No Multi-Factor Authentication (MFA) = Non-Renewal of your Cyber Policy

As technology continues to advance, businesses are increasingly reliant on remote access solutions to stay connected with their employees and customers. However, with the rise of remote access comes an increased risk of cyber attacks. As a result, many insurance providers are now requiring businesses to implement multi-factor authentication (MFA) for remote access as a condition of renewing their cyber liability insurance policy.

MFA is a security measure that requires users to provide multiple forms of authentication to access a system. This typically involves a combination of something the user knows (like a password), something the user has (like a security token), or something the user is (like biometric data). By requiring multiple forms of authentication, MFA significantly reduces the risk of unauthorized access to a system, even if a user’s password is compromised.

Insurance providers recognize the importance of MFA in protecting their clients from cyber attacks. Cyber liability insurance policies are designed to mitigate the financial impact of data breaches and other cyber incidents, but they are not a substitute for proper security measures. By requiring MFA for remote access, insurers are encouraging businesses to implement best practices for cyber security and reduce the risk of costly cyber incidents.

Businesses should not view MFA as an unnecessary expense, but rather as an investment in their cyber security. The cost of a data breach can be staggering, with the average cost per record breached reaching $150 in 2021. By implementing MFA, businesses can significantly reduce the risk of a data breach and ensure that their cyber liability insurance policy remains valid.

In conclusion, businesses must take cyber security seriously if they want to protect themselves from the financial impact of cyber attacks. Implementing MFA for remote access is a crucial step in securing their systems and reducing the risk of costly cyber incidents. By making MFA a requirement for renewing cyber liability insurance policies, insurers are sending a clear message that cyber security is a top priority.

If you need to secure a Cyber Liability insurance policy, or to speak to someone about whether or not your current policy is sufficient to protect your business, please call our office at 877-PLIG-123 to speak confidentially with a licensed agent.