Did you know that cybercrime is expected to cost over $10.5 trillion dollars in 2025? From ransomware to data breaches, hackers are a very real threat to your business.
This increase in cybercrime has necessitated an important change: multi-factor authentication (MFA) is now required to get a cyber insurance policy to protect your business.
But how does MFA work? How do you go about getting it? And why do you need it in the first place?
Don’t worry! celito is here to help.
We are a Raleigh, NC fiber internet company. However, we don’t stop at providing your business with dedicated fiber internet! We offer a variety of internet solutions, including business VoIP phone and our Raleigh data center.
celito also provides professional IT consulting–including comprehensive security with MFA.
What is Multi-Factor Authentication?
Multi-factor authentication is an enhanced security measure that requires users to confirm their identity with at least 2 different elements before they can log in.
Factors used in MFA include:
- Passwords
- Security questions
- Biometrics
- One-time passcodes (OTPs) provided via text, phone, and/or email
- Authentication apps
If your bank has ever texted you a code to confirm your identity when you log into their website or app with your password, then you have already used MFA!
With MFA, your employees will need to provide both their password and another factor before they log onto a network or app with sensitive information.
Having more than one line of defense is always better, but does MFA slow down access? Not if you get the right tools with your MFA.
Notifications for administrators can make sure approval is both swift and secure, while also giving them the resources to act quickly in the event of unauthorized activity.
Authentication applications may also offer a single sign-on function, allowing your employees to access all company apps and services once they securely log in through MFA.
Why is MFA Required for Cyber Insurance?
Not only is MFA a good security practice, but it is now required if you want to get a cyber insurance policy that can save you thousands in the elevant of a cybercrime.
Many insurance providers are now requiring MFA because it is now considered a basic–but extremely powerful–tool for cybersecurity.
If your employees’ usernames and passwords have been compromised, MFA can prevent cybercriminals from accessing sensitive information. Without the employees’ phone, fingerprint, or authentification app, the hack is stopped short.
According to Google’s Online Security blog, MFA with simple text codes stopped 100% of attacks from automated bots, 96% of attempted bulk phishing, and 76% of targeted attacks.
Having MFA dramatically decreases your chances of a security breach, which in turn makes your business a much safer investment for the insurance providers–and results in lower policy rates for you!
Learn How to Improve Your Cybersecurity with celito
celito’s expert IT consulting team understands the importance of cybersecurity. That is why we have partnered with Duo.
Duo is an authentication partner that allows us to easily integrate two-factor identification into our internet solutions.
Duo can be set up in a matter of days, instead of the weeks or months other options require, and scales to fit the size and needs of your business.
Duo also provides notifications, single sign-on functionality, customized configurations, and iOS and Android apps.
You already trust celito from our dedicated fiber internet, business VoIP phone, Raleigh data center, and our extensive philanthropy in our community.
Now, you can find out how to entrust us with your business’ MFA and cybersecurity. Contact us today to discover the ways you can get expert IT consulting from Raleigh, NC’s best local fiber internet provider!
