Once a company sees the "handwriting on the wall" and starts the underwriting process for cyber insurance, they quickly find out that the insurance company underwriters have done their homework and are now questioning perspective customers if they have Multi-Factor-Authentication in place. Many cyber insurance questionnaires are also specifically asking what categories of users are protected. (i.e. Company Administrators, Employees, Suppliers, Partners, & yes even Customers)
The reason this question is popping up, is simple. Depending on the study you read, somewhere between 67% and 95% of data breaches result from exploiting weak and/or stolen credentials.
So underwriters are getting really specific on this point! The question is essentially this: "Is your company depending solely on ID and Pwd alone for your security?". If the answer is yes, then minimally expect some dings against the underwriting process resulting in higher premiums, or potentially expect to be rejected for coverage.
We at aPersona are hear to help with this dilemma. Give us a call. Our adaptive multi-factor solution works for admins, employees suppliers, partners and yes even customers. aPersona is affordable, flexible and feature rich.
Because cyber insurance underwriters ask about MFA for customers, you will want to have a solution that can work with your customer facing services. The only solution that can really protect all your customers must be adaptive! Without adaptive technology, the best you can do is offer MFA protection as an option, which we all know results in really low adoption rates and is therefore not really protecting your customers like the underwriters are expecting.
So get with the times, sign up for cyber insurance, and contact aPersona to get you over the MFA hurdles for all your users. Check off the "Cyber Insurance MFA Compliance Check Box", reduce your premiums, and get on with business. We are here to help.