Coalition rewards customers for their great security, adding the Multi-Factor Authentication (MFA) Retention Reduction endorsement on all surplus lines policies. This endorsement reduces the retention policyholders pay when they are the victim of business email compromise if Multi-Factor Authentication (MFA) is enabled and enforced (this is also known as Two Factor Authentication - 2FA).
The lack of MFA on business email can lead to a number of issues, including ransomware losses, increased susceptibility to social engineering and funds transfer fraud, violation of privacy regulations, data loss and greater recovery costs, and more. By implementing MFA and with our endorsement, policyholders are not only more secure, but they also benefit financially. Should an event or claim occur, an insured with MFA enabled on business email will have the largest applicable retention they need to pay reduced by 50%, subject to a maximum reduction of $10,000.
MFA is a simple method of protection that requires systems goes one step further than asking for a username and password. Under MFA (or 2FA), a user must also provide a token or code that is provided by a secondary device.
MFA is easy to enable and free in many cases, especially for business email systems including Google Suite and Office 365. Coalition provides clear instructions for both popular email systems and applications such as Salesforce, Dropbox, Amazon Web Services, and others at Multi-Factor Authentication.
We hope that you will join us to help solve cyber risk, and enjoy the financial benefits of our Multi-Factor Authentication (MFA) Retention Reduction endorsement while you’re at it!
If you have any questions, don't hesitate to contact us.