Cyber Insurers Now Demanding Corporations Have MFA

Share post:

Infosec experts say that Chief Information Security Officers (CISO) must add CISO multi-factor authentication (MFA) for logins to increase protection against cyber theft and data breaches.

According to Vancouver-based account executive and cyber specialist Derek May, several North American cyber insurers refused to extend coverage to CISOs without MFA, claiming that insurers were tired of paying claims for data breaches.

As a result, organizations applying for cyber insurance must now present a long list of cybersecurity technologies and practices, including MFA, and have a contingency plan to obtain coverage.

By 2020, cyber insurers had a 500% claims rate, meaning that every $1 of premiums would result in a loss of $5.

Depending on the coverage, cyber insurance provides costs for security violations such as data recovery, hardware and software replacement, hiring investigators, outside lawyers, and communications consultants.

This may no longer extend to regulatory fines, giving a new Data Protection Tribunal the power to impose fines running into millions.

For more information, read the original story on IT World Canada.

Featured Tech Jobs


Related articles

The US government and Its Microsoft dependency: A cybersecurity dilemma

Microsoft's series of high-profile cybersecurity failures has once again spotlighted the complex relationship between the tech giant and...

Cyber Security Today, Week in Review for week ending Friday, April 12, 2024

This episode features a discussion on Microsoft's cybersecurity troubles, worries about open source, a warning about abusing IT help desks to launch attack

Cyber Security Today, April 12, 2024 – A warning to Sisense customers, a new tactic for spreading the Raspberry Robin worm, and more

A warning to Sisense customers, a new tactic for spreading the Raspberry Robin worm, and more. Welcome to Cyber Security Today. It’s Friday April 12th, 2024. I’m Howard Solomon. Organizations that use products from business analytics provider Sisense [SI-SENSE] are being told to reset user login credentials and digital keys. The warning comes from the

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways