MFA: Why Cyber Insurance Calls For Multifactor Authentication
Solutions Review, Wednesday, August 2,2023
Solutions Review's Contributed Content Series is a collection of contributed articles written by thought leaders in enterprise software categories. Eric Williams of HID argues that as data breaches become more common, MFA will help you qualify for cyber insurance and lower your premiums.
It's not your imagination. Data breaches and ransomware attacks have become a nearly regular topic in the news. Why? One reason is the explosion of cloud and SaaS applications, which led to a 307 percent rise in account takeover attacks between 2019 and 2021 alone. The financial losses incurred by these attacks can be staggering. According to IBM's 'Cost of Data Breach 2022' report, the average cost of a data breach reached USD 4.35 million in 2022, an existential cost for many SMEs.