TraitWare and Brightline Join Forces to Ensure Companies Meet Today’s Strict Budgetary and Security Requirements for Cyber Insurance
Heath Spencer
CEO of TraitWare®, Passwordless Multi-Factor Authentication Expert, Modern Identity Access Services
Cutting-edge technology and deep industry expertise combine to give customers superior security controls along with the necessary tools to manage budgets responsibly
TraitWare, providing Phishing-Resistant Passwordless Multi-Factor Authentication (MFA) and Single Sign-On (SSO) for enterprise login, and Brightline – cyber-liability specialists helping businesses navigate the ever-evolving and increasingly important world of cyber insurance, have announced a partnership that will give customers access to the best, most cost-effective cybersecurity and cyber insurance solutions on the market.
Over the past few years, the number and severity of cyber-attacks have skyrocketed, which has had a huge impact on the industry. November 2022 had the highest number of successful ransomware attacks in three years, according to BlackFog, and the overall cost of cybercrime is expected to reach nearly $24 trillion by 2027, says Statista. Cyber insurers, having suffered colossal loss, have had to crack down. As demand increases, premiums are rising too (20% annual growth is forecasted), and insurers are requiring that companies have proper cybersecurity measures in place before initiating or renewing policies.
At the same time, federal agencies and regulators are also tightening requirements for cybersecurity. In order to adhere to FTC safeguard rules, for example, companies must deploy Multi-Factor Authentication (MFA) for any user who has access to customer information. The Cybersecurity and Infrastructure Security Agency (CISA) has called for Phishing-Resistant MFA, following several instances of attacks that bypassed weaker/legacy MFA that relies on shareable secrets or Phishable factors for authentication – such as passwords.
“The landscape of cybersecurity and cyber insurance has become too complicated for many to navigate,” says TraitWare CEO, Heath Spencer. “And legacy systems and software struggle to enable solutions that meet today’s criteria. Together with the Brightline team, we can help companies get what they need NOW to be compliant and stay competitive – simplifying and securing access to digital assets with state-of-the-art technology.”
Brightline and TraitWare understand the urgent need for stronger security and the potentially devastating effects of cyber attack on all businesses. (60% of small-to-midsized companies that suffer a cyber attack will fail within six months.) They also understand the importance of cost-effective and cost-saving solutions.
“Not only is passwordless, phishing-resistant MFA the Gold Standard for security according to CISA and other world leaders,” says Andy Runyan, Brightline VP Cyber Specialist. “Its implementation can also save businesses thousands of dollars on insurance premiums.”
About Brightline Insurance
Brightline places insurance for large and small companies by helping control the cost of coverage through effective safety and risk management. Their cyber-liability specialists work alongside customers to identify the key business objectives to help mitigate risks in all areas of business. With Brightline Cyber Advantage, clients receive consultation from specialists who have their finger on the pulse of an ever-changing, and impactful sector. Brightline focuses on education and risk quantification/management while offering access to over 20 cyber insurance markets.
About TraitWare
TraitWare’s enterprise-class, patented, plug-and-play solution combines native Multi-Factor Authentication (MFA) and Single Sign-On (SSO) to eliminate the need for usernames, passwords, and any shareable or Phishable secrets – making life easier for users, increasing security for organizations, and reducing IT support costs. With TraitWare, enterprises can manage all authentications from a single console. The award-winning authentication platform and mobile app offer NIST AAL2 level authentication assurance, full end-to-end deployment options for Enterprise (SAML, OpenID Connect, OAuth 2.0, SSH) & WordPress, and simple user login, without usernames & passwords. This eliminates associated vulnerabilities including phishing, theft, or misuse.