ACT 'MFA' SURVEY

FIRST LOOK: ACT 'MFA' Survey

ACT Survey Report

The regulatory and security requirements around MultiFactor Authentication – or 'MFA' – are beginning to impact all of us in one form or another. ACT is receiving input from agents and other stakeholders that in response to cyber regulations from bodies like Gramm-Leach-Bliley, NY DFS and the NAIC Model Security Law, businesses are instituting MFA in various ways. One MFA example is as agents try to access their agency's carrier portal. Vendors such. as management systems are also instituting MFA in various forms. Agencies themselves are implementing MFA login confirmation.

We're clearly at a critical inflection point with MFA in our distribution channel. To that end, our goal is to gain insights separately from our carrier, agency, and vendor stakeholders on the current state of MFA implementations.

Of the myriad issues and actions needed to address

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cyber risks and implement a solid cybersecurity program, Multi-Factor Authentication (MFA) is quickly gaining focus as a requirement.

Let's be clear – MFA is not the only regulation to be addressed, nor is it the 'silver bullet' that prevents all potential incursions. But thanks to regulations now in place across the country from NY DFS/NAIC Model Law adoptions/GrammLeach-Bliley, pressure is being put on insurance companies and therefore agents to implement and use MFA.

We're seeing MFA in place in many areas of our personal business interactions, and our industry is working to provide additional security layers using MFA.

Because of this, ACT fielded a survey of our IA distribution carriers, agents, and vendors between late January through February to gain insights on:

Implementing/using MFA, Specific MFA solutions in place, Adoption rates & Consistency of use, Mobile strategies, Integration with agent & company systems, and Ongoing strategies.

We will use the results of this survey within our ACT Security Issues work group to discuss & determine industry actions & attempt to drive consistency around MFA. We'll also be sharing more in-depth analysis from the work group, hold an 'MFA Town Hall' at our upcoming April 19-20 ACT Tech Summit (schedule & registration HERE), and discussing in more detail throughout forums across our IA distribution channel.

For a full graphical report of survey responses, click HERE.