These days, it seems as though nobody is completely safe from data breaches or identity theft. Consider, for example, the Equifax data breach of 2017, which compromised sensitive personal information of more than 140 million Americans.
As an insurance carrier, your business handles sensitive data and personal information on a daily basis. From names and addresses to social security, employee identification, and bank account numbers, your clients trust you to keep this information safe. Unfortunately, there's no way to 100% guarantee safeguarding of any information on the web these days, as cybersecurity threats are more prominent than ever.
Still, if you're not already using multi-factor authentication with your business software, you could be putting your company's sensitive data at serious risk.
What is Multi-Factor Authentication?
Multi-factor authentication is a system that bolsters security in ways that basic log-in credentials, such as a username and password, simply cannot. More than likely, you've already used multi-factor authentication on your own personal accounts, including social media.
What does multi-factor authentication look like? When you go to log into an account that requires multi-factor authentication, you enter your username/ID and password. Before you're able to access your account, however, an additional step must be taken to prove that you're an authorized user. Often times, this involves entering a unique, one-time code that is sent to your designated email address or phone number. Once you correctly provide this code, you can complete the log-in process.
Top Reasons to Use Multi-Factor Authentication
By adding multi-factor authentication to your insurance software, you (and your clients) can enjoy an extra layer of security.
Avoid Becoming Another Statistic
Between 2005 and 2018 alone, nearly 9,000 data breaches were reported. When a business or organization experiences a data breach, their trust with their clients can be irreversibly broken. Think about what would happen to your company's reputation if you experienced a data breach that compromised the personal information of your clients.
Then, think about the financial strain a data breach would put on your business. You may be required by law, for example, to provide affected users with free credit monitoring for at least a year following a breach. And of course, you must also take into consideration the lost profits when clients decide to turn to another insurance carrier for their coverage.
Passwords Aren't Secure Enough
Did you know that about 81% of reported data breaches in the past year can be traced to hacked passwords? The unfortunate fact is that passwords alone are no longer secure enough. Hackers these days have all kinds of software that can crack even the seemingly strongest of passwords. Adding multi-factor authentication is the best way to increase security and prevent data breaches even in the event of a password leak.
It's Quick and Easy to Implement
Adding multi-factor authentication to your insurance software or online account access is easier than you may think. Any experienced IT administrator or professional can help you implement this option. From there, your employees and/or clients can opt into it with just a few clicks. They may also be required to provide an email address or phone number for authentication purposes.
Split Limit Studios offers 2-step verification to its customers as an optional layer of security. 2-step verification is multi-factor authentication functionality that will help you meet the multi-factor authentication requirements in your cybersecurity program. This functionality also fulfills the New York State Department of Financial Services' (DFS) cybersecurity regulation 23 NYCRR 500.
Protect Your Clients' Sensitive Data
In today's world of cybersecurity threats, there's no room for vulnerabilities—especially when you're trusted every day with your clients' sensitive personal information. If you're not already using multi-factor authentication, now is the time to make the switch. Contact the Split Limit Studios team today to find out more about how we can help your business with its insurance software needs.