Can Multi-Factor Authentication Stop Breaches?
Data breaches caused by compromised employee accounts can be more than just an inconvenience for companies, they can financially detriment an organization an average of $4.77 million, according to a recent report from IBM. Additionally, the growing trend of executive extortion cyberattacks - where cybercriminals target family members or assistants of executives and ask for network access in exchange for not releasing sensitive information - highlights the importance of a multi-faceted approach to cybersecurity. One key aspect of this approach is the implementation of multi-factor authentication (MFA), also known as 2-Factor Authentication (2FA) .
MFA is an extra step of security that makes it harder for hackers to gain access to an account. It works by requiring the user to provide more than one form of identification, such as a password and a fingerprint, or a password and a code sent to their phone.
One thing to note, if you are using security questions at as an alternate option to MFA - DO NOT USE REAL INFORMATION.
Another type of cyber-attack that is becoming more common is when criminals try to get information from family members or assistants of company executives. They do this by threatening to release sensitive information unless they are given access to the company's network.
Although education is key to combating social engineering and phishing scams, there needs to be an active defense mechanism in place on devices and accounts. MFA paired with a foundational education level on these attacks, is the first step in defending you, your family, and your company against bad actors online.
Multi-Factor Authentication is a key component to Digital Executive Protection
In summary, Multi-factor Authentication (MFA) is an important security control that adds an extra layer of protection against identity-based attacks, and should be implemented whenever possible. Combining a full spectrum approach to cybersecurity that includes employee education and incorporating the entire support system around the executive - can better protect the family and company against data breaches and executive extortion cyberattacks.
Executive Risk can come in many ways and from a breadth of vectors. 360 Privacy offers a full suite of Digital Executive Protection solutions for a tailored experience to executives and their families.