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The Importance of Two-Factor Authentication – CoverLink Insurance



As cyber-attacks become more common, protecting your data becomes more and more difficult. In fact, a study by Juniper Research found that by 2023, cybercriminals are expected to steal an estimated 33 billion records. In light of the growing number of cyber attacks, many companies are turning to two-factor authentication (also known as 2FA or multi-factor authentication) to improve their cyber security.

While no cybersecurity method is foolproof, using two-factor authentication can add an extra layer of security to your online accounts. So how exactly does two-factor authentication work?

What is two-factor authentication?

While complex passwords can help deter cybercriminals, they can still be cracked. To further prevent cybercriminals from gaining access to employee accounts, two-factor authentication is key.

Two-factor authentication adds a layer of security that allows businesses to protect themselves against compromised credentials. This method requires users to confirm their identity by providing additional information (such as a phone number or unique security code) when attempting to access corporate applications, networks, and servers.

With two-factor authentication, just having your username and password isn̵

7;t enough. To log into an online account, you need another “factor” to verify your identity. This additional login barrier means would-be cybercriminals won’t easily unlock an account, even if they have the password in hand.

A more secure way to complete two-factor authentication is to use a time-based one-time password (TOTP). A TOTP is a temporary password generated by an algorithm (meaning it will expire if you don’t use it after a certain amount of time). With this method, users download an authenticator app, such as those available through Google or Microsoft, onto a trusted device. These apps will then generate a TOTP, which users will enter manually to complete the login.

Why two-factor authentication and password management are important

As two-factor authentication becomes more popular, some states are considering requiring it for certain industries. It is possible that as cyber security concerns continue to grow and cyber attacks become more common, other states will follow suit.

Although not required by law, ongoing password management can help prevent unauthorized attackers from compromising your organization’s password-protected information. Effective password management protects the integrity, availability and confidentiality of an organization’s passwords.

Above all, you want to create a password policy that specifies all of your organization’s requirements related to password management. This policy should require employees to change their password regularly, avoid using the same password for multiple accounts, and use special characters in their password.

Two-factor authentication

Take advantage of another layer of protection – Cyber ​​​​Liability Insurance

If you would like additional information and resources, we are here to help you analyze your needs and make the right coverage decisions to protect your business from unnecessary risk. You can download a free copy of our eBook, or if you’re ready to make Cyber ​​Liability Insurance part of your insurance portfolio, request a quote or download and get started with our Cyber ​​& Data Breach Insurance Application and we will work for you.




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