Insurance Companies Are Now Requiring MFA

What is Multi-Factor Authentication?

CISA (Cybersecurity & Infrastructure Security Agency) describes multi-factor authentication (MFA) as “a layered approach to securing physical and logical access where a system requires a user to present a combination of two or more different authenticators to verify a user’s identity for login.” CISA states that, “implementing MFA makes it more difficult for a threat actor to gain access to business premises and information systems, such as remote access technology, email, and billing systems, even if passwords or PINs are compromised through phishing attacks or other means.”

Multi-factor authentication provides an extra layer of protection for your confidential data. When singing into your account on a new device, MFA requires more than just your typical username and password. You are directed to enter at least one additional form of identification in some of the following ways

  • Something you know. A Personal identification number (PIN), Personal security question
  • Something you have. A Token, Key, Physical device that issues a random code, Authenticator app
  • Something you are. Fingerprint, Voice ID, Facial Recognition

Multi-factor authentication, sometimes also referred to as two-factor authentication or 2FA, ensures proof of identity before gaining access to an account. After providing a username and password, you are prompted to enter another form of credentials. This significantly reduces the risk of hackers accessing your accounts. By adding an additional layer of security with multi-factor authentication, you are keeping your business much safer.

Although MFA adds an extra step during the log-in process, it is easy to use. Most people have an app of their smartphone that makes the task fast and easy. StoredTech works with your organization to determine the best form of MFA and seamlessly implement it.

MULTI-FACTOR AUTHENTICATION requiring a fingerprint

 

The Importance of MFA

A cyber-attack can lead to a loss of your customers trust, lead to big fines, and even put you out of business entirely if it leads to a permanent loss of data. MFA provides the enhanced security protection that your business needs.

Hackers ruthlessly target businesses, so it is imperative to be prepared. There is a saying, “it’s not if, it’s when.” That is held to be true when it comes to cybersecurity. StoredTech helps ensure your computer networks stay secure with proactive maintenance and monitoring. Implementing multi-factor authentication is a crucial step to take to become cybersecure. How do your accounts become vulnerable in the first place?

  • People tend to reuse passwords throughout multiple different sites.Hacked password
  • Phishing attacks through email. Links and email addresses are made to look real, but when clicked on a virus spreads throughout the computer and network.
  • Ransomware attacks.

Most cyber-attacks start with compromised passwords. Human error leaves plenty of room for cyber criminals to get into your accounts. MFA protects against the shortcomings of a single password. Not sure where to start with MFA? At StoredTech, we help our partners meet compliance with security solutions like MFA.

 

Is MFA Required to Obtain Cyber Insurance?

Most insurance companies are now requiring businesses to implement multi-factor authentication to obtain necessary cyber insurance. Cyber security insurance is mandatory for almost all businesses who do business online or use information technology as part of everyday business functions.

Insurance companies enforce MFA to mitigate the risks of data breaches and cyber-attacks. The security control is usually the minimum requirement for cyber insurance. Insurance companies agree that passwords are easily compromised. MFA is a very effective way to deter hackers from getting into your confidential files, email and computer networks.

 

StoredTech can Help Implement Multi-Factor Authentication.

StoredTech can help your organization implement Multi-Factor Authentication! Our IT Consultants help you choose the right security solutions. MFA is necessary in order to:

  • Meet compliance requirements
  • Mitigate risks & threats
  • Ensure security of your network