Cybersecurity Archives

June 24, 2022

2FA vs. MFA – Which is better for your business?

The data your business generates is sensitive and needs to be kept secure from security threats including data breaches and malware. Safeguarding your data requires more than a few password resets.

Whether you are a small or medium-sized business, your cybersecurity solutions should be modern and robust. Nowadays, employees expect businesses to adhere to their desired working arrangements. This can be a double-edged sword—you want to keep your staff happy but also reduce the chances of falling victim to a cyberthreat.

Of all the solutions available, multi-factor and two-factor authentication are some of the most common cybersecurity measures.

What is multi-factor authentication?

Multi-factor authentication (MFA) is a system that requires several forms of identification for a user to access their account. MFA can be used in cases where simple authentication solutions are no longer enough to protect sensitive information.

Multi-factor authentication requires a user to satisfy pre-conceived policies based on the following areas:

● Inherence: Something related to your biological makeup. This can include facial identification, a fingerprint, your voice, etc.

● Possession: Objects that can be used to prove your identity, such as a mobile device, physical ID, tokens, etc.

● Knowledge: Key pieces of information. Authentication measures based on knowledge can encompass PINs, passwords, answers to security questions, etc.

● Time: Grants you access to networks based on the time you are trying to log in.

● Location: Where you are when you want to access your information.

MFA can help bolster pre-existing layers of security around your company’s data. No matter the size of your staff or how your business operates, MFA can be used to validate and attest to the integrity of incoming users.

This is crucial for ensuring your business’s and customers’ safety as it makes it challenging for outside parties to trick or bypass the factors specified above.

What is two-factor authentication?

Two-factor authentication (2FA) is a branch of MFA. This security solution adds an extra layer of protection by asking users to provide two forms of identification to prove their validity. These pieces of evidence are drawn from the authentication factors that serve as the foundation of MFA.

A good way to understand 2FA is to look at Microsoft’s Authenticator app. Upon implementation, this solution asks its users first to provide a username and password (knowledge) when logging into a network. Afterward, it will ask for further verification, such as a code sent to a device (possession).

Whether you need to secure a database or you want to restrict the number of users who can access a specific program in your business, 2FA is a defensive solution to protect your company’s networks and data.

What is the difference between MFA and 2FA?

Even though MFA tends to use three or more solutions, it can also support two factors. On the other hand, 2FA is limited to two procedures. However, the chief difference between the two cybersecurity practices is the user experience and convenience.

On the surface, the following can seem obvious: The more security processes you adopt, the more secure your networks, employees, and customers are. But extra steps mean you and your staff must spend more time gaining access to your IT infrastructure.

Technology can be complicated, and users who feel it is a chore to use it may become dissatisfied and attempt to speed up the process with methods that can put your organization’s security at risk (for example, easy-to-guess passwords).

While the difference between 2FA and MFA may seem minor, it cannot be denied that both are capable of securing your data and protecting your business’s reputation.

Which should your business use?

Like with the hardware and software you use to build your company’s IT infrastructure, MFA may work for one business, but another would benefit from 2FA. In other words, the best solution for you is determined by your situation and the types of factors that you want to use to protect your systems.

A small business with less than ten staff may benefit from using 2FA, whereas it makes sense for an enterprise to use MFA. No matter which you choose, the benefits of two-factor authentication and multi-factor authentication are:

● More foolproof cybersecurity: 43% of cyberattacks target small businesses. Additional security measures provided by MFA and 2FA better secure your network from external and internal threats.

● Adaptable policies for changing work conditions: Whether you are considering being a hybrid company or you work fully remote, you can have peace of mind knowing that your organization’s endpoints are harder to access for those without the right requirements.

● More robust data protection: Your data contains insights into your company and customers. Authentication measures can make it harder for cybercriminals to access this information.

Cybercrime can cause long-term consequences for your company and its stakeholders. As a business owner, you know you cannot leave the safety of your systems to chance. You need to be proactive, converse with security specialists, and implement modern solutions regularly.

MFA and 2FA for your company

Single-factor authentication is not enough to protect your company’s data from identity theft and other threats. 2FA and MFA can ensure that only authorized individuals have access to your network. Both are easy to use and can be tailored to suit the needs of your business and provide you with reliable protection against today’s cyberthreats.

The cybersecurity specialists at PWR Technologies are experts in all forms of multi-factor authentication and business security. Speak to them today to bolster your organization’s security framework and protect the well-being of your data.

Eric Montesi

June 24, 2022

January 31, 2022

Cybersecurity and the insurance industry

The pandemic has accelerated digital transformation across all industries around the world. Rapid adoption of information technology has led to organizations relying heavily on digital, cloud, and remote solutions to ensure daily operations can continue.

While this has its benefits, increasing reliance on digital technology has increased the risk for cybercrime, with particular industries being more affected than others, such as the financial and insurance sector.

The type of risks haven’t changed in recent years, rather it is the frequency of cyber attacks and the significant impact on financial institutions has increased. After the health sector, the financial sector has experienced the largest number of pandemic related cyber incidents, with insurers, credit unions, and payment institutions being most affected.

Why are insurers experiencing increased cyber-attacks?

Insurance companies are a prized target for cybercriminals due to the vast amount of confidential personal information data they hold. Insurance products, policies, and pricing all require data, and insurtech (insurance technology) is evolving to ensure consumers receive better value, with more flexible and personalized insurance policies, all accessible 24/7/365 through mobile apps.

All the data required to power real-time insurance services with seamless customer experience is incredibly valuable in today’s world. With the increasing reliance on new technologies to deliver better and more streamlined products and services, the amount of protected personal data being collected has also increased.

Big data is the lifeblood of the insurance industry, defined as the structured and unstructured data that is used to influence rating, pricing, underwriting, marketing, and claims processing.

Structured data is highly organized and formatted to be easily searchable in databases – think name, address, claim history. This data format is much easier to protect than unstructured data, which has no predetermined format or organization. While more difficult to use and protect, it has incredible value to insurers, influencing all areas of business such as fraud detection, customer experience, and policy writing.

This information is extracted by data analytics and machine learning from sources such as social media networks, written reports, and wearable technology. This is the data used to provide customized customer experience, fine-tune what insurance carriers will/will not cover, or even spot fraud.

Cybercriminals attempt to breach databases containing personally identifiable information through any number of ways, including:

Botnet attacks
Ransomware
Phishing attacks
Mobile malware
Credential stuffing
Insider threats.

What are the consequences of cyber-attacks in the insurance sector?

Cyber-attacks can result in both short and long term consequences that can devastate organizations. The first impact is the immediate disruption to business operations, which also has a direct impact on policyholders.

There are also the financial demands a cyber incident places on a company, whether it is the recovery and restoration of data, ransom payments to recover access to a system or network, and any legal and compliance fines that occur when personally identifiable information is stolen or compromised.

Aside from the direct financial impacts, cyber-attacks can lead to severe and ongoing operational issues, which can create substantial loss of trust and reputation in the industry. Consumers experiencing disruption with their insurance company may look elsewhere for their insurance needs. Trust is an intrinsic factor when considering an insurance carrier, consumers want to know their choice of provider will protect their sensitive personal information. Reputational damage will also negatively affect the confidence of investors, policyholders, and rating agencies. This can lead to ongoing impact on a company’s bottom line.

What is the solution for insurtech and cybercrime?

Technology trends emerging in the insurtech space are helping to make this data more actionable. These trends include advanced data analytics, machine learning, and the internet of things (IoT), which include smart apps and devices.

The traditional security tools and solutions used for preventing cybercrime are not sufficient for most insurance institutions today, particularly those who handle large amounts of unstructured data. Staff who undertake data analysis within a business are not likely to have the necessary knowledge to respond rapidly and effectively to potential threats that occur with different types of data.

Cybersecurity solutions for insurance technology must focus on preventing data leaks, through access controls, encryption, and network monitoring. Big data security solutions should offer real-time monitoring and analysis, with consideration to performance degradation which can lead to data processing delays. Other security solutions include:

Penetration testing, network vulnerability testing
Real-time detection and response
Upgrading systems
Consider cloud solutions for compliant and secure storage options
Appropriate security protocols and policies
Cybersecurity awareness training for employees to mitigate human error leading to data breaches
Developing and implementing a disaster backup and recovery plan.

Effective cybersecurity requires expertise and knowledge to develop security strategies and implement solutions. Managed security services providers are best placed to ensure the level of cybersecurity required is in place to protect your operations and infrastructure. Speak to the leading cybersecurity specialists at PWR Technologies today for comprehensive end-to-end services and solutions.

Eric Montesi

January 31, 2022

January 19, 2022

Maximizing security in Microsoft 365

Your business is constantly dealing with sensitive information—from sensitive customer information to proprietary data. Keeping your information safe and secure should be one of your top priorities.

Fortunately, a Microsoft 365 subscription comes with a number of advanced, built-in security features – but some of them need to be turned on, or tweaked to suit your business’ requirements.

Security and Compliance Centre

Microsoft’s security centre helps users find potential threats in their environment and take appropriate actions to mitigate them.

It provides a centralized view of all the data in the business’ Microsoft 365 environment, and also enables users to access all the data through a single interface, so they can view it across devices or on-premises systems.

Advanced Threat Protection

This tool helps organizations detect advanced attacks on their networks and devices. It includes automated detection of malware, phishing scams, and ransomware, as well as machine learning-powered prevention against zero-day threats.

Key features:

Advanced sensors that automatically detect and block attacks before they can cause harm.
Cloud-based platform that continuously monitors your device’s behaviour in real time.
Unified dashboard that gives you one place where you can monitor all the security alerts across your devices.
Multi-factor authentication for increased security.

Advanced Data Protection

Data protection enables your business’ protection of data from unauthorized access or disclosure.

The encryption process is conducted at the hardware level, which makes it difficult for cybercriminals to get to your personal information. It also provides the ability to create backups on multiple cloud storage services, such as OneDrive, Google Drive, and Dropbox.

Microsoft Cloud App Security

App security helps your business protect apps from malicious code or unauthorized access. It uses machine learning and behavioural analysis to detect threats and block them before they can do any damage.

Key features:

Malicious content detection: scans for malicious content, such as spam, botnets, phishing, spyware, and more.
Behaviour monitoring: monitors the behaviour of users accessing your app and detects anomalous behaviour that could be a result of an attack.
Application control: controls access to apps based on the user’s location or device type.

Azure Active Directory Premium

Azure manages identities across all of your business’ cloud applications. It provides identity management and offers enhanced security, monitoring, reporting, and advanced management capabilities.

Key features:

Multi-factor authentication
Single sign-on
Access control
Identity federation and protection

Multi-factor authentication

Multi-factor authentication – also known as two-step verification – works by requiring two factors in order for someone to access their account. When a user logs into their account, a code will be sent to their phone for them to access Microsoft 365.

This extra step is simple but vital when it comes to security. If malicious actors steal your login details, they still won’t be able to break into your account without the code. Users will also become alerted to any unauthorized attempts to break into their accounts if they receive a code without having personally entered their login details.

Admin privileges

Administrative accounts are popular targets for cybercriminals. Restricting the number of users in your business with admin privileges, and ensuring your admins have separate user accounts for their every day work, can lower these risks.

Microsoft Azure’s privileged identity management allows you to manage, control, and monitor access to resources across your Microsoft 365 suite.

Key features:

Assign time-bound access to resources.
Require approval to activate admin roles.
Enforce multi-factor authentication to activate privileged roles.
Get notifications when privileged roles are activated/accessed.

Activate data encryption

To ensure the privacy of your sensitive information while at rest or in transit, you need to implement an encryption protocol that provides both confidentiality and authentication – particularly if your business handles sensitive information, like customer credit card numbers or social security numbers.

Microsoft 365 has several built-in encryption capabilities, including:

BitLocker for files saved on a Windows computer
TLS connections for files on OneDrive or SharePoint
Mobile Device Management (MDM) for files saved on mobile devices

Train your employees

Enhancing your security is all well and good, but it can be all for naught if your employees don’t know what security features you’ve implemented, or how to recognize phishing emails.

Security training for your staff is crucial in preventing accidental data leaks and even ransomware attacks. Regular security policy checks should include employee training – even if you have not implemented any new security programs, training programs keep the information fresh.

This is also a good opportunity to remind your employees of their own security responsibilities, like regular password changes and enabling security features on any new devices.

Talk to the Microsoft experts

Whether you’re looking at subscribing to Microsoft 365 or enhancing the security features of your subscription suits, the M365 specialists at PWR Technologies will help you find the best security solutions for your business requirements.

Talk to them today and start working towards a more secure Microsoft experience.

Eric Montesi

January 19, 2022

2FA vs. MFA – Which is better for your business?