Multi-Factor Authentication (MFA): A need for cyber-insurance
For some time now, due to the growing index of cyber-attacks, companies that provide cyber-insurance have come to the assistance of organizations world-wide. These kinds of companies work similar to other insurance companies, covering businesses’ liability for data breach, involving sensitive data, such as data leaks, computer attacks, or identity theft. Nevertheless, these cyber-insurance companies have detected in the past few years that organizations that have been victims of attacks had multiple breaches, indicating weak IT and cybersecurity. A new requirement for many cyber-insurance companies is that insured organizations apply Multi-Factor Authentication (MFA).
The insurance industry is putting more emphasis on cyber risks as it relates to data security. Some of the biggest cyber incidents in recent years have resulted from a single password compromise, such as the 2014 attack against Sony Pictures Entertainment and the 2015 incident at Anthem. This has led insurers to pay more attention to evaluating the effectiveness of user access protection measures.
What is Multi-Factor Authentication (MFA)?
As mentioned above, adding a layer of protection to your IT is crucial in 2022. MFA assists organizations during the sign-in process. When accessing accounts or apps, users provide additional identity verification, such as scanning a fingerprint or entering a code received by phone. That way, your organization has an extra step that may block hackers from stealing your information.
Other benefits organizations may acquire by applying a MFA policy are:
- Increased protection of your account login details
- Fraud alert and resolution services
- Password recovery/reset facility
Factors are understood as a password, a possession factor (such as a mobile device or a security key), and/or an inherence factor, such as biometrics.
As a method of reducing cyber risks in your organization, applying MFA solutions is necessary, just as wearing a seatbelt in your car. Azure Active Directory (Azure AD) provides more than secure passwords, but a broad spectrum of options, such as texts, calls, biometrics, one-time passcodes, FIDO2 security keys, software tokens, and hardware tokens, to keep your users protected. On top of that, Azure AD always requires users to have two or more verification methods, including the Microsoft Authenticator App.
Are you ready to explore new ways of ensuring your organization’s protection? Book a meeting with one of our experts in cyber security today.