Setting up 2FA or MFA may fight cybercrime, but how safe are
The Reality Check About 2FA or MFA
Suppose your network uses Multi Factors Authentication (MFA) or Two Factors Authentication (2FA), A great congratulation to your IT team. Study shows that you beat 99.9% of others that don't in securing your network.
However, there are many factors to a cyber attack. Like the old saying of "One Trick Pony." The time of cybersecurity has gone beyond that now.
Technology is an ever-changing revolution; thus, so is cybersecurity. By providing an extra barrier and security layer that makes it incredibly difficult for attackers to get past, MFA can block over 99.9 percent of account compromise attacks. Still, it doesn't mean any organization could relax. Multi-Factor Authentication (MFA), as only part of an identity and access management (IAM) solution, can help prevent some of the most common and successful types of cyberattacks, including Brute force and reverse brute force attacks.
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- Stronger security. Having a second form of identification greatly decreases the chance of a hacker gaining access to corporate devices or other sensitive information.
- Increase productivity and flexibility.
- Lower help desk and security management costs.
- Reduce fraud and build secure online relationships.
It was developed to add extra security steps to the login process to keep your accounts safe. It means that users are properly verified before they can gain access to accounts. MFA uses multiple different validation categories to verify users' identity, more than the two commonly used for most accounts.
Typical MFA authenticates with a conventional username password. It may also ask for another form to verify. It can be from one or more of the following authenticate method.
| Certificate-based authentication | Using a digital certificate containing a user's digital identity, such as a public key, a certification authority's digital signature. It prove the ownership of a public key and is issued only by a certification authority. |
| Biometric authentication | Security process that relies on the unique biological characteristics of an individual. The key advantages of using this authentication technology including: - easily compared to authorized features saved in a database, control physical access when installed on gates and doors, and can be easily added to the authentication process. Some sample biometric authentication methods include facial recognition, fingerprint scanners, voice identification and retina scanners. |
| Token-based authentication | The authentication method enables users to enter their credentials once and receive a unique encrypted string of random characters in exchange. You can then use the token to access protected systems instead of entering your credentials all over again. The digital token proves that you already have access permission. Use cases of token-based authentication include RESTful APIs that are used by multiple frameworks and clients. |
MFA means using multiple forms of authentication to gain access, where 2FA is a subset of that. It needs only two types/pieces of evidence of MFA (out of the many) to gain access as the two "factors" suggested.
A simple comparison using a bank teller machine. To access an ATM, you need your PIN (something you know) and your bank card (something you have) to get your money.
The Most popular MFA software available to date in the market includes
- Duo Security.
- Google Authenticator.
- LastPass.
- Authy.
- Ping Identity.
- RSA SecurID® Access.
- OneLogin
- Auth0
- SecureAuth
- WatchGuard's AuthPoint
- Idaptive Services
The MFA / 2FA software brings an extra layer of security that passwords alone can't provide. However, the medium used by some of MFA/2FA software is not hacker-proof. For example, some used SMS to send a code to identify a person before signing in, but SMS is not a secured medium. Hackers have several tools in their arsenal that can intercept, phish, and spoof SMS.
Typical smartphone application with software that produces time-based one-time password (TOTP) such as Google Authenticator relies on the cellphone to produce time-sensitive code before allowing anyone to gain access. Should the owners have lost access to the cellphone, there are still ways to recover. Those include
- Using a pre-generated backup code.
- Get a new phone with the same phone number (which requires your network operator to provide a new SIM card.
Any hacker can access and get their hands on your login credentials. But with MFA/2FA, the hacker can't log in by using only the username and password, they could use phishing method to lure the user, and if the user responds to the fake warning message asking for the verification code, the hacker can use it to bypass the second step of the MFA/2FA
It is known that Cybercriminals now use a phishing type mail to get around the MFA/2FA authentication and has tools to intercept SMS if a code is sent to your cellphone needed to log in.
In conclusion, even when MFA is used, it can still be hacked, sometimes just as easily as single-factor authentication solutions. MFA is good, but don't look at it as the holy grail of security assurance. Company policy, User constant training, hacker conscious and awareness is equally important to fighting cybercrime.
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A business owner policy (BOP) could consist of a couple of coverages pack. The adhering to are the eight most common insurance policy coverage types that an entrepreneur must recognize.
- This coverage protects if bodily injury, property
damages, injury or advertising injury incur with your business.
- Have this coverage part of small business owner insurance to defence when business earnings and extra expenditure is at risk.
- Secure against a business when found responsible for an issue with one of the items they offer.
- If a business gives professional guidance or provides a professional opinion, it should probably carry professional liability insurance.
- Secure against Internet Crime, hackers or breach of data.
- Defence against tools or equipment breakdown. (It can be a furnace or machine) when it requires time and money for a replacement.
- Secure against your property or stocks
- Bundling a small business owner package (BOP) to with business use vehicle including transport of cargo.
Employment Practices Liability
Job site Short-Term Pollution from Pollutants
Electronic Data and Equipment
Blanket Insurance on valuable property
Limited Property of Others Liability
Valuable Papers and Records
Identity Theft
Always Review Your Insurance Coverage
Over time, businesses may have an increasing need for insurance coverage as their business grows. Always take time to review your insurance and fill in gaps as the situation changes.
As an insurance broker, we'll help small business owners to decide what is needed and the best fit for their insurance.
