The Power of Multi-Factor Authentication: Passwords Aren’t Enough

February 18, 2021

The Power of Multi-Factor Authentication: Passwords Aren’t Enough

P@ssw0rd123! Look familiar? It doesn’t matter if you replace your vowels with symbols, include the name of your first pet, or use a complex combination of letters and numbers – these days, passwords aren’t enough. And when you are running a business and dealing with sensitive data, you have an added responsibility to protect that information from cyber-attacks. That’s where MFA comes into play.

What is Multi Factor Authentication? (MFA)

Multi-factor authentication (MFA) is a security measure that requires two or more forms of identification to access an account. This involves a combination of:

What should my business protect with MFA?

Any account with access to critical data, applications, and systems within your business should be protected.  Here are some critical areas to address:

  1. Remote network access
  2. Privileged/administrative account access
  3. Business email
  4. Customer relationship management (CRM) system 

MFA and Cyber Insurance

Enabling MFA is a strong indicator of proactive risk management practices.  This, along with other measures can have a significant impact on the availability and affordability of coverage. Due to rising claims frequency, MFA is becoming a more common condition to qualify for coverage. MFA has the potential to prevent claims, which over the long term can result in preferential pricing and coverage terms.

MFA can block over 99.9% of
account compromise attacks.

Microsoft

How to Implement MFA

The vast majority of MFA is free and several common platforms (Gmail, Outlook, Dropbox) offer it internally. For 3rd party platforms, there are also several apps available that allow you to set up MFA free of charge.

It’s best to engage with your IT department or IT vendor to set up an implementation plan that not only establishes MFA but educates your employees on using the feature and explains the purpose and need for added security.

Contact Morris & Garritano at info@morrisgarritano.com to learn how implementing MFA can help your business or check out our Cyber Coverage Resources for more information.

Additional Resources:
MFA Explained in Under 2 minutes
How to implement Multi Factor Authentication (Microsoft)
Enable MFA in Outlook | Enable MFA in Gmail | Enable MFA for Apple ID