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What’s the big deal about multifactor authentification?

Commercial Insurance

Cybercrime is an ever-increasing concern in the commercial world—even if you own a small business. That’s why insurance carriers consider multifactor authentification (MFA) vital for protecting both your networks and your electronic data. In fact, some companies won’t issue cyber insurance quotes to clients who don’t use MFA, and others will require higher premiums. 

What is multifactor authentification?

MFA is a simple process for accessing a program, account, or network that requires two identification methods. For example, you might access your bank account by typing a password into a login page and then answering a personal question. Or you could swipe a debit card at a store’s cash register and then enter a PIN into the machine.

Unfortunately, these measures are necessary because identity thieves have become adept at stealing passwords. So, MFA combats this fact by adding a layer of protection for your electronic property. As a result, if a cybercriminal ever accesses your bank password or steals your debit card, they will still need another authentification factor to retrieve your info or money.

MTG Insurance | Multifactor Authentication

What constitutes multifactor authentification?

A few types of MFA currently exist. As we said before, it can simply consist of info you know, such as a password, PIN, or personal question. You might also use something you possess for authentification, such as a card. Or you could use biometric identification, such as a fingerprint or retina scan, to protect your data.

When should I use multifactor authentification?

MFA is designed to guard sensitive information, such as bank accounts, email messages, health records, etc. If you’re a business owner seeking insurance coverage, use it for remote network access, administration access, and remote access to email. 

If you have any questions about MFA or cyber insurance, MTG agents are ready to help. Just give us a call.