MFA is now mandatory to get cyber insurance coverage from an attack.
Last year’s Colonial Pipeline attack was one of the largest cyber incidents to date, leading to fuel shortages across the eastern U.S. — and it was the result of a single compromised password. This attack sky-rocketed ransomware and two-factor authentication to the top of the U.S. security agenda.
Immediately following the Colonial Pipeline attack, the White House began taking steps to modernize national cyber defenses to better protect critical infrastructure. President Biden signed an Executive Order mandating that government agencies implement multi-factor authentication. While this only extends to the government sector, organizations of all shapes and sizes are rethinking their approach to IT security and taking precautions to verify end-user identity.
What is MFA? What are the benefits?
Multi-factor authentication (MFA) is the process of combining two or more verification factors to satisfy authentication requirements and gain access to a device or application. These factors include something you know (i.e. password or PIN), something you have (i.e. a one-time code sent to your phone), or something you are (i.e. Face ID or fingerprint).
MFA provides multiple layers of security that can block over 99.9% of account compromise attacks. As the modern workplace continues to evolve with more hybrid and remote employees, organizations must implement stronger MFA solutions. MFA can be easily deployed and managed, without compromising user experience.
Why are cyber insurance companies requiring mfa to stay insured?
In the past, organizations were able to obtain cyber insurance without having to answer many questions about their security practices. But as attacks become increasingly more costly and severe, insurers are taking a closer look at the preventative measures you have in place.
Passwords alone aren’t enough to protect your organization’s data, devices, and infrastructure from malicious attacks. Research shows that two-step verification involving a single-use SMS code sent to a phone number stopped 76% of targeted attacks, 96% of bulk phishing attacks, and 100% of automated bots. So… what are you waiting for?!
how can forsyte help?
Forsyte is a go-to Microsoft Gold Partner that specializes in creating seamless and secure remote work environments. We’ve successfully migrated tons of organizations across B2B, B2C, Higher Ed, K-12, Healthcare, and Government industries.
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