What on earth is Multi-Factor Authentication?

What on earth is Multi-Factor Authentication?

September 03, 2021 Views: 413
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As threats to password security have increased in recent years and there’s been a dramatic increase of Ransomware claims experienced by Cyber Insurers, multi-factor authentication (MFA) has rapidly gained adoption as a method for increasing the assurance of authentication for consumer and enterprise web and mobile applications.


What Multi-Factor Authentication (MFA) is? 

Multi-Factor Authentication (MFA) is an authentication method that requires users to verify identity using multiple independent methods. Instead of just asking for a username and password, MFA implements additional credentials such as a SMS text message with code, software token or authenticator application.

More information available on the website of the Australia Cyber Security Centre (ACSC).


Why is it important? 

As per the ACSC’s website, MFA is one of the most effective controls an organisation can implement to prevent an adversary from gaining access to a device or network and accessing sensitive information. When implemented correctly, multi-factor authentication can make it significantly more difficult for an adversary to steal legitimate credentials to facilitate further malicious activities on a network. Due to its effectiveness, multi-factor authentication is one of the Essential Eight from the Strategies to Mitigate Cyber Security Incidents.


Where Can I Find More Information?

The Australian Government Cyber Security Centre located at the address https://www.cyber.gov.au/ is an excellent resource for additional queries.


For more information on insuring your business or if you have more questions you’d like answered, contact us today for a chat about your insurance needs and goals.

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

Lisa Carter, Clear Insurance AFSL : 240549 , AR Number: 388083, CAR Number: 465935

This article originally appeared on Clear Insurance In The News and has been published here with permission.

Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Lisa Carter.

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Lisa Carter

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