Multifactor Authentication (MFA) in an unfamiliar name for a widely adopted approach to securing data and network access for companies who have employees accessing data remotely. MFA can be defined as the use of two or more authentication factors, such as a password, a handheld device, an iPhone app, or a biometric fingerprint or retina scan to gain access to secured information. Duo and Google Authenticator are popular apps you may be using already.
MFA for remote network access or e-mail is an important security control that reduces the potential for a network compromise caused by lost or stolen passwords. Without this control an intruder can easily gain access to your business’s network to steal sensitive information about clients and customers or to lock you out of your own network and hold your organization for ransom.
A study recently released by Travelers Insurance found that companies who have implemented MFA can block 99.9% of all network attacks. It is not surprising the same study found that 94% of all victims of ransomware attacks did not use MFA. The average ransomware payout in 2020 was over $300,000, up from $115,000 in 2019.
With security threats and cyber insurance claims on the rise, it is no surprise that most insurance carriers are requiring implementation of MFA as a condition of renewing their cyber policies. If you have a cyber policy in place but are currently not using MFA today is the perfect time to ask your IT team to implement one to ensure your cyber insurance contract is renewed and to better secure your organization’s data.