new-logo-1080new-logo-1080new-logo-1080new-logo-1080
  • Products
    • Single Sign-OnCentralized one-click secure access to all your apps
    • Smart Password Manager Empower users to reset passwords on their own using smart factors
    • Adaptive Authentication Detect high risk logins based on user behavior and prompt MFA
    • User Self-Registration Eliminate the practice of sending default passwords to new users joining the institution
    • Automated Provisioning Manage digital identities and onboard users on the fly by providing the right permissions in real-time
    • Mobile AppAccess all your applications using a single set of credentials from mobile
    • Passwordless AuthenticationEliminate Passwords, Go Passwordless!
    • APPLICATION INTEGRATION Simplifying application integration across the cloud to achieve security and compliance
  • Partners
  • Pricing
  • Customers
  • Events
    • Conferences
    • Upcoming Webinars
    • Working Group
  • Company
    • About Us
    • Newsroom
    • Resources
    • Careers
    • Contact Us
  • Blog
Get a Demo

MFA Now Becomes Mandatory to Get Cyber Insurance Coverage from a Cyberattack

Published by Graham at February 9, 2022
Cyberattack

Cybercrime incidents have been on a rise since last decade. The Colonial Pipeline attack, one of the most impactful cyber incidents of the decade was a result of a single password being compromised. The ever-growing rate of cybercrime has pushed institutions and organizations across the world to rethink their IT infrastructure and find some good authentication measures to verify end-user identity.

Earlier this year, the US President, Joe Biden signed an Executive Order on improving nation’s Cybersecurity. The order mandates Multi-Factor Authentication (MFA) for all federal agencies in the United States. This sent a soft signal to all cybersecurity insurance companies that still leave MFA out of their list of requirements for cyber insurance. As a result, cybersecurity insurance providers mandated that MFA must be in place as a base requirement to get coverage from a cyberattack.

While cyberattacks are on a rise, cybersecurity insurers are ensuring that their payers should have minimum security requirements in place to prevent a successful attack.

Cyber Insurance – What is it?

A cybersecurity insurance, also called cyber liability insurance is a coverage against financial losses caused by cyber incidents (such as data breaches) and offers technical and recovery support. Cyber insurance companies require their customers to adopt minimal preventive measures to be eligible for insurance coverage. Every cyber insurance policy might have its unique set of criteria, but most of the companies are now requiring MFA to have you covered.

What is Multi-Factor Authentication (MFA)?

Multi-Factor Authentication, or an MFA is an authentication measure that used at least two different authentication factors to verify user’s identity. When an MFA is on and you login to an application, you will have to provide at least two proofs of your identity to gain access to the application. Apart from a username and a password, the system asks you additional proofs of your identity, such as security questions, SMS code, Email OTP, Mobile Push, or Biometrics.

The Benefits of MFA

MFA is your golden armor, a key to defense against the threat of compromised passwords. 2021 Verizon Data Breach Investigation Report (DBIR) found that credentials are the #1 data type stolen and hacked credentials resulted in 61% of all breaches.

Obviously, when an attacker is using a valid set of credentials, why would your firewall, antivirus, or other technologies you might be using will flag anything unusual? Your systems will assume that the users accessing your network are who they say they are.

Adding a multi-factor security will protect your users’ account with:

  • Something you know – A knowledge factor such as password
  • Something you have – A possession factor such as a security key or phone
  • Something you are – An inherence factor such as biometrics

This means even if your password is stolen, the attackers won’t be able to access your account without all the required factors.

Why Do Cyber Insurance Companies Want Their Customers to Deploy MFA?

Users have varying levels of accesses and privileges to wide range of applications in a company. The company data is hosted by different providers and communication happens in an open network. Access and privileges are based on user identities.

Attackers try to find vulnerability in the infrastructure of a company and use this puncture point to perform a security breach. Compromised accounts form the basis of most of the attacks. If you only protect user identities with passwords, you are inviting hackers to exploit your IT infrastructure.

MFA adds an additional layer of security to your IT infrastructure and prevents most of the security breaches that are a result of compromised credentials. It is not surprising that cybersecurity insurance companies demand their current and future customers to deploy MFA.

How QuickLaunch can help?

MFA is a vital layer of protection against business interruption and identity theft that can result from a cyberattack. QuickLaunch MFA is an easy-to-deploy, two-factor authentication solution that is affordable and provides that extra layer of security. You can verify end user identity through multiple authentication factors such as SMS, Email, Security Questions, Google Authenticator, Microsoft Authenticator, Mobile Push, and Biometrics.

QuickLaunch also offers Adaptive Authentication solution that adapts and presents the user with the appropriate level of authentication for the given level of risk to ensure eliminating low-risk activities inappropriately burdensome on the user or high-risk activities too easy to hack.

QuickLaunch has a proven track record of deploying Multi-Factor Authentication and Adaptive Authentication solutions in 3 weeks or less. Our clients leveraging QuickLaunch Multi-Factor Authentication or Adaptive Authentication solutions have significantly reduced their security risk and other report risk mediation by 79%!

Recent Post

  • 4 Reasons Why Microsoft Customers Choose QuickLaunch for Identity Management May 4, 2022
  • Two-Factor vs. Multifactor Authentication: What’s the Difference? April 20, 2022
  • How Identity and Access Management Shields Your Higher Education Institution in 4 Steps April 13, 2022
  • Implementing IAM in Your Organization: A Framework April 4, 2022
  • Zero Trust – The Road Towards More Effective Security March 29, 2022
Share
8

Related posts

May 4, 2022

4 Reasons Why Microsoft Customers Choose QuickLaunch for Identity Management


Read more
April 20, 2022

Two-Factor vs. Multifactor Authentication: What’s the Difference?


Read more
April 13, 2022

How Identity and Access Management Shields Your Higher Education Institution in 4 Steps


Read more
logo

Products


  • Single Sign-On
  • Smart Password Manager
  • Adaptive Authentication
  • Automated Provisioning
  • User Self-Registration
  • Application Integration
  • Mobile

Quick Links


  • QuickLaunch Premium
  • Passwordless Authentication
  • Product Accessibility
  • Role-Based Access Control
  • GDPR Compliance
  • QuickLaunch 5: End-of-Life
  • QuickLaunch 5 vs QuickLaunch 8

About Us


  • Company
  • Contact Us
  • Partners
  • Newsroom
  • Privacy Policy

Social


©2022 QuickLaunch, Inc. All rights reserved.