Most Insurers Mandate MFA, But Premiums Are Still Soaring
us cyber-insurers are increasing premiums and lowering coverage limits despite mandating stricter security controls as a pre-requisite for coverage, according to a new report.
“While this market dynamic developed quickly, within a matter of months, longstanding underwriting issues in this market, as well what had been a growing mismatch between exposures and underwriting, helped to create the current situation and the imbalance between coverage supply and demand.”
Sectors hit hard over the past year, including education, government, healthcare, construction and manufacturing, have seen premiums increase by 300% or more at renewal time. This is even if corporate policyholders have the right set of security controls in place.
Such controls are becoming increasingly widespread, according to RPS. Multi-factor authentication (MFA) is