IDEE GmbH is entering into a partnership with the Schunck Group. This strategic partnership will enable the insurance broker’s clients to mitigate cyber risks with passwordless, phishing-proof multifactor authentication (MFA).
“Insurers have an interest in minimising the risks of a cyber incident. We are pleased to be able to address this challenge with our phishing-secure MFA solution AuthN, bridging the gap between what customers want and what insurers need,” said Al Lakhani, CEO of IDEE (photo). “Customers want fast and easy same-device MFA deployment and insurers need to eliminate risk.”
For SCHUNCK GROUP customers, this collaboration offers the following benefits:
- Companies using AuthN by IDEE benefit from a phishing-proof MFA and therefore a solution that is frictionless and does not interrupt business operations, with fast deployment on the same device and no local installation.
- Insurers benefit from reducing the risk of customers being phished by up to 90%. This is complemented by the support of a network of qualified service providers.
- The handling of the risk for the insurer is made easier, which increases insurability.
Robert Drexler, Head of the Competence Center Cyber at SCHUNCK GROUP, adds: “Ransomware and phishing attacks are the two biggest threats in IT security for our customers. There is an enormous market demand for cyber insurance, but in order to get insurance cover at all, a minimum of preventive measures is necessary. We believe that with AuthN by IDEE, we can reduce the risk of becoming a victim of a phishing attack for our customers, making cyber insurance more accessible.”
Phishing-resistant MFA: an example that could set a precedent
Multifactor authentication is a prerequisite for cyber risk protection. The problem: conventional MFA does not protect against phishing attacks. This means that one of the biggest attack vectors in cybersecurity goes unnoticed: According to a survey by Cisco, phishing was responsible for 90% of all security leaks in companies in 2021 – while ransomware is the most significant and costly threat to companies and thus to insurance companies alike. In addition to the lack of resistance to phishing attacks, conventional MFA solutions can typically only be introduced company-wide with a high technical and time expenditure.
Against this background, the partnership between the SCHUNCK GROUP and IDEE GmbH represents an innovative approach to how companies can obtain adequate cyber insurance protection.