Passwords are a major security risk. 81% of hacking-related company breaches rely on stolen and/or weak passwords. Employees may use the same password for multiple accounts, create overly simple passwords, share their login information, or inadvertently reveal information to hackers. Often, passwords are discovered by mal-intended people via phishing attacks.
To mitigate this risk, companies need to use multi-factor authentication (MFA). MFA assures that the discovery of a password alone does not allow hackers access to a user’s personal information or a company’s private network.
WHAT IS MULTI-FACTOR AUTHENTICATION (MFA) AND HOW DOES IT WORK?
MFA requires users to provide two or more verification factors that prove their identity before they can access certain resources and systems. Within consumer-facing apps, this is often completed through a one-time password (OTP) or an Authentication Number, a digital code received via email, text, or a third-party verification app. However, most commercial authenticators use a smartphone app to have users confirm their identity with one simple click of a button.
MULTI-FACTOR AUTHENTICATION (MFA) IS A REQUIREMENT FOR CYBER LIABILITY INSURANCE
Cybercrime is projected to skyrocket to an estimated $23.84 trillion globally by 2027. At present, one of the most common and concerning cybersecurity threats is ransomware. Ransomware is a type of malware designed to deny a user or organization access to files on their device by encrypting said files, rendering them useless. Many hackers then demand “ransom” in exchange for decryption. Most ransomware attacks are thwarted by implementing an MFA solution and a policy requiring its use by all users on the network. With the growth of ransomware and other cybercrimes, insurance companies now require their insured to have MFA in place. Without MFA, your business may risk non-renewal or a costly retention hike.
MULTI-FACTOR AUTHENTICATION (MFA) IMPROVES CYBERSECURITY
An unsecured business risks playing Russian Roulette with its data, which can be costly and, in some extreme cases, force a business to close its doors. Companies must be aware of the threats they are most vulnerable to, and how to best protect themselves by improving security protocols. By thinking ahead and implementing MFA, companies can save hundreds of thousands of dollars and provide invaluable protection to their business.
We at MicroMenders are happy to meet and share our recommendations specific to your business’s individual needs and concerns. Every business should be equipped with the tools to create a strategy for preventing, responding to and recovering from a cyber-attack.
For more information, please reach out to info@micromenders.com.