Multifactor Authentication Means More Than Just Strong Passwords

As cybersecurity threats evolve and become more sophisticated, so does BenefitDriven’s approach to keeping our system and our clients’ information secure. One way we’re doing so is by building multifactor authentication (MFA) into our benefit administration platform. “Our MFA solutions aim to make life easier and bring peace of mind to all users,” says Jeff Spires, chief information officer.

What is MFA?

Multifactor authentication is a process that requires you to confirm your identity by providing two or more verification factors before you’re allowed access to a website, an app, or other resource. Rather than asking for only your username and password, MFA requires at least two of the following for authentication:

• Something you know — e.g., a password.
• Something you have — e.g., a smartphone.
• Something you are — e.g., some form of biometrics such as a fingerprint.

Securing BenefitDriven and the funds we serve

Accessing BenefitDriven will require users to enter a password and an accompanying one-time passcode sent via the MFA app of their choice or SMS text. By adding this extra layer of protection, our strong MFA solution offers a critical step in securing our application, and by extension, the fund offices using BenefitDriven today.

Multifactor brings multiple benefits

Using MFA is becoming increasingly important because of the advantages it offers, including:

• Increased cybersecurity
  MFA helps reduce the risk of online identity theft, fraud, and data breaches. According to Microsoft, 99.9% of account-compromising attacks can be blocked by implementing MFA. Most ransomware victims were not using MFA before their compromise.
• Protection against weak passwords
  A security breach due to a weak user password may have enormous consequences. In the event hackers do steal a user’s password, MFA can prevent them from gaining access and retrieving critical, confidential data.
• Compliance with regulatory requirements
  Many laws require organizations to have strong authentication processes in place in the event they’re storing and handling sensitive data. MFA helps ensure that BeneSys is compliant with such regulations.

BenefitDriven recognizes that MFA is an undeniable, critical step in protecting users from cyber-attacks at the front line. Furthermore, our first-class security framework provides the ability to support even more advanced authentication technologies in the future as they are created. To learn more about BenefitDriven’s MFA solution and how we can help provide your fund with enhanced protection, schedule time with us!