We all know that insurance is important to have for every aspect of life, from car insurance to health insurance to life insurance. With our recent shift to the cloud, it only makes sense to insure cloud based assets. While most companies are already insuring their Cyber Assets, it boggles the mind that they're not taking steps to reduce insurance costs. If you drive a car, you do everything in your power to reduce how much you pay, like parking it in the garage. If you insure a home, you might get a new furnace or water heater to lower your insurance costs. So, what can be done to reduce Cyber Insurance costs in the same way?
Multifactor Authentication (MFA)
Reducing the opportunities for hackers to gain access to your privilleged and confidential information by setting up preventative measures like MFA will reduce your risk of a malicious breach. By requiring multifactor authentication for any employee or third party that accesses your systems, you can help reduce the likelihood of an unauthorized third-party in posession of a username and password from gaining access to your computer networks. Cyber Insurance companies are moving away from insuring Organizations without MFA, as the lack of MFA presents too high of a risk.
Consequences of Putting off MFA
As insurance companies move to refusing to insure companies without MFA, how does that affect your organization? The price of being self insured could include the costs of:
Notifying every customer in the case of a breach to comply with government regulations (this can cost up to $150 per notification)
Taking your team off their important operations work to restore data and systems encrypted by ransomware attacks
Other organizations not wanting to partner with you because your organization is uninsurable
TechJutsu works with you and Cyber Insurance providers like Scott Stevens from Steer Insurance to ensure you qualify for Cyber Insurance and your rates are low. TechJutsu implements MFA, provides training for your employees, and helps you set up Identity and Access Management systems your organization may need to ensure that your sensitive information is handled in a way that can get you those sweet insurance discounts. Book a Meeting with us for a consultation.