Every day there’s a new news story about a ransomware attack. The average ransom for a cyber-attack now rests north of $170,000 for even the smallest businesses. It’s no wonder then that insurance companies are asking their insured members to help them fight cybercrime with multi factor authentication. Learn more about this insurance requirement below.
What Is Multi-Factor Authentication?
When customers or remote workers access your system they have a log-in. That user name and password is a “factor.” Multi-factor means asking for more than one way of determining that the user is who he says he is.
You could send a code to an employee’s phone. By entering the code he proves that he has possession of his phone. You could ask a customer to log in and provide a thumbprint on her phone to verify who she is. No matter which factors you choose, asking for more than one limits unauthorized access to your system.
How Do You Get It?
Getting started with multi-factor authentication is simple. There are several small business solutions specifically for adding MFA to your logins. Use it for your admins even within the building and use it for all online customer interactions. Besides using it for customers, invest in a VPN network that comes equipped with MFA capabilities for your remote employees.
Protecting your data is a team effort. By taking care of your network with MFA on the front end, your insurance provider will take care of you on the backend.