How Multi-Factor Authentication Protects Against Cyber Risk

Multi-Factor Authentication is a cybersecurity measure that requires users to confirm multiple factors verifying their identity prior to accessing a network or system.

Generally, users must provide a password, verify access by inputting a code sent to another device or confirm access with biometric data such as a fingerprint. Those hesitant to adopt MFA are often under this misconception that it requires the purchase of additional external hardware or are concerned about potential user disruption.

Why Multi-Factor Authentication Matters

MFA is a vital layer of protection against first-party losses and business interruption that can result from a cyberattack. While the economic turmoil of the last year impacted companies of all sizes, the hit taken by many mid-sized companies and small businesses can make it tempting to skip improving cybersecurity or buying cyber insurance.

How Multi-Factor Authentication Protects

Agents are seeing ransomware or social engineering claims hit almost weekly. Such claims can cost hundreds of thousands of dollars and require pricey forensic investigations that take several weeks to complete. Such attacks often start with compromised passwords or login IDs. For a deeper dive into Multi-Factor Authentication, check out our E-Book. 

Click to Download:2021-05-07.eBook Multi-Factor Authentication.V2

Want to Learn More?

If you have any questions about your coverage, or to review your policy limits, please contact us. For helpful tips on other popular topics, check out our articles on Cyber Insurance, Commercial Crime Insurance, and Ransomware Developments. As always, we are here to help you, your employees, and your business with all your insurance needs — from commercial insurance to group benefits to personal insurance. Thank you for allowing Mason-McBride to serve you!

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