Put simply, YES.
The insurance industry is certainly focusing on Multi-Factor Authentication (MFA) as the key mitigation for ransomware attacks. It would be too crude to assume that it’s a zero-sum game. It isn’t. There is no doubt that there needs to be far more in a business’ security risk management philosophy than MFA, but this article does a really nice job at explaining why it’s such a crucial tool in defending your business against access/identity hacks.
Using more than one factor to confirm a user’s identity adds an extra security measure against identity theft.