[INFOGRAPHIC] Save on Cyber Insurance with LastPass 

A data breach can have devastating effects on a company, from lost revenue to customer attrition to legal fees. A cyber insurance policy helps businesses mitigate the financial impact of cyber incidents like data breaches, covering expenses and losses.  Although cyber insurance can help with the fallout of a data breach, preventative measures are still vital - and are often required to receive coverage and reduced cyber insurance premiums. For companies evaluating ways to comply with policies and reduce cyber insurance premiums, LastPass can help.

The Case for Cyber Insurance

Ever wondered what happens after a company experiences a data breach? It can be hard to grasp the sheer volume of tasks required to respond to a data breach - not to mention the confusion and stress that can follow.  Confirming the breach, patching vulnerabilities, notifying employees, alerting authorities, engaging legal counsel, telling customers in a timely matter, responding to customer concerns, fielding media inquiries - the list is long. All of which adds up to an immense amount of manpower and resources - and money, too.  That's why a cyber insurance policy is a must-have for companies handling sensitive customer information. A cyber insurance policy often covers costs associated with a cyberattack, such as public relations and forensics investigation. According to IBM Security's Cost of a Data Breach Report, "the average total cost of a data breach increased by nearly 10% year over year, the largest single-year cost increase in the last seven years." Associated expenses are expected to keep rising.

Reduce Risk to Lower Cyber Insurance Premiums

Cyber insurance policies provide financial coverage for a cyberattack and help companies understand and implement industry best practices. One such best practice is using multi-factor authentication (MFA) to add more robust protection to company logins. In fact, 83% of businesses report that their cyber insurance provider requires multi-factor authentication or password management to either qualify for coverage or to receive a lower premium rate, according to a recent LastPass survey.  MFA adds extra security checks to the login process. Typically, MFA requires users to submit additional information (“factors”) to verify their identity. By creating more login proof points, someone must confirm they are who they say they are. The added verification steps make it much harder for an attacker to break in. Even if they have stolen a valid username and password, attackers can't access an account when MFA is enabled because they won't have the additional "factors." Because of the substantial security gains offered by MFA, implementing it alongside other cybersecurity solutions like business password management can reduce cyber insurance premiums. 

Build Security and Save Money with LastPass

Part of the appeal of MFA is the comparative ease of deploying and using it. Today's top MFA solutions are centralized, scalable, convenient, secure, and discreet. Most employees are now familiar with texted one-time codes or even authenticator apps, so adoption is quicker. Given the ubiquity of smartphones, users often have what they need for quick, seamless access throughout the workday when companies deploy MFA.  Included in LastPass Business, MFA can be deployed on three applications with the option to purchase an MFA Advanced Add-on in the future. By providing both password management and MFA, businesses can facilitate employee access while increasing control and visibility with a solution that is easy to manage and effortless to use. Learn more about how your business can meet cyber insurance requirements – and even benefit from discounts -- by downloading our infographic here.