Last year in July, the world was learning of the Blackbaud data breach targeting the many non-profit organization that they serve. Sadly, this breach jeopardized the personal information of donors around the world. We walked through the Cyber Insurance claim process with a number of our Garden clients; engaging the Insurance Carrier Breach Coach/legal teams to evaluate each client’s situation to determine breadth of the breach and guide next steps in response and to pay for costs associated with the breach. This is a complex process as each state and country has its own protocol in defining a breach and secondly what is required in terms of response.
Ransomware is the leading cause of cyberattacks which have increased over 150% this past year alone. Ransomware is costly because it is the most disruptive cybercrime. Unlike cybercrime focused on theft, ransomware sidelines organizations – it can shut down your point of sale system, email function, integrated phone systems leaving you with no way to welcome guests to the garden. Ransomware criminals usually also steal data before deploying ransomware so that they can extort victims by threatening to publish the data – so-called “double extortion.”
Cyber insurance has been a remedy to these situations providing breach response, legal guidance, forensic investigation, funds to pay ransom should it be deemed beneficial to unlock access quickly, loss of income and public relations. What we have learned from all these events is the importance of Multi-Factor Authentication (MFA or 2FA). In fact, it is becoming a requirement by most cyber insurance providers to purchase or renew existing coverage. At a minimum they want to see MFA protection on email and on remote access.
While no cyber security method is foolproof, using two-factor authentication can add an extra layer of security. So how exactly does two-factor authentication work?