Technological advancements continue to shape our lives in different ways. The internet, in particular, is one of the most widespread transformative tech that has revolutionised how we communicate, make payments, run businesses, travel, and more. Yes, the world is literally at our fingertips. However, in our quest for convenience, we have opened up a tempting path for cyber criminals who are on the lookout for vulnerabilities on the web for monetary gains. Yes, unfortunately, cybercrime is one of the biggest pitfalls of the internet and despite – security, cybercriminals have managed to con, defraud, and exploit millions of people worldwide.

In all the chaos and looming digital threats, two-factor authentication (2FA) has emerged as one of the most powerful ways to combat malicious activities and safeguard your money and sensitive information. Did you know that hackers try to – through 20 million Microsoft accounts each year? This is just the tip of the iceberg. These numbers and the increasing instances of online fraud have compelled businesses to implement two-factor authentication. Even then, only 62% of businesses use it.

This article explains what is 2FA, its types, and why you should consider implementing it today.

Importance of Two Factor Authentication

Two-factor authentication or 2FA is a two-step verification process to identify a user’s verification before accessing an account or sensitive information. It is primarily implemented to safeguard an online account, smart devices connected to the internet, and in some cases, even doors at offices, residential complexes, hotels and more.

One of the main reasons why you should enable 2FA is because password-based security can be breached easily. Hackers can now easily access passwords with password reuse, phishing attacks, and brute force attacks. This is why 2FA is becoming increasingly popular in many regions worldwide.

Two-factor Authentication Types

Let’s understand the different types of two-factor authentication to make it easier for you to decide which suits you or your business.

  • Email/SMS Verification Code

SMS and email verification is very similar to the one-time password system. A user needs to enter the verification code sent to them via SMS or email to access an account or sensitive data. The code is sent to the number or email ID linked to the account. The user can only access something when they enter the correct verification code. This method is ideal for those who wish to avoid logging in using their email IDs and entering a password.

  • Security or Two-factor Token

This is arguably one of the most secure types of 2FA’s out there. These tokens are physical devices that generate OTPs or even work as USB keys that provide access to secured accounts once connected to a laptop or a desktop.

  • Push Notifications

In this scenario, users need to install a third-party application linked to their phones which sends them push notifications. The application sends push notifications to the main admin’s device when someone tries to access something. Here, the admin has the power to decide whether they want to allow or deny access to users. While this is a good way to keep hackers at bay, it requires an internet connection. Additionally, if the authorising admin is away from their phone or busy, they may not be able to allow or deny access immediately.

  • Voice-based and Biometric Authentication

Voice-based and biometric authentication is the most recent type of 2FA out of all the other types of multi-factor authentication mentioned earlier. Fingerprint verification, facial recognition, and voice-based authentication all fall under the umbrella of biometric authentication. While it is a foolproof security system, setting it up can take some time.

How to Implement 2 FA

Authentication processes should be thorough and leave no room for error. Additionally, you should also identify the different access points across the board to ensure there are no vulnerabilities that can be exploited. Authorising users and other stakeholders need to determine which access points are suitable for 2FA and configure their centralised management console accordingly.

Additionally, businesses should also understand when and how to provide conditional, adaptive, and context-based authentication. These policies or protocols will determine how specific users will gain access to accounts or sensitive information. For example, user A may access something via OTP, whereas user B can only access something via biometric authentication.

Reasons to Implement Two-factor Authentication

Here, we have listed down some of the top reasons why you should consider implementing 2 FA auth.

  • Safeguarding Your Website

The last thing you want to see is inappropriate or unauthorised content on your website which can land you in legal trouble and also hurt your brand’s reputation. Therefore, it is essential to provide access only to those users who work for you or a third party that manages your website for you. Adding an extra layer of security in the form of two-factor authentication ensures your website and digital assets are secured and protected from malicious activities.

  • Security Against Password-thefts

There is no doubt that password thefts have increased exponentially in the past decade. Nearly 80% of hacking-related attacks are linked to password thefts. It is worth knowing that hackers are also evolving with time, resorting to innovative and sophisticated ways to steal passwords and enter systems. Keylogging, installing illegal code or software, and phishing are some of the most common ways to steal passwords and access accounts without authorisation. Two-factor authentication adds an extra layer of security to protect you against these threats.

  • Safeguarding Customer Information

As security threats become more prevalent, companies must go above and beyond to safeguard sensitive information. Your potential customers will consider picking you only if they know you are committed to safeguarding their data. Adding 2 FA instils trust and assures them that their information is safe.

  • Remote Access

One of the biggest advantages of enabling 2FA auth is that users can access something from any part of the world provided they have an internet connection. Unlike security cards and physical tokens, 2FA offers remote access to accounts and systems without geographical limitations.

Parting Notes

While still in its infancy, two-factor authentication is probably one of the best ways to tackle online threats and security breaches. Additionally, these 2FA auth is quite affordable for all types of businesses regardless of their -. It not only secures your overall network but also safeguards sensitive customer information and -. Also, it is important to remember that all it takes is one security breach to jeopardise your years of effort to build a business.

FAQs

Can 2-step verification be hacked?

Although 2-step verification can be hacked, it is one of the most secure ways to safeguard accounts.

What is the strongest 2FA method?

Security keys and biometrics are considered to be the strongest 2FA methods since it is relatively more difficult for hackers to compromise or bypass them.

Why Businesses Need Two-Factor Authentication

Businesses need two-factor authentication to safeguard their digital assets and protect passwords, websites, and sensitive customer information from cybercriminals.

What are the pros and cons of multi-factor authentication?

While multi-factor authentication adds an extra layer of security to safeguard your systems, it increases the time to log in to a system.

If you have any queries or suggestions feel free to send an email on [email protected]