Best Security Practices: Do you need Multi Factor Authentication?

Many cyber insurance carriers are now requiring insured banks to implement Multi Factor Authentication (MFA) to qualify for a cyber-liability policy.

MFA is an authentication method that requires the user to provide 2 or more credentials in order to gain access to an account.

Usernames and complex passwords are no longer secure enough to protect your accounts. Unfortunately, even if you follow a password policy, there is still a significant risk of usernames and passwords being compromised. Credentials like user IDs and passwords can be the weakest link in a bank’s cyber security strategy. Passwords become less secure as users need passwords for more accounts and use the same passwords over and over or use passwords that are easy to guess.

MFA requires one or more additional verification factor that is unique to the individual- reducing the probability of a cyber-attack.

Additional credentials may include:

1. Things you know: a password or personal pin
2. Things you have: a cell phone with an authenticator app or a badge
3. Things you are: biometric information such as fingerprints or facial recognition

Password compromises have accounted for 81% of data breaches in recent years. Rather than asking for a single password that hackers can gain access to, MFA adds an additional layer of security and helps protect against data breaches.

Companies should secure any remote access points to their systems or data with Multi Factor Authentication.  When possible, internal usage of privileged accounts such as administrators should also be secured.