Cyber insurance has provided a much needed lifeline for many businesses across the country.  And until recently demand had been new and relatively low, keeping the cost of the coverage low.  COVID and the resulting wave of remote work has changed all of that.  Ransomware claims skyrocketed causing demand for coverage to follow suit.  The increased demand drove up the cost of coverage but more importantly the increase in claims caused an unusual hardening of the cyber insurance market.  This hardening has resulted in higher premiums and (in some cases) reduced coverage. 

What can you do to protect your business? 

Aside from purchasing a comprehensive, stand-alone cyber insurance policy you can implement Multi Factor Authentication (MFA).  Not familiar with MFA?  You likely know more than you realize.  MFA requires users to provide two or more verification factors, like a fingerprint or a PIN entered from a different device.  MFA is critical in keeping hackers out of your systems and reducing your exposure to cyber disruptions.  Most importantly MFA must be used for all email and remote network access.  In the very near future cyber insurance carriers will require MFA in order to quote or renew your cyber insurance policy.  Protect yourself.  Have your IT professionals implement MFA now.