As we enter the 3rd quarter of 2021, the cyber insurance marketplace is steadily changing to keep up with the times. The most significant change to the marketplace involves two factor authentication, or 2FA/MFA for short. This technology incorporates multiple ways to authenticate the person trying to gain access to an account, app, or program. As an example, you login to your bank account using your username and password, and then that triggers an automatic text message with a secure code you must enter to continue the login. That is 2FA in practice. This technology is now being required by most cyber insurance companies in order to qualify for cyber coverage. The cost to implement the technology is relatively cheap in relation to cyber policy deductibles. This technology is seen as the most effective tool against cyber attacks. To learn more, click here.
Cyber Insurance Continuing to Evolve
