May 11, 2021
Infosec experts say that Chief Information Security Officers (CISO) must add CISO multi-factor authentication (MFA) for logins to increase protection against cyber theft and data breaches.
According to Vancouver-based account executive and cyber specialist Derek May, several North American cyber insurers refused to extend coverage to CISOs without MFA, claiming that insurers were tired of paying claims for data breaches.
As a result, organizations applying for cyber insurance must now present a long list of cybersecurity technologies and practices, including MFA, and have a contingency plan to obtain coverage.
By 2020, cyber insurers had a 500% claims rate, meaning that every $1 of premiums would result in a loss of $5.
Depending on the coverage, cyber insurance provides costs for security violations such as data recovery, hardware and software replacement, hiring investigators, outside lawyers, and communications consultants.
This may no longer extend to regulatory fines, giving a new Data Protection Tribunal the power to impose fines running into millions.
For more information, read the original story on IT World Canada.
