Everyone in the cyber insurance industry or trying to get cyber insurance today knows that using multifactor authentication (MFA) is an absolute make-or-break requirement for getting a cyber insurance policy; or if you can get a policy without MFA, you will pay a hefty increased premium for the same amount of coverage.
Most cybersecurity experts and the cyber insurance industry are telling everyone to get MFA. Many cybersecurity experts say that using MFA is the single best thing an individual or organisation can do to best reduce cybersecurity risk. Some nationally recognised experts and the largest trusted cyber organisations go so far as to say that MFA prevents 99% of all hacking! Sounds like a no-brainer.
My painful prediction is that the cybersecurity industry will continue to tout using MFA as the best way to reduce cybersecurity attacks and then learn, this year, that people and organisations using MFA were still hacked an awful lot. Within a year, people will learn that using any MFA is not the panacea solution that it has been touted to be. Hacking will continue nearly unabated and losses will continue to pile up as the truth becomes self-evident.
MFA is good and everyone should use it where they can to protect valuable data and systems.
Unfortunately, the insurance industry and their customers are going to learn that using ANY MFA is not going to be as helpful in reducing risk as they thought. Unfortunately, about 90% to 95% of MFA is as easily hackable as the passwords they are intended to replace. Yep, you read that right. And hackers have been bypassing most MFA for decades and the U.S. government has been telling people not to use easily phishable MFA ..
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