Arraya Insights | October 19, 2021
Technology continues to infiltrate our lives in new ways. With every advancement in technology, new cyber threats follow. While many of these advancements impact our lives for the better, they also open another door for a potential cyber vulnerability.
As we move into the end of the year, there are high hopes for better times ahead. But as one pandemic subsides, another could be lurking. The World Economic Forum warns that a cyber pandemic could spread faster and further than any biological pandemic.
If there’s anything we’ve learned after the past two years, it’s to be prepared and expect the unexpected.
Cyber security means constant vigilance against cyber threats. Many businesses and enterprises are falling behind in their security posture. While passwords have long been the industry standard to securing accounts, networks, and devices, in today’s climate they’re no longer enough to prevent a bad actor from gaining unauthorized access.
Multi-factor authentication has now become the industry standard. This offers more security, better control, and helps companies meet regulatory requirements.
What is Multi-Factor Authentication?
Multi-factor authentication is a security enhancement that requires users present two forms of credentials to access their network, account, or device. The two layers of credentials are often comprised of, 1) a password and, 2) a PIN, code, or fingerprint.
Why Has MFA Become So Important?
Microsoft reported that this one extra step can prevent 99.9% of attacks against your account.
Here’s why MFA has become a necessity today:
1) Passwords Alone Are Not Secure
Microsoft recently announced that they’re disabling Basic Authentication for all users. This practice is now an outdated industry standard and can pose a significant security risk for those still using it.
MFA adds a second layer of protection, making it twice as hard for cyber hackers to get through.
2) The Workforce Remains Remote
The pandemic forced hundreds of thousands of workers to shift from on-site networks to remote work. This surge left businesses grappling to provide remote access for their employees without compromising security.
This quick transition pushed many businesses and enterprises to adopt MFA as a security measure. This led to a significant increase in spending on MFA and it’s anticipated that the global MFA market could reach $40 billion by 2030. Many employees continue to work from home today and it’s anticipated that remote work will carry on long after the pandemic.
3) Cyber Attacks Are More Frequent & Severe
Both 2020 and 2021 have shown that cyber security has become an enormous risk to our livelihood. Attacks on healthcare, critical infrastructure, and government agencies made it clear that our battle against cyber attacks is only just beginning.
President Biden recently signed an executive order to bring focus to our need to improve the nation’s cyber security.
Ransomware has posed a significant threat, in particular. These cyber attacks are occurring more frequently, becoming smarter, and the demands are increasing. The first recommendation in the executive order was to implement MFA immediately.
4) It’s a Requirement for Cyber Insurance
The cyber insurance market is at a complicated crossroads. The demand for cyber insurance is high and it’s clear businesses and enterprises are more aware than ever of their potential risk. However, the damages associated with these attacks are rising and carriers are facing higher claims payouts. This is making it very difficult for these companies to profit.
In an attempt to control their risk, cyber carriers are requiring that potential policy holders implement MFA. Those seeking cyber insurance should be prepared for MFA to be a basic requirement.
Many of us are already familiar with some form of MFA in our everyday lives. You may have to provide a separate code before logging into your bank account or you use both a password and a fingerprint to access your company laptop.
Implementing MFA has quickly become the industry standard, and for good reason. Those who continue using usernames and passwords alone should immediately reconsider.
Next Steps: Implement MFA Today to Secure Your Data & Information
It’s time to stop avoiding it. There’s no question that MFA is one of the most important steps you can take to secure your information. Without it, you’re a sitting duck for bad actors.
Implementing MFA is often a simpler undertaking than many expect.
If you’re still operating without MFA, contact an Arraya expert to add this to your security posture today. Whether through Azure AD MFA or Cisco’s Duo, we have the service capability to get MFA turned on and running to keep you secure.
Reach out to an Arraya expert today to start a conversation.
Visit https://www.arrayasolutions.com/contact-us/ to connect with our team now.
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