Recent cybersecurity incidents and ransomware attacks are driving companies to apply for cyber insurance. Meanwhile, over the last 12 months the rate of ransomware attacks has skyrocketed in both frequency and severity, driving significant changes in the cyber insurance marketplace. In years prior, cyber insurance submissions were simple and it was easy to obtain bindable quotes from multiple vendors.

Multi-factor authentication (MFA) adds a layer of security to logins that is essential to prevent unwanted access. This verification process uses a second device (owned by the user) as an additional identity verification element to which a token is sent (or generated) that certifies access veracity. The most secure MFA systems use applications to generate temporary codes, but many still rely on sending text messages to mobile phones (OTP).