Hiscox releases guide to help combat cyber criminals
Owing to the large number of cyber claims in recent months, Hiscox have produced a guide that promotes two-step verification.
Also commonly known as two-factor authentication or multifactor authentication, this security measure can in fact prevent such hacking incidents by protecting the user’s login processes. In particular the insurer is noticing a high amount of incidents whereby the hacker has accessed confidential information and sent malicious emails.
Two-step verification adds a second layer of security on top of a password such as a secure pin code sent to the user’s mobile device. Whereas a generic password can be compromised, this extra security measure makes gaining access much harder for cyber criminals.
On the whole, two-step verification is not a default security setting. Hiscox have recognised this and produced a guide to help customers turn on this feature.
Martin Swann of Vantage Professional Risks commented:
“Maintaining a secure network is an duty of care owed by any business that holds data to its clients and suppliers alike.
Secure password protocols and processes, like 2 factor authentication, help reduce the risk of a breach and ultimately the risk of the costs associated with a breach and the potential ongoing notification costs and or litigation costs associated with a claim by your clients and suppliers.”