Multifactor authentication has become a critical part of a dealership's cybersecurity controls.
The process, which typically requires a user to take multiple steps to log in to a system vs. relying solely on a password, has become a requirement in many cases for dealerships — and, broadly, companies outside of auto retail — to obtain cyber insurance, experts told me for a story this week.
In fact, multifactor authentication is now "table stakes," said Reid Wellock, president of FifthWall Solutions, a wholesale broker that connects insurance providers with retail agents that work with companies seeking insurance.
FifthWall also works with companies that provide managed cybersecurity services, including for dealerships.
"There's a few exceptions, but really, if you talk to any underwriter, they're going to say we need to see the presence of [multifactor authentication]," Wellock told me.
Taking that extra step when logging in can help protect a company's system from a cyberattack.