Why Should Every Business Have Two-factor Authentication?
Are your accounts safe with just passwords? Are your financial data and sensitive client details safe on your online portals? Think again because there are cybercriminals who are far cleverer and smarter than you think. Technology is evolving every day; it takes only a few minutes to steal your sensitive information. Remember, hackers, don’t care how big or small your business is. In fact, they usually target vulnerable small businesses. Most users think their passwords will keep their accounts safe. However, in this modern era, nothing is impossible. Hackers can rob your information under your nose without you even knowing about it. This is the part where two factor authentication comes in. It adds an extra layer to your security. What else does it do? Let’s get into the details of it.
What is two factor authentication?
Every year we get to know about high-profile data breaches. However, to put an end to these devastating attacks, businesses need to know the importance of 2FA. Two factor authentication referred to as 2FA provides your account an extra layer of security. Users get verified by 2FA and gain access to specific applications. This is used to protect user’s credentials and sensitive data. With 2FA, the account or device will ask for a numeric token sent to your phone number. You have to enter that code and your password will grant access to your account. It’s an additional confirmation to grant access to the account. 2FA decreases phishing attacks and identity theft. If the hacker somehow gets hold of your password, they can’t get access to it unless they have your phone or security pin. Two factor authentication enhances security. However, it still does not ensure 100% safety.
How does 2FA work?
If you have enabled 2FA, it’s nearly impossible to get into your account. Even if the hacker got your password, they can’t get through it because of the second identifier. The second factor tends to do something that only you know. Hence, this makes 2FA more safe and secure options for organizations.
Once a user enters his username and passwords, 2FA asks for additional information to verify the user. This includes something like; a pin code that only you know, or a security question. Moreover, it can also be based on physical self like facial, fingerprint, and voice recognition.
Setting a 2FA means that you have to configure security questions or enter your mobile number. Moreover, you can also register for third-party applications or enter your biometric data. This adds more security to your account. With this, 2FA will ask you a security question, security pin, or biometric data. This makes log-in passwords more strong. It typically means that only the user can answer those questions.
Where can 2FA be used?
Two factor authentication is really important these days. Data breaches exposed 36 billion records in the first half of 2020. Moreover, 68% of business leaders feel their cybersecurity risks are increasing. Now that everything is online, cybersecurity risks are increased even more. 2FA is really important in these cases.
- Log in forms
When you log in to your account, a PIN code is sent to the user after successfully entering the username and password. This PIN code is sent to the number you have entered during the 2FA activation process. Once the user enters the sent PIN code, it shows that the real owner is trying to log in. After that, the user can have access to the account. - Phone number confirmation
When you enter a phone number during user registration, a pin is sent to the phone number. This makes sure that the phone number entered is the correct number and not some fake number. The user gets this PIN on the given phone number, by entering the PIN, you can successfully get registered. This way, the application or webpage confirms the phone number. - Account setting update
This is something everyone will relate to. Nobody wants to go with the struggle of entering the password every time they want to log in to the account. Instead, they use the ‘remember me ‘ option. This can be hassle-free but if we think of worst-case scenarios, what if your computer ended up in the wrong hands? It will be really easy for the hacker to get access to your account in no time. This is where the 2FA comes in. If the hacker changes the original email, it won’t change unless he has also stolen your phone. In this case, you’ll get the PIN code text and you can quickly regain access to your account. - Transaction Update
When you do any financial transactions online, a PIN code is sent to your number in order to verify the user. Most of the banks use the 2FA services to provide a secure environment to its client. Hence, 2FA makes sure that there’s nothing wrong with the account and transaction. It helps protect the account and decreases the risk of account hijacking.
Benefits of using two factor authentication
There are plenty of businesses out there that are ready to invest in a 2FA implementation. This is because they know that it will cost them less than the hack of their computer can cost them. Your sensitive business information can be robbed within few seconds. It’s better to be more cautious about it and implement 2FA in your businesses that will prevent such cases.
- Well-built Security
Even if your accounts and other sensitive information are password-protected, they can still be hacked. It’s fine to bear the one-time expense and activate 2FA than letting the hacker steal. 2FA decreases the risk of data breaches. - Increase productivity and flexibility
You can permit your employees to work from home as the pandemic is still not over. Knowing that your data is safe with 2FA, your employees can access the corporate systems without any fear of data breaches. They can access it from any location or device. This results in productivity. You can speed up your work more efficiently without any risk. - Reduce fraud
Identity fraud is at its peak recently, more because of the pandemic, there has been a financial crisis literally all over the world. It can be dangerous for businesses as it can steal the trust and credibility of the company. By activating 2FA, there will be little to no chances of data breaches. Therefore, your brand’s reputation will be secure as well. Moreover, customer relations will strengthen up. - Reduce operating costs
Most businesses spend a lot of money to send notifications to their users of suspicious activity on their accounts. It could also include password reset texts. Perhaps, you might notice that it costs lots of money. Why not activate 2FA that will make your users’ accounts safe so that you don’t need to send notifications to them. This helps in not wasting much money on other operations. Believe it or not, activating 2FA will justify the reduction of your operating costs.
Empower Your Passwords with TheTexting
According to the stats, 60% of the small companies go out of business after a cyber-attack. You see, they are vulnerable enough to attack. You can empower your passwords with TheTexting API. All you have to is integrate the text API into your systems and you are good to go. You can guard your company’s assets with two factor authentication. Do not waste time thinking… It costs relatively low.
