Infosec experts say CISOs must add multifactor authentication for logins to better protect their organizations against credentials theft.

Last week we got to know the news that an insurance company is demanding their customers with cyber insurance policy to have a mandatory MFA in place, and the reason is insurers are tired of paying claims for data breaches and have toughened their requirements for coverage. At the end of last year, cyber insurers realized they had a loss ratio in cyber of 500 percent. That meant for every $100 in premiums they lost $500, and to make things worst, during 2021 we have seen an increase in malware, ransomware, phishing, and supply chain attacks, its been a year like no other, and with no surprise, according to *1 Pandemic impact report: Security leaders weigh in; CSO; employees worked from home at least 60% of the time. As of March 23rd, that number had climbed to 77.7%, an increase of 4.7-fold, for which the majority of the organization were not prepared.

If you can log into it over the Internet, you should protect it with more than a username and password.

If your organization does not have MFA for all the users and applications you need to act quickly, many *2 Major Companies That Have Announced Employees Can Work Remotely Long Term; which will lead to more pressure on the insurer and by all means on customers. But that’s not all, *3 BILL C-11 if approved, would give a new data protection tribunal the ability to levy multi-million dollar fines under “the consumer privacy protection act”.

Did I catch your attention? I hope so… and in case you don’t know where to start, Duo gives you insight into the security posture of both corporate and personal devices used to connect to company applications and services.

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References

1*https://www.csoonline.com/article/3535195/pandemic-impact-report-security-leaders-weigh-in.html

2*https://www.entrepreneur.com/article/354872

3*https://parl.ca/DocumentViewer/en/43-2/bill/C-11/first-reading