As cyber criminals continuously up their game and companies rely more on the internet for work, the risk for cyberattacks increases. This is especially true with more employees working from home than ever before, and many accessing company files using a VPN. Not to mention email communications, online accounts and more. Cyberattacks put your company at risk for data theft and compromised customer information, not to mention the stress associated with recovering files, amending the issue, communicating with customers and managing your reputation.
What is Multi-Factor Authentication and how does it help?
Multi-Factor Authentication (MFA) is an identity verification method that requires a user to sign in to the system to provide identification information beyond just username and password. MFA can require a user to provide two or more verification factors in order to gain access to resources such as VPNs, online accounts, or applications. Because it includes additional levels of verification, it decreases the possibility of a cyberattack—helping keep valuable company information safe.
Why it may be necessary for your business
If your business relies on virtual and digital systems at all, MFA is valuable. And let’s face it—these days, we rely on digital communication and data management to keep businesses running as smoothly and efficiently as possible. There’s no substitute for instant information transfer, and digital file storage—but it requires extra safety precautions to keep communications and files safe and secure. The last thing you want to deal with is a security breach, and taking the necessary precautions is a way to disaster plan—preventing attacks from happening in the first place.
MFA and cyber insurance
If your company does not currently use MFA for remote access and email access, it not only opens you to cyberattacks—you may also have a difficult time obtaining cyber insurance. Many carriers require clients to have an MFA solution implemented in order to write a cyber policy. This is due to the increasing rate of cyberthreats and the protection MFA allows. To keep your company protected, you may want to consider an MFA solution as part of your business model.
Need help assessing your company’s risk?
Assessment is the first step in managing and reducing the risks faced by your business. And if you’re not sure where to start, we can help. Odell Studner specializes in risk management and helping companies mitigate risk. To get started with a risk assessment, contact us today to learn more!