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article imageImproving cybersecurity through Multi-Factor Authentication

By Tim Sandle     May 26, 2020 in Technology
Recent reporting shows that Multi-Factor Authentication (MFA) can block up to 99.9 percent of automated cyber attacks, yet only 28 percent of the population (based on the report) take such measures to protect their accounts.
Recent reporting shows that Multi-Factor Authentication (MFA) can block up to 99.9 percent of automated cyber attacks (as reported by ZDNet), yet only 28 percent of the population (based on the report) take such measures to protect their accounts. Based on data compiled by Coalition (a cyber insurer for small and midsize businesses), 43 percent of claims arise from business email compromise.
Such attacks on email leads to losses from ransomware, social engineering, funds transfer fraud, regulatory penalties, restoration costs, and other areas. The average loss as a result of these attacks has been assessed as in excess of $160,000. Such sums can put a small business out of action.
One approach that Coalition is suggesting is with measures to incentivize businesses to implement appropriate cyber security features. An example of incentives includes a 50 percent reduction in the largest applicable deductible insurance product. This is similar to health insurance companies that offer reductions in health insurance premiums in policy holder agree to wear fitness monitors and partake a certain level of exercise each month.
This is based on the realization that the password may have reached the end of its usefulness, as Microsoft state in a recent blog: "Focusing on password rules, rather than things that can really help – like multi-factor authentication (MFA), or great threat detection – is just a distraction."
In addition to Microsoft, Google has indicated that users who have added a recovery phone number to their accounts (and indirectly enabled SMS-based MFA) have seen improved ]account security.
More about multifactor authentication, Password, Cybersecurity
 
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