What is Two-Factor Authentication?

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Technology is in almost every part of our lives, so it’s not surprising that our data is all over the internet. What we forget to realize is that, as technology expands so do our hackers’ minds. More and more every day, hackers are finding ways to find holes in our systems personal and then steal our data. They are malicious. They don’t care about you or your company, all they care about is hacking your business. So how do you avoid the risk of digital crime and internet fraud?You need to establish security measures to avoid these attacks. One way to protect yourself against these threats is to set up two-factor authentication.;

We know this can be an unfamiliar topic, but we’ve been helping our clients set up two-factor and multi-factor authentication and would love to tell you about what it is and what it means for your business.With that said, let’s go over what 2-factor authentication is, who does it and what the benefits are.

Introduction to 2-Factor Authentication

Before we start diving into 2-factor Authentication, let’s go over the basics first. One factor authentication or “single-factor authentication” (SFA) is one piece of information that a user will use to access an account. A good example of this is a username and a password – in which the password is used for “one” authentication measure. Having only one piece of information that blocks a hacker out of a system/account increases the chance of being hacked. Why? It’s simple. The scammer only has to phish for one piece of information to break in.

Now… What is 2-Factor Authentication? AKA “2FA”

Two-factor authentication uses two pieces of information that only the user knows. So rather than only having a username and password like in SFA, it’s an extra layer of security that asks for extra info such as a passcode, facial scan or fingerprint. Essentially, most large companies are using it but it’s becoming more and more common in smaller businesses.

Even if you have an extra long, complex password in SFA, it won’t solve your issue. If a hacker breaks in, you’re screwed. As a business, two-factor authentication is a must for protecting your user, company and personal data.

Who’s Doing 2-Factor Authentication?

Many of the programs or software you use on a daily basis use 2-factor authentication. For example:

  • Apple
  • Microsoft
  • Instagram
  • Facebook
  • Google+
  • Twitter
  • Pinterest
  • Starbucks
  • Amazon
  • Paypal
  • LinkedIn
  • Venmo
  • Most major banks
  • Even marketing software is starting to offer 2-factor authentication for your business.

The list goes on. You can find out which companies already have it here.

What’s In It For You?

Well, we already know that technology doesn’t show any signs of stopping soon. Which means you need to up your security and use security measures to protect your business data.

  • Client Data Protection – We want to tie up any loose ends when it comes to a lack of protecting client data. It’s important to eliminate the chances of getting sued for hundreds to thousands of dollars. two-factor authentication can help decrease the chances of lost data, stolen data and can keep your clients safe.
  • Reduce Brand Reputation Risks – When you think about your bank, would you bank with a company who lost customer data? Or a bank where a hacker stole hundreds of dollars from your bank account? I don’t think so. If you don’t protect your business, you could lose the trust of your current and future customers, which ultimately leads to financial loss and brand reputation. While a large corporation might be able to bounce back, a small business might not recover.
  • Personal and Company Financial Protection – Overall, we’d say that this is of the biggest advantages of having higher tech security and protection. Through enabling two-factor authentication, you decrease the risk of financial loss.

Overall, as a business, having two-factor authentication is extremely important in avoiding risks at your company.

As rough as it sounds, hackers are malicious and they don’t care who you are. This is why you need the appropriate security policies set up. If you don’t do this your company and brand livelihood are at risk. Don’t worry, you are not alone. We know that it’s complicated to set up and can be hard to manage, but that’s where we can help! If you need any help setting this up,contact us here.