Have you noticed lately how complicated it’s gotten to sign in to your accounts? It’s not enough to have a strong password. You may also need to enter a one-time PIN that is emailed to you or texted to your phone. Without that extra credential, you can’t get into your account.
You can thank the rise in cybercrime and a host of new government cybersecurity rules for this new level of verification. From personal data protection to multi-factor authentication, the financial services industry is spending more time and money on digital and online security.
In fact, the Ponemon Institute reported last year that cybercrime costs went up 23% in just one year and that the average cost to U.S. companies in the financial services sector is more than $17 million.
We all must do our part to safeguard our systems against attacks and make sure that our customers’ personal data is protected. But that also means login credentials are likely to become an even bigger headache. And, as we all know, logins are the bane of an agency manager’s life.
That’s where ID Federation comes in. ID Federation is the nonprofit organization formed a few years ago to develop a single sign-on technology for the property-casualty industry. That technology — called SignOn Once — is up and running and already starting to show positive results.
What are the advantages of SignOn Once?
- Trustworthy security. We have developed a trust framework (downloadable here on our site) to protect the security of our federated partners. By using individual credentials and tokens, and certifying identity providers (vendors such as Vertafore and Applied Systems), SignOn Once ensures logins are safe and eliminates many of the issues associated with poor password protection.
- Ease of doing business. SignOn Once allows carriers and agencies to do what they do best: sell insurance and serve clients. With a seamless, secure connection to insurance carriers and solution providers, users can spend more time collaborating and less time worrying about passwords.
- A leg up on the competition. As more and more agencies begin to use SignOn Once, the competitive edge will go to those companies that are federated partners and accept SignOn Once credentials.
SignOn Once won’t eliminate the additional layer of authentication required by the new cybersecurity rules, but it will reduce the number of times you and your staff have to log into systems each day. As long as you remain logged in to your management system, you are able to seamlessly and securely access other federated partners.
A world with fewer passwords is well within reach. Learn more about becoming an ID Federation member and our trust framework at IDFederation.org.
Kantar is the business manager of ID Federation and has more than 30 years of experience with insurance industry automation. He can be reached at Irv.Kantar@idfederation.org.
