Cyber Insurance

Cyber insurance is coverage that protects organizations from financial losses associated with cyber incidents and data breaches.

As more and more workforces are geographically distributed and accessing work resources on a variety of devices, the risks that cyber insurance safeguards against have gone up.

To obtain cyber insurance, organizations must often demonstrate appropriate or mandated workforce access and identity management practices and safeguards.

Traditional MFA methods and passwords are often grounds for charging companies that want policies to protect them from data breaches higher premiums or issuing non-renewals for cyber insurance policies.

Insurers are increasingly concerned that companies who only have traditional MFA-based security are too risky to offer favorable cyber insurance policies to protect their operations.

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 your organization adopts passwordless continuous authentication based on FIDO2 standards, insurers are more likely to offer your company:

• The strongest coverage
• The lowest premiums
• No coverage exclusions

Cyber insurance protects your organization from workforce-related breaches:

• Shield your company from unexpected costs associated with data breaches, such as regulatory fines, reporting obligations, and business losses.
• Be eligible for discounted rates as cyber insurers offer much better rates for policyholders than what they could get if they are self-insured.
• Gain additional risk services such as risk monitoring as part of your cyber insurance policy.
• Meet customer and partner insurance requirements that are increasingly required to engage in business and working relationships.
• Satisfy shareholders and boards that are increasingly concerned about cyber insurance to hedge against risk.