Implementing multi-factor authentication (MFA) is a business-critical imperative.
The below advice is from our recommended cyber insurer, CFC Underwriting.
Why is this important?
The CFC Incident Response Team notes that the vast majority of claims for business email compromise (BEC) and the associated crimes that result from such a compromise (wire transfer fraud, data theft and further phishing attacks) could potentially be prevented by implementing multi-factor authentication (MFA) on email accounts and other accounts.
Due to the proliferation of modern attack methods used by cybercriminals, not using multi-factor authentication is akin to closing the door of your home but not locking it. To improve your security posture, and to bring it up-to-date to face current threats, the use of multi-factor authentication (MFA) is highly recommended.
So what is MFA?
It’s an authentication process that requires more than just a password to protect an email account or digital identity and is used to ensure that a person is who they say they are by requiring a minimum of two pieces of unique data that corroborates their identity (multi-factor authentication). This unique data comes in three forms – something you know (i.e. your password), something that you have (i.e. a one-time passcode generated by an app or hardware token), or something you are (i.e. fingerprint, retinal pattern, voice signature or facial recognition).
In the event of a password compromise, perhaps as a result of a phishing attack, it is very unlikely that the threat actor will also have the other piece of the authentication data. Therefore, the chances are that your email account or digital identity will not be compromised. It will increase your overall cybersecurity posture and will decrease the chances of reputational harm and negative business impact.
There are many free MPA apps and more comprehensive corporate solutions. Below are some additional resources:
Authentication apps such as:
are available for free for a large number of digital services.
CFC urges all policyholders to take this critical security step as soon as possible.
TH March has access to a number of specialised insurers who can provide you with access to expert advice, guidance and security strategies. Arranging BASIC or ADVANCED cyber insurance cover through TH March can go a considerable way to mitigate the risks and threats to your business. Our qualified team will provide a tailored solution specific to your business type and budget.