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Cyber insurance is coverage that protects organizations from financial losses associated with cyber incidents and data breaches.
Cyber insurance policies often include coverage for legal liabilities stemming from customer data breaches. This could involve defending against lawsuits, settlements, and regulatory fines imposed for non-compliance with data protection regulations.
To obtain cyber insurance, organizations must often demonstrate specific standards for securing customer data using or mandated identity and access management practices and safeguards.
Traditional MFA methods and passwords are often considered insufficient protections for safeguarding customer data by insurers.
Your company may face higher premiums or non-renewals for cyber insurance policies if you are using these outdated methods with your customers.
Cyber insurers are looking for more than traditional MFA to issue policies to protect your company from liability related to customer data breaches:
Nine of the top 10 cyber insurance agencies require or recommend passwordless authentication in order to provide the best policies and rates to companies.
When you provide your customers passwordless continuous authentication based on FIDO2 standards, insurers are more likely to offer you:
When applying for cyber insurance, you must fill out questionnaires about your identity and access management practices in place for customer-facing apps and portals.
Cyber insurance protects your company against the financial and operational consequences of a customer data breach: