Over the past few years, we’ve seen a sharp increase in cyber attacks stemming from the many digital transformations taking place around the globe. Ransomware attacks have skyrocketed in both frequency and severity, which have caused significant changes in the cyber insurance marketplace. Getting cyber insurance used to be a relatively simple process, and it was relatively easy to obtain bindable quotes from multiple markets. Times have changed, however, and underwriters are now looking for more information related to ransomware loss controls and IT risk management. Consequently, Multi-Factor Authentication is now a common requirement before providing quotes for an account. This should come as no surprise as credential harvesting is the most fruitful attack vector by far as they account for nearly 90% of all web application breaches.
What is MFA?
Multi-Factor Authentication (MFA) is a cybersecurity measure that requires users to provide an additional token of verification before providing access. In other words, it provides an additional layer of authentication beyond a username and password to further validate that a person is who they say they are. Popular forms of authentication include biometrics, authentication apps, one-time passwords sent via SMS, and more. MFA solutions should provide coverage of your remote network, email and administrative access in order to prevent system intruders from breaching networks to deploy ransomware, erase valuable data, or steal sensitive information.
Why does MFA Matter for Insurance?
With the sharp increase in cyberattacks recently, insurance companies are seeing lots of ransomware and social engineering claims, which are ultimately costly and time-consuming to complete. Most of these attacks start with compromised passwords or login ids – Credentials are often the weakest part of a company’s digital footprint because employees tend to use the same passwords for multiple systems, create too simple passwords, or share credentials with others. For this reason, MFA matters for insurance because it adds an additional layer of security that can block 99.9% of attacks stemming from compromised accounts.
How can I implement MFA?
MFA implementation can have a reputation for being complex and time-consuming, but this does not have to be the case. Stratejm is a proud partner of Duo mobile to provide multi-factor authentication to support remote access for customers. Duo makes it fast and easy to log in securely with a single-tap, user-friendly interface that users can use to quickly verify their identity. Contact us to find out more about how you can implement MFA in your organization.