Second Thoughts on Multi-Factor Authentication
Scott Berinato has written a very thoughtful article for CSO Magazine on the strong authentication "guidance" released last fall by the FFIEC in which he comments on "seven ways in which it isn't quite what it appears to be."
It's not clear, for example, that a second factor will significantly reduce "modern" risks; we could be preparing for the next war by planning for the last one. It's also unclear if financial companies can balance the cost of scalingtwo-factor authentication for the masses versus the benefit of whatever risk reduction it might provide. It's not even clear what form of second-factor authentication makes sense for banks to use, or if they actually need to adopt a second factor at all under the terms of the mandate.
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