The July 2024 report highlights that traditional MFA is inadequate against modern threats like phishing, supply chain, and ransomware attacks, prompting a shift toward phishing-resistant and next-generation MFA. NG MFA, such as smart ring wearables, offers stronger security assurance without passwords and targets high-risk roles like system administrators and executives. In a survey, 59% of CISOs showed strong interest, valuing security, ease of use, and recovery over cost. Successful deployment requires cultural change, planning, and training, with CISOs holding budget control in most financial services firms.

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