Podcast with WatchGuard Manager: IT insurance and multi-factor authentication

Podcast with WatchGuard Manager: IT insurance and multi-factor authentication

According to a report by www.all-about-security.de, there is a clear trend among cyber insurance companies to require multi-factor authentication (MFA) as a condition for issuing cyber liability insurance. This trend is no coincidence, as 80% of data breaches result from the use of weak passwords or stolen credentials. Insurance companies have realized that adopting MFA can reduce the risk of insurance policy payouts. This step is not only an important contribution to improving IT security, but also serves the profitability of insurers.

The effects of this development on the market are already noticeable. The vast majority of cyber insurance providers require companies to implement MFA as a prerequisite for purchasing insurance. Companies that want to take out cyber liability insurance will have to implement MFA solutions to maintain insurance coverage.

For the IT security industry, this means that demand for MFA solutions will increase sharply. Companies offering such solutions can benefit from this trend and expect a significant increase in their sales. In addition, an increasing number of medium-sized companies are taking out cyber insurance in order to minimize their risk in the event of data breaches.

Overall, we can assume that the introduction of MFA as a requirement for cyber insurance represents a significant boost for the IT security industry and the general IT security of companies.