social engineering attacks.
57. The majority of data breaches are the result of unsecured networks.
58. MFA can reduce the risk of data breaches due to unsecured networks.
59. MFA can improve compliance with industry regulations and standards.
60. MFA can improve the security of critical infrastructure systems.
61. MFA can improve the security of Internet of Things (IoT) devices.
62. The use of MFA is expected to increase in the coming years.
63. The use of biometric authentication for MFA is expected to increase in the coming years.
64. The use of app-based MFA is expected to continue to increase in the coming years.
65. The use of hardware tokens for MFA is expected to continue to decrease in the coming years.
66. The use of SMS-based MFA is expected to continue to decrease in the coming years.
67. MFA is a recommended security measure for individuals and organizations.
68. MFA is an essential security measure for sensitive data and high-value transactions.
69. MFA is not foolproof, but it significantly reduces the risk of data breaches.
70. The use of MFA is not a guarantee of complete security, but it significantly reduces the risk of data breaches.
71. MFA is not a replacement for other security measures, but it should be used in conjunction with them.
72. The use of MFA is not an inconvenience, but rather an important security measure.
73. MFA is not difficult to implement and use.
74. MFA is not expensive and can save money in the long run by reducing the risk of data breaches.
75. MFA is not just for large organizations, it is also important for small businesses and individuals.
76. MFA is not just for online transactions, it is also important for protecting offline transactions and accounts.
77. MFA is not just for technology companies, it is important for all industries.
78. MFA is not just for the present, it is also important for the future

In conclusion, the adoption of Multi-Factor Authentication (MFA) has been increasing in recent years due to the many benefits it provides. From improved security and customer trust to reduced risk of data breaches and phishing attacks, MFA is becoming increasingly important for individuals and organizations. With the expected increase in the use of biometric authentication and app-based MFA, it is important for individuals and organizations to understand the importance of MFA and take steps to implement it.

Whether you are a large corporation or an individual, protecting your sensitive data and online accounts is essential. MFA provides an additional layer of security to help prevent data breaches and protect against identity theft. By using MFA, you can improve the security of your online transactions and accounts, improve trust and satisfaction among customers, and reduce the risk of cyberattacks.

So, it’s time to take the next step in securing your sensitive data and online accounts. Implement MFA today and reap the many benefits it provides.