Essential Strategies for Protecting Your Accounts with Strong Passwords and Multi-Factor Authentication

In today’s digital world, protecting your accounts is more critical than ever. Cyberattacks and data breaches can cause serious damage to both personal and business information. One of the most effective ways to safeguard your accounts is by using strong passwords combined with multi-factor authentication (MFA). This post explains how to select the best passwords, how often to change them, what MFA is, how it works, and why insurance companies are increasingly requiring it.

Typing a secure password on a keyboard

How to Select Strong Passwords

Choosing a strong password is the first line of defense for account protection. Many people still use simple or common passwords, which hackers can easily guess or crack using automated tools. Here are practical tips to create passwords that are difficult to break:

• Use a mix of characters: Combine uppercase and lowercase letters, numbers, and special symbols.

• Make it long: Aim for at least 12 characters. Longer passwords are harder to crack.

• Avoid common words and patterns: Do not use easily guessable information like birthdays, names, or simple sequences such as "12345" or "password."

• Use passphrases: Combine unrelated words into a phrase that is easy for you to remember but hard for others to guess. For example, "BlueCarrot$7Jumping!"

• Unique passwords for each account: Never reuse passwords across multiple accounts. If one account is compromised, others remain safe.

  
  

Password managers can help generate and store complex passwords securely, reducing the burden of remembering many different passwords.

How Often Should You Change Your Passwords?

The idea that passwords must be changed frequently is common, but the best approach depends on the situation:

• Change passwords after a breach: If you learn that a service you use has been hacked, change your password immediately.

• Routine changes are less critical if passwords are strong: Frequent forced changes can lead to weaker passwords or reuse.

• Use alerts and monitoring: Enable notifications for suspicious activity on your accounts to react quickly.

• For business accounts, review policies: Some industries or companies require password changes every 60 to 90 days to meet compliance standards.

  
  

In general, focus on strong, unique passwords and change them when there is a reason to suspect compromise.

What Is Multi-Factor Authentication and How Does It Work?

Multi-factor authentication adds an extra layer of security beyond just a password. It requires users to provide two or more verification factors to gain access to an account. These factors fall into three categories:

• Something you know: A password or PIN.

• Something you have: A smartphone app, hardware token, or security key.

• Something you are: Biometrics like fingerprints or facial recognition.

  
  

When you log in, after entering your password, MFA asks for a second factor. For example, you might receive a code on your phone or use a fingerprint scan. This process makes it much harder for attackers to access your account, even if they have your password.

Is Multi-Factor Authentication Really Effective?

Yes, MFA significantly improves account protection. Studies show that accounts with MFA enabled block over 99% of automated attacks. Here’s why MFA works so well:

• Stops stolen passwords from being enough: Even if a hacker steals your password, they cannot access your account without the second factor.

• Reduces phishing risks: Attackers who trick users into revealing passwords still need the second factor.

• Protects sensitive business data: For companies, MFA prevents unauthorized access to critical systems and customer information.

  
  

While no security measure is perfect, MFA is one of the most effective tools available today.

Smartphone showing a multi-factor authentication code

Why Are Insurance Companies Requiring Multi-Factor Authentication?

Insurance companies are increasingly requiring MFA for their clients and partners. This trend reflects the growing risks and costs associated with cyberattacks:

• Reducing claims from cyber incidents: MFA lowers the chance of account breaches, which can lead to costly data loss or fraud claims.

• Encouraging better security practices: Insurers want businesses to adopt strong protection measures to reduce overall risk.

• Meeting regulatory requirements: Many industries face regulations that mandate MFA for sensitive data access.

• Lowering premiums: Companies that use MFA may qualify for reduced insurance premiums because they demonstrate better risk management.

  
  

For business owners, adopting MFA is not just about security but also about meeting insurance and compliance expectations.

Practical Steps to Improve Your Account Protection

To build strong protection for your accounts, follow these steps:

• Use a password manager to create and store unique, strong passwords.

• Enable MFA on all accounts that support it, especially email, banking, and business platforms.

• Regularly review account activity and update passwords after any suspicious events.

• Educate employees and team members about the importance of password security and MFA.

• Keep software and devices updated to protect against vulnerabilities.

  
  

Taking these actions helps protect your personal and business information from unauthorized access.