Cybersecurity Insurance Providers Require Multi-Factor Authentication (MFA)

LastPass • PublishedSeptember 13, 2021

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Cybersecurity Insurance Providers Require Multi-Factor Authentication (MFA)

Cybersecurity insurance is designed to help businesses mitigate the loss and expenses associated with cyber incidents, such as a data breach.  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.” Cybersecurity insurance can help businesses mitigate this cost after a successful cyberattack. In recent months, cybersecurity insurance providers mandated that multi-factor authentication must be in place as a base requirement to receive coverage from a cyberattack. As the number and severity of cyber-attacks has increased over the past year, cybersecurity insurance providers are finding that they need to ensure that their payers have (at least) minimum security requirements to prevent a successful attack.

Multi-factor authentication reduces risk

Multi-factor authentication, or MFA, was developed to add security checks to the login process. Before being granted access to something, the user is required to submit additional information to verify their identity. By creating more login proof points, your business can better prove that someone is who they say they are, while making it much harder for someone else to break through your defenses. Multi-factor authentication protects an account with:

Something you know: A “knowledge factor” like a password.
Something you have: A “possession factor” like a phone or security key.
Something you are: An “inherence factor” like biometrics.

Even if a password is stolen, attackers won’t be able to access an account without all required factors.

Meeting cybersecurity insurance requirements with LastPass

LastPass offers an advanced MFA solution that secures every access point to your business. From cloud and legacy apps to VPN and workstations, LastPass MFA offers passwordless access while maximizing security with customizable security policies and adaptive authentication technology.  LastPass advanced MFA is available on top of our password management offering. By providing both password management and multi-factor authentication together, businesses can reduce friction for employees while increasing control and visibility with a solution that is easy to manage and effortless to use. Learn more about our multi-factor authentication offering, here.

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