What is MFA?

MFA, or multi-factor authentication, can make it significantly less likely you will get hacked. This is because if one method if authentication is compromised, such as a password, there is still a second. MFA asks for two or more authentication factors to verify identity. This can include, but is not limited to:

• A password
• A PIN
• Answering a Security Question
• Access to something only the user has, such as a cell phone
• A fingerprint

For example, when logging in you may be prompted to enter your password, as well as a one time code sent to your cell phone.

Should Your Business Use MFA? 

Many organizations are implementing multifactor authentication for a number of different reasons. Hackers can use password cracking software as well as advances in AI to trial and error passwords. A 2023 report by Home Security Heroes shows that even an 8 character password with upper and lowercase letters took less than a minute to crack using AI. Implementing MFA can mean that even if hackers gain access to a password, there is still another method of authentication.

Password Tips 

• Use different passwords for each of your accounts.
• Be sure your password is both long and unique. The more characters a password has, the longer it takes to crack.
• Consider using a PassPhrase. This is where you use a series of words instead of just one to add more characters to your password. Avoid using things that are easy to guess, such as song lyrics. Also avoid common phrases like “iloveyou”, which ranked 18^th on a list of the Top 200 Most Common Passwords compiled by NordPass.   

Other Ways to Prevent Cyber Attacks 

• Regularly check your software for updates
• Train your employees regularly with materials that are up to date.

Recap

Even while being vigilant about cybersecurity, implementing MFA, and using strong passwords, criminals may still gain access to data. Cyber attacks are a constant threat for businesses. Declining to have cyber insurance could put your business at risk. Requesting a cyber insurance quote through Cross Insurance is as simple as filling out our form. At Cross Insurance, we work with many insurance carriers– from local companies to national names. If you prefer to call someone to start the quoting process, you can find a list of our offices as well as phone numbers here.

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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.