Importance of Cyber Security, Cyber Insurance, and in particular MFA (Multi-Factor Authentication)

According to Security Magazine, Hackers attack a computer every 39 seconds. These attacks cost the economy a whopping $57 to $109 billion every year, and the costs keep on increasing. Needless to say, whether you have a small or thriving business, you can quickly become part of that statistic if you do not invest in cyber security measures.

Why You Should Invest in Cyber Security Measures and Insurance

With the rise in cloud services, smartphone use, and the Internet of Things (IoT), we face an unprecedented number of cyber security threats that did not exist a couple of years ago. Even if you have the best cyber security measures in place, skilled and experienced hackers can still infiltrate your systems, leading to massive losses.

This is where cyber security insurance can prove invaluable. Also known as cyber liability insurance, it is a contract that can help you reduce financial risks associated with online operations. The insurance policy will transfer some of that risk to the insurer in exchange for a small fee.

Every modern business that has critical data to protect needs cyber insurance. Anything from electronic communication to a saved password can trigger a catastrophic cyber event that irreparably harms your business reputation.

Importance of Multi-Factor Authentication

Multi-factor authentication is a cyber-security protocol that requires multiple authentication factors for accessibility. The three-part system comprises of the following factors:

1. Something you know – This includes any unique piece of information that only you know, and others cannot easily guess. Typical examples are answers to secret questions and PINs.
2. Something you possess – This includes physical tokens that can generate a secret code like a one-time PIN. Digital certificates can also be used as authentication factors.
3. Something you are – Everyone is unique, physically and mentally. Anything from a fingerprint to blood can be used to reveal someone’s identity.

Sometimes, all it takes for a business to lose valuable data is a glance at a password.

When any of these factors are used along with a password, you get robust two-factor authentication. You can add more layers to make it extra-secure. The point is that you need to ensure your business remains secure with authentication protocols that can make a hacker’s job difficult. MFA protects users against credential theft by ensuring that a password is not the only thing used to prevent a breach.

Contact SIA Insurance Group for Cyber Insurance

At this time, you need risk management solutions in Illinois that can protect your organization against a cyber-security breach. At SIA Insurance Group, we urge our clients to take cyber security seriously because we have seen the consequences of weak security first-hand.

Before recommending an insurance package, we will take a 360-degree look at your operations to determine the risks you face. We aim to help you reduce risk exposures so you can improve your bottom line without worrying about online security. Get in touch with us for a consultation today and set up a time to complete your coverage assessment. We will start by asking detailed questions about your operations, conducting an evaluation of your current coverage, and touring your facility.