Multi-Factor Authentication (MFA)
for Cyber Insurance
“No MFA, no cyber insurance”
The impact and the cost of cyber-attacks are increasing, especially for small and medium businesses, making the purchase of cyber insurance a necessity for reducing risk to organisations.
Multi-factor authentication (MFA) has now become a cyber-insurance requirement by most insurance agencies to qualify for coverage.
MFA Requirements for Cyber Insurance
When selecting the right MFA solution, consider a solution that:
- Offers a choice of authentication methods, including phishing-resistant methods such as FIDO and PKI-based MFA.
- Lowers overall implementation and running costs. Getting up and running quickly with MFA will ensure you can get your cyber-insurance policy renewed in time.
- Offers flexibility and scalability by integrating with on-prem and cloud apps.
Cyber Insurance Requirements Checklist
Besides the critical requirement to implement MFA, below is a checklist of additional measures organisations can take to meet requirements for cyber security coverage and reduce premium costs.
- Raise cybersecurity awareness through regular training
- Effectively manage third parties and suppliers through regular security audits
- Encrypt your data everywhere
- Keep all your software and firmware updated
- Develop and test your incident response plan
- Undergo regular penetration testing
Find out more about the starting point for making sure you qualify for cyber insurance with our more in-depth blog article.
Thales SafeNet Trusted Access
Thales SafeNet Trusted Access provides a wide range of MFA methods and offers a stronger authentication portfolio that is adapted to customer’s authentication journey, supports more use cases at a lower price and integrates easily into the customer’s environment.
SafeNet Trusted Access enables organizations to protect enterprise applications and scale securely in the cloud with a broad range of authentication capabilities, while ensuring security with Smart SSO and policy-driven access controls.
Resources to help you address cyber insurance MFA requirements
Looking for an MFA Solution to get Cyber Insurance Coverage?
Security Sessions Podcast
Series 2 – Episode 9:
The Rise of Cyber Insurance
In this episode, we discuss what we mean by cyber insurance, and why we are seeing more companies take out policies. We will also look at what types of threats are covered and how cyber insurance jurisdiction works across different regions.
The experts joining Neira Jones for this episode are Danna Bethlehem, Product Marketing Director at Thales and Anthony Dagostino, CEO and Co-Founder, Converge.
SafeNet Trusted Access: The Smart MFA Choice for Cyber Insurance
Thales’s SafeNet Trusted Access is an access management and authentication service. With its broad and powerful authentication capabilities, SafeNet Trusted Access meets the specific needs of diverse users by offering the right authentication method for the right user, and enabling organizations of all sizes to MFA requirements for cyber insurance.
Integrates with your environment SafeNet Trusted Access fits into IT environments smoothly and flexibly. Delivered in full SaaS or hybrid mode, it offers the benefits of modern, policy-based access with security by design. Automated workflows and user-initiated enrollment ensure remote support for thousands of users wherever they are, while diverse integration methods ensure you can protect any application – in the cloud, or on-premises.
Net–Ctrl is a leading UK value-add technology reseller. Our mission is to provide technology solutions and services that enable our customers to exist safely and efficiently in a complex digital world.
We always take a consultative approach to business. Our role is to find what is important to your organisation, to advise you on best practice and to find products and services that meet your demands. We understand that each of our customers is unique so finding the right balance of cost, functionality and performance is key to our recommendations and your final choice.
We have been operating for over 15 years and developed expertise in network security and infrastructure, wireless, IP-CCTV and building access control solutions. We have handpicked a wide product range with respected companies offering innovative and sophisticated technologies that we believe truly deliver in the workplace