It’s no secret cyber threats have intensified in the past three years. The Identity Theft Resource Center (ITRC) reported 2021 was a record year for cybercrime.
One of the reasons companies became so vulnerable was the immediate pivot to remote working during stay-at-home orders of 2020 — whether company security systems were ready for it or not. Since then, carriers mandated multi-factor authentication to obtain and renew cyber coverage.
Multi-factor authentication (MFA) makes it more difficult for cyber criminals to access your company’s accounts and devices. In addition to username and password, a second authentication such as text code, email or mobile app requires verification before granting access to an organization’s systems.
4.3 million people in the USA now work from home at least 50 percent of the time.* With so much remote access, MFA is an essential part of cyber security and carriers are insisting on it.
“MFA is no longer optional, it’s a condition for renewing cyber insurance,” said Angela Stubbs, Senior Client Manager at Taylor Oswald, “And disclosing MFA policies is quite honestly tripping people up.”
“There is an abrupt change to cyber insurance renewal and application questions,” continued Stubbs. “Not only have the rates increased exponentially, the renewal process is more robust, leaving many to file extensions.”
To prepare for the increased rates and avoid inconveniences at the time of renewal, consider partnering with Taylor Oswald. As a broker who proactively services our clients, you won’t be left confused or with unanticipated expenses.
“We even keep you from overthinking and overexerting your IT staff on applications,” concluded Stubbs. “Because we are the experts, we know how to submit the data during the renewal process.”
Note: This communication is for informational purposes only. Although every reasonable effort is made to present current and accurate information, Taylor Oswald makes no guarantees of any kind and cannot be held liable for any outdated or incorrect information. View our communications policy.