Multi-factor authentication (MFA) is when a user must provide two or more pieces of evidence to verify their identity to gain access to an application, system, or other digital resources.
2021 saw the highest average cost of a data breach in 17 years in the United States, with the cost rising from $3.86 million to $4.24 million.
Why is it important?
MFA is used to protect against hackers by ensuring that digital users are who they say they are. The main benefit of MFA is it will enhance your organization’s security by requiring your users to identify themselves by more than a username and password. Usernames and passwords alone are vulnerable to brute force attacks and can be stolen by third parties. While MFA is an added step, it’s worth it to protect your business and your clients.
What does this mean as a PGI client?
Due to the increased severity and cost of data breaches, most carriers now require your organization to have MFA implemented in order to obtain a new or renewal Cyber liability quote. The days of being able to obtain a quote without MFA implemented are quickly coming to an end, as all carriers are expected to follow suit. As breaches expand to different types of industries, it’s time to start planning for when rather than if.
