Cyber security is no longer a simple box to tick. As threats evolve, so must our defences. Multi-factor authentication (MFA) is often considered a reliable security tool, but is it truly enough? Let’s explore why relying solely on MFA might leave your business exposed, and what else you can do to protect your organisation, especially if you're in a sensitive industry like finance.

What is MFA and Why Is It Used?

Multi-factor authentication is a process that requires users to verify their identity in more than one way before accessing an IT system. For example, you may need to enter a password (something you know) and then confirm a code sent to your phone (something you have). This extra step adds a layer of protection, making it harder for attackers to break into your system with just a stolen password.

MFA has become a standard feature across many platforms—from online banking to email services—and it’s particularly valued in workplaces with remote or hybrid staff. It certainly strengthens user verification, but unfortunately, it’s not foolproof.

Why MFA Alone Isn’t Enough

Despite the added protection, cyber attackers are getting smarter. They’ve developed tools and techniques to bypass MFA altogether. One common method is through “man-in-the-middle” attacks using tools like EvilGinx2. These tools mimic trusted login pages. When users input their details—including MFA codes—the attacker captures them and uses them to access systems undetected.

In some cases, even the notification sent to a user’s phone can be manipulated. Users might approve login prompts thinking they’re legitimate, unknowingly granting access to a hacker. With that approval, attackers can stay inside your system for weeks.

Big tech companies have already been targeted using this method. But the problem isn’t limited to large organisations. Small and medium-sized businesses, especially those offering financial services IT support, are also being targeted. Their data is valuable, and attackers know that finance-based organisations often hold confidential and sensitive information.

The Limitations of MFA in Today’s Threat Landscape

Attackers don’t only rely on technical tools. Social engineering and phishing are still very effective. For example, they might send an email that looks like a request from a colleague, asking for login details or access to internal systems. If someone unknowingly clicks a fake link, even MFA won’t stop the breach if they approve the prompt.

Here’s why MFA can’t stand alone as your cyber security solution:

• Phishing emails and fake login screens can trick employees into handing over login credentials and MFA codes.
• Timing of attacks is often strategic, such as during holidays when your IT staff may be on leave or operating on reduced hours.
• Business email compromise (BEC) is growing, where attackers take over a staff member’s email account and use it to commit fraud. MFA won’t always prevent this if the attacker gets past it once.

The reality is that MFA is one piece of the puzzle—but a complete, layered security strategy is what keeps businesses protected.

What Can You Do Instead?

To properly defend your organisation, especially if you’re in a highly targeted industry like finance, you need more than MFA. Here’s how to create a stronger defence:

1. Keep MFA – but Add More Layers

Don’t remove MFA. It’s still valuable. But complement it with advanced tools that detect unusual activity. For instance, if someone logs in from an unfamiliar location or uses a suspicious IP address, a good system should flag it.

Solutions like Conditional Access use AI to identify and react to such events. This means your system can block or alert administrators if something doesn't look right, even if the attacker has passed MFA.

2. Monitor User Behaviour with Managed IT Services Security

Managed IT services security can help you spot threats before they cause harm. These services include monitoring tools that track user behaviour, login locations, and access times.

For example, if your finance department typically logs in from a London office but one day someone logs in from a foreign country, the system should raise an alert. These automated checks can catch attackers even after they’ve bypassed MFA.

With managed IT services security, you get the benefit of 24/7 monitoring and threat detection. This is especially useful during off-peak hours or holiday periods when your internal team might be unavailable.

3. Train Your People

Technology is vital, but human error is still the number one reason cyber attacks succeed. Staff need regular training to spot phishing emails, suspicious links, and fake login pages.

Simple changes in behaviour—such as verifying email requests before acting or reporting unusual login prompts—can make a big difference. Make sure all employees, new or experienced, understand their role in protecting your company’s systems.

4. Control Access and Devices

Think about who has access to what, and from where. Only trusted devices should be allowed to access sensitive systems. Lock down access for external or unknown devices.

You should also have clear policies for device use. For example, employees should avoid logging into work systems from personal or shared devices. Having strong access control measures reduces the risk of an attacker getting in through a less secure path.

5. Partner with Cyber Security Experts

Even with all the right tools and policies, managing cyber security is a big task, especially for small to mid-sized businesses. That’s where managed services come in.

A trusted partner can support you with managed IT services security, handle threat detection, incident response, and regulatory compliance. They can also help implement and manage systems like Conditional Access and behaviour-based detection tools.

For businesses in financial services IT support, having a partner with sector-specific knowledge is especially important. The financial industry is a high-value target for attackers, and regulations are often strict.

The Role of a Cyber Security Framework

If you want a clear structure for your cyber security plan, consider using a framework like NIST. It breaks your strategy down into five key areas:

1. Identify – Understand the types of threats your business faces and where vulnerabilities exist.
2. Protect – Use tools and policies to safeguard data, users, and systems.
3. Detect – Monitor your IT environment to quickly identify any threats.
4. Respond – Have a plan in place to react quickly if a breach occurs.
5. Recover – Develop recovery strategies to restore operations and limit damage after an attack.

With this approach, you’re not just reacting—you’re preparing in advance.

Conclusion: MFA Is Not a Silver Bullet

Multi-factor authentication (MFA) is a vital part of cyber security, but it shouldn't be viewed as a complete solution. Cyber attackers are constantly evolving, often exploiting moments of vulnerability. A truly secure approach combines MFA with behaviour-based monitoring, staff training, access control, and 24/7 support from managed IT security providers. At Renaissance Computer Services Limited, we focus on delivering realistic, robust, and affordable cyber security solutions. We don’t just help organisations defend their systems — we prepare them for what’s next. From finance to other sensitive sectors, our goal is to ensure your security is always active, responsive, and reliable.