AuthenticationContext.ReadWrite.All

const options = {
	authProvider,
};

const client = Client.init(options);

const authenticationContextClassReference = {
    displayName: 'Contoso medium',
    description: 'Medium protection level defined for Contoso policy',
    isAvailable: true
};

await client.api('/identity/conditionalAccess/authenticationContextClassReferences/c1')
	.update(authenticationContextClassReference);

Import-Module Microsoft.Graph.Identity.SignIns

$params = @{
	displayName = "Contoso medium"
	description = "Medium protection level defined for Contoso policy"
	isAvailable = $true
}

Update-MgIdentityConditionalAccessAuthenticationContextClassReference -AuthenticationContextClassReferenceId $authenticationContextClassReferenceId -BodyParameter $params

# Code snippets are only available for the latest version. Current version is 1.x
from msgraph import GraphServiceClient
from msgraph.generated.models.authentication_context_class_reference import AuthenticationContextClassReference
# To initialize your graph_client, see https://learn.microsoft.com/en-us/graph/sdks/create-client?from=snippets&tabs=python
request_body = AuthenticationContextClassReference(
	display_name = "Contoso medium",
	description = "Medium protection level defined for Contoso policy",
	is_available = True,
)

result = await graph_client.identity.conditional_access.authentication_context_class_references.by_authentication_context_class_reference_id('authenticationContextClassReference-id').patch(request_body)