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The future of cyber security

Posted on July 11, 2022

Your cyber security is at risk whether you’re a local retailer, small business manufacturer, or professional office. Cybercriminals are becoming more and more clever in understanding companies’ weaknesses and breaking into so-called secure networks.

It’s time to install multi-factor authentication (MFA) on your company computers and software. MFA adds a layer of protection to the sign-in process. MFA requires users to provide additional identity verification when accessing accounts or apps, such as scanning a fingerprint or entering a code received by phone.

Passwords alone are no longer going to prevent cybercriminals from targeting your business. We know it is often difficult to overcome the false sense of security around passwords held by clients, staff, or contractors until a breach occurs. MFA is now a standard many cyber insurers require as a condition for obtaining cyber insurance coverage.

In general, people don’t see the need for MFA as they view passwords as secure, not realizing that an eight-character password – with a mix of numbers, uppercase, lowercase letters and symbols – can be cracked by a cybercriminal using automation tools.

A password without MFA is most vulnerable when used across multiple sites; This can lead to cyber-attacks such as “credential stuffing,” when a cybercriminal uses a stolen password and variations on the same username across multiple sites in an attempt to gain access.

In the future, your company may also want to require that your employees and contractors are given limited privileges to sensitive data. Most companies have already adopted some form of the principle by restricting users from installing programs, changing passwords, or surfing the web. Users are often given access to data throughout the organization for collaboration. Restricting user access can help limit the spread of malware and decrease the chances of cyber attacks.

Give Mike Collins a call today at 709-726-4498 to learn how a cyber insurance policy can help protect your company.

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