Now, if you’re working with us for Managed IT Services, this possibility is greatly lessened. And even though we all do our best to make sure that they don’t happen, once in a while, there might be something that happens to your organization. Well, hacking attacks are only increasing. But cyber insurance is also important for organizations in whole sizes. We hope you can see why having Multi-Factor Authentication set up is important whether or not you have cyber insurance. What Are the Benefits of Having Cyber Insurance? Technically, you could go beyond two-factors and have three or more, which is why the term Multi-Factor Authentication is now being used.
So, what was once a one-factor authentication now is a two-factor authentication. Two-factor authentication means you’re adding an additional layer onto the authentication process.
The common solution for the problem of hackers learning username and password combinations is the implementation of what’s known as two-factor authentication or Multi-Factor Authentication (MFA). This could be catastrophic for businesses and organizations that often have confidential and private information in their databases. If your passwords are hacked, then the hackers can get into all of your websites. What is single factor authentication (2FA)? Well, when you sign into a website and you use a username and a password, and that’s all you need to get into the website, that’s a single type of authentication, aka single-factor authentication. See, what happens when a single-factor authentication scheme is used is that the hackers can much more easily get into an account. Multi-Factor Authentication aka two-factor authentication is a way to ensure that hackers don’t access personal or business accounts by hacking a password.
What Is Multi-Factor Authentication (MFA) aka 2 Factor Authentication (2FA)? Failing to have MFA in place means you may not be able to get cybersecurity insurance, which puts your business or organization at risk. The new cybersecurity insurance requirements impact schools, local governments, small and large business, and other organizations. Multi-factor authentication (MFA) is also called Two-Factor Authentication or 2FA. We have some important news: “2 factor” authentication is now being required for cyber insurance.