Most Insurers Mandate MFA, But Premiums Are Still Soaring

Most Insurers Mandate MFA, But Premiums Are Still Soaring

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.

US Cyber Market Outlook

“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 , , , 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

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