The Need for Multi-Factor Authentication (MFA)

The cost and impact of cyber-attacks are on the rise, particularly for small and medium sized businesses. As a result, purchasing a cyber insurance policy has become essential for mitigating risks to organizations. 

To prevent vulnerabilities, insurance companies now require any organization must be equipped with Multi-Factor Authentication (MFA) for them to qualify for a cyber insurance policy. So what is MFA and how does it protect your business? MFA is the process of requiring more than simply a username and password for an employee or a customer to log in to their account. An MFA login system will prompt you for a combination of what you know (i.e. a password or PIN), what you have (i.e. a key card or OTP), and what you are (i.e. biometrics such as fingerprint or a palm vein scanner). For most business seeking cyber insurance, MFA has now become a prerequisite for coverage, and the specifics of this mandate can easily become very complex. To learn more about MFA requirements, benefits, and implementation:
Download our FREE E-book below.

Cyber Insurance MFA E-Book

Download our E-Book to learn more about how MFA:

  • Provides a variety of authentication methods, including secure options like FIDO and PKI based MFA that are resistant to phishing attacks.
  • Reduces overall implementation and operational costs. Swiftly implementing MFA will ensure the timely renewal of your cyber insurance policy.
  • Offers flexibility and scalability by seamlessly integrating with on-premises and cloud applications.
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Cyber Insurance Requirements Checklist

In addition to the essential MFA implementation, organizations can fulfill cyber security coverage requirements and decrease premium costs by following this checklist:
cybersecurity

Enhance cybersecurity awareness through regular training programs.

Effectively manage third-party relationships and suppliers by conducting routine security audits.

Encrypt data

Encrypt data across all platforms.

software and firmware

Keep all software and firmware up to date.

Develop and test an incident response plan.

penetration testing.

Conduct regular penetration testing.

OmniDefend: The Optimal MFA Solution for Cyber Insurance Customers

OmniDefend offers access management and authentication services that cater to the specific needs of diverse users. We offer a wide range of robust authentication methods, ensuring compliance with cyber insurance MFA requirements across organizations of all sizes.

OmniDefend effortlessly integrates into various IT environments. It can be delivered as a full Software-as-a-Service (SaaS) solution or in a hybrid mode, providing the advantages of modern, policy-based access with built-in security. Automated workflows and user-initiated enrollment facilitate remote support for thousands of users, regardless of their location. Furthermore, diverse integration methods allow you to safeguard any application, whether it is in the cloud or on-premises.