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Multifactor authentication – what is it and should I care?

There is a seemingly endless flow of new technology terminologies and options. Most of them come with some kind of hard to fathom acronym and determining whether they are important to your business can be a challenge. So, what is it and should I care?

Multifactor authentication is one of the security options being used by most major online service providers – and often goes by the non-descriptive acronym, MFA. It is, in fact, a simple way to ensure your systems and data are much better protected against cyber criminals.

It works by requesting additional proof of identity, typically a random pin, email link or SMS.

With cybercrime become more sophisticated and continuing to increase, the Australian Cyber Security Centre (ACSC) has focused on multifactor authentication as one of the most effective solutions to protect against cybercrime. Without it, criminals only need one attempt to succeed in accessing your most important accounts. You should protect your valuable information by enabling multifactor authentication on all your online systems where possible. The multiple layers make it much harder for criminals to attack and gain unauthorised access.

At BAIS insurance technology, we have incorporated multifactor authentication into our iBAIS insurance system as an option. This means, at the touch of a button, you can choose to better protect your company data and access to the system.

Like most systems using this process, iBAIS is very simple to use with an authenticator app on the user’s mobile providing a pin number, adding an extra layer of security when logging on. In addition, system access can be restricted to specific IP addresses for each user.

BAIS foils attempted hacks on its systems every day and the Australian Cyber Security Centre receive one cybercrime report every 10 minutes. This is one technology solution you should not put in the ‘too hard’ basket.

For more information on activating iBAIS multifactor authentication call the team on +61 2 9934 1888. There is also a handy information video from the Cyber Security Centre at http://www.cyber.gov.au/mfa




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