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    2021

    Why MFA has become mandatory for Cyber insurance

    Two is often better than one

    – and that’s definitely the case when it comes to authentication methods. Although multi-factor authentication (MFA) – sometimes known as two-factor authentication (2FA) – isn’t a new concept, it’s made headlines in recent months as cyber insurers have begun requiring prospective clients to implement MFA to receive coverage.

    Businesses used to be able to obtain cyber liability insurance without having to answer many questions about their security practices, but increasingly severe cyberattacks and ballooning costs associated with ransomware attacks have inspired insurers to more carefully scrutinize the solutions and strategies prospective clients have in place to prevent security incidents.

     If you don’t already have MFA in place, here’s what you should know about the solution and why it’s become a prerequisite for cyber liability coverage.

    How Multi-Factor Authentication Works

    MFA necessitates two or more kinds of credentials to verify someone’s identity and grant access to an account, according to the National Institute of Standards and Technology (NIST). Generally, the authentication methods must come from at least two different categories out of these three to maximize security:

    • Information you know (e.g., a password)
    • An inherent/biological trait (e.g., your fingerprint)
    • Something you possess (e.g., a card you can scan)

    For instance, an application with MFA might require you to input a numeric code generated by an authentication app on your smartphone after inputting your password. This provides an extra layer of security and makes it so cybercriminals need to do more than simply steal your credentials to hack your account.

    Why Insurance Providers Have Started Requiring Multi-Factor Authentication and Other Security Solutions

    Passwords alone aren’t enough to prevent breaches and protect sensitive data. Even if you craft strong passwords, cybercriminals have plenty of strategies – such as phishing, extortion, and keystroke logging – for stealing your login info, according to the Microsoft Tech Community post “Your Pa$$word doesn’t matter” by Alex Weinert, the director of Identity Security at Microsoft.

     “Your password doesn’t matter, but MFA does!” Weinert wrote in the post. “Based on our studies, your account is more than 99.9 percent less likely to be compromised if you use MFA.”

     

    Call the office on 01480 217777 or drop us an email info@cwlsystems.co.uk to speak to one of our project specialists to explore the possibilities of  MFA and how it will keep you safe.



     

     

     

     

     

     

     

     

     

    Andy Griffiths

    About Author: Andy Griffiths

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