Other folks have mentioned things you missed, here's another: insider threats.
A authentication event requiring a hardware token is significantly harder to deny, especially if used again by the legitimate user after the questionable event. So any insider attacks that are not last-hurrahs or one-shots plausibly explained by theft are significantly riskier.
A authentication event requiring a hardware token is significantly harder to deny, especially if used again by the legitimate user after the questionable event. So any insider attacks that are not last-hurrahs or one-shots plausibly explained by theft are significantly riskier.