With the continued rise in ransomware attacks more and more companies are looking into cyber insurance to guarantee funds to help recover from an attack. According to the US Government Accountability Office the number of cyber policies has increased by 60% since 2016. Since there has been such a rise in cybercrime, cyber insurance carriers have had to be stricter on the guidelines and requirements that must be met to obtain coverage. One of the biggest changes was the requirement of Multi-Factor-Authentication (MFA) to all on-premises and cloud-based resources (Pendleton). MFA is an authentication method that requires the user to provide two or more verification factors (i.e. code from an email or a mobile phone text) to gain access to a resource such as an application, online account, or a network.
While many end users will tell you MFA can be inconvenient, it is a necessary step every business needs to take to protect their business from the ever-changing cyber threat landscape. Hackers are becoming more and more sophisticated and methodical about the way they attack companies. Therefore, having MFA is a necessary layer of protection needed for a business to strengthen their cyber security efforts and cyber insurance carriers understand that as well. This understanding is why carriers have specific requirements for the type of MFA you use and what specifically needs to be protected with MFA.
Here are some of the areas where MFA is required:
–Cloud Based Email: Any employee accessing email accounts (ex: Microsoft Office 365)
–Remote Network Access: Anyone that is going to have access to the network (employees, contractors, vendors, etc.)
–Admin Access: All internal and remote admins with access to directories, network backup environment, network infrastructure, endpoints, and servers
While all these new compliance requirements may put more stress on the company to implement new procedures, it will ultimately ensure a more secure network. Since the pandemic, ransomware attacks have increased by 600%, which is why MFA, cyber insurance, and cybersecurity are critical now more than ever! Note, if your insurance carrier requires you to use MFA and you are not following their requirements then there is a high probability that your claims will be denied.
If you are interested in learning more about how Biz Technology Solutions can help strengthen your IT and alleviate some of the stress surrounding IT, contact us today!
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Pendleton, John. US Government Accountability Office, 1 June 2021, https://www.gao.gov/blog/what-cyber-insurance,-and-why-it-high-demand. Accessed 2 Mar. 2022.
Shemy, Idan. Silverfort: Your One-Stop MFA Solution for Cyber Insurance Compliance , 2 Nov. 2021, https://www.silverfort.com/blog/silverfort-your-one-stop-mfa-solution-for-cyber-insurance-compliance/. Accessed 2 Mar. 2022.