January 12, 2021 •
The global cyber insurance market is expected to grow by 21% in 2021 making it a $9.5 billion industry, according to Finaria data.
Why? Because businesses and organizations are learning just how frequent and how crippling cyber attacks can be. Not only do they expose sensitive information — they can also cause issues and losses that take huge amounts of time, money and labour to resolve and recover.
That’s why it makes sense that many professionals are opting for cyber risk coverage as part of their professional liability insurance portfolios. This is especially true for service-providing companies, which need added protection from client lawsuits.
Multi-factor authentication (MFA) and cyber insurance go hand-in-hand for a couple of reasons.
Your boat insurer expects you to wear a life jacket. Your auto insurer expects you to wear a seatbelt. Your home insurer expects you to lock your doors.
Not taking these precautions can lead to your claim being denied, or a reduced pay out.
It’s no different with cyber insurance. MFA is the best way to ensure all the conditions of your policy are met, as well as to ensure you’re getting the lowest possible rate for it.
MFA is your lifejacket, seatbelt, and your lock.
If you’re a managed service provider (MSP), then it’s up to you to ensure your clients know this information so you can be the best possible advocate and advisor — beyond the bits and bytes.
Recently, we have been working with many MSPs who are looking for better ways to protect their customers’ networks. If you are an MSP consider the following:
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