What Is Two-Factor Authentication?
Two-factor authentication security is a digital sign-in method that makes use of two distinct forms of identity verification. 2FA can add an extra layer of grounded protection to your accounts, as potential hackers will need to not only gain a hold of your utilized passwords, but also have access to the devices you use as a second identity verification system.
A 2FA-protected account is around 90% more secure than one that utilizes only a password. Moreover, 2FA that utilizes time-sensitive tokens, with apps like Google Authenticator, for example, is around 99% more secure. Passwords, nowadays, are easily breached.
Around 60% of people utilize the same password for more than one account, and no less than 11.1 billion online accounts have been breached, via external attacks, since the start of 2020. There is a good likelihood that your password is leaked somewhere, right now. But with two-factor authentication, the chance of account breach is slim.
Why Password-Only Security Is No Longer Enough?
Data breaches have become commonplace, and the AI revolution has transformed the complexity of the methods utilized by hackers to steal private data. Phishing, ransomware, and wide-scale data breaches make all of us more vulnerable than ever to password leakage. Plus, let’s be honest, chances are that your password is not exactly hard to guess.
A password of eight standard letters will contain around 209 possible combinations, which should take a computer algorithm less than a couple of seconds to crack. Passwords are often reused; they can be intercepted and they are at risk of getting leaked via social engineering techniques. Our professional team can, of course, mitigate a large percentage of these risks.
We will be monitoring your network activity, training your employees, implementing HTTPS on all your pages, and fixing any vulnerabilities in your security measures. But passwords are passwords, and they are vulnerable. So, to eliminate more than 99% of these risks, one of the first things we’ll do is to boost your two-factor authentication security.
What Is the Importance Of 2FA For SMEs?
Well, that’s quite straightforward. The very worst thing that can happen to your business is to get yourself involved in a data breach that exposes the private information of your users. Two-factor authentication reduces the risks of financial losses and makes it less likely for account takeovers to happen. Moreover, external investors are more likely to collaborate with companies that take their cybersecurity defenses seriously.
Two-factor authentication is simple to implement and requires no high costs. After all, most people have a second device with them, which can be utilized as a second authentication method. Plus, software libraries for two factor authentication solutions already exist, and are cost competitive.
Maintenance is minimal, and the process is easy to understand for most employees. For this reason, our managed services usually start with a complete audit of your operations, in which we test the feasibility of implementing 2FA on all your work devices.
What Are the Real-World Costs of a Data Breach?
It depends on the size of your business and the industry in which you are active. Cyberattacks and data loss can result in involuntary downtime, which, according to Forbes, costs around $9,000 per minute for large organizations. When they have direct impact on your work accounts, hackers might have free rein to scoop in your finances, get involved in fraudulent financial transactions or demand ransom for private data that’s essential for the continuation of your activities.
Moreover, in some cases, breaches of personal data can make you liable for financial sanctions. Do you, for example, collaborate with EU-based clients? In that case, personal data breaches could lead to fines under the GDPR. Moreover, you need to consider the reputational damage. A business that was breached once will be stained for the rest of its operational life. Customers will likely lose confidence in your services and this in turn will have a direct impact on the profitability of your offerings.
2FA Best Practices for Businesses
Avoid SMS-Only Authentication
While any type of two-factor authentication method is better than none, SMS codes can quite easily be intercepted through phone number porting scams. The question is, will someone actually go to the trouble of trying to intercept them? Unlikely. But it’s much better to rely on authentication apps or on hardware tokens.
Enforce Company-Wide Policy
2FA should be mandatory for all employees who have direct line-of-access to your firm’s systems. Regular training is the only way to ensure two-factor authentication is taken seriously by all your departments, and our company can take care of that.
Protect Admin & Cloud Accounts First
In an ideal world, all your employees’ accounts should feature the same level of protection. But resources in a business setting are often limited, and chances are that high-risk accounts, such as those with access to financial platforms, will be a more direct target of cyberattacks. Securing these accounts first, with two-factor authentication, should be a priority, as they are more likely to represent a risk to your business activities.
Two-Factor Authentication Is No Longer Optional
While it’s true that in the modern business environment there are no right or wrong ways to conduct your activities, 2FA, for contemporary companies is no longer just a simple recommendation.
Passwords nowadays are easily compromised, and the incidence of cyberattacks that target US SMEs is higher than ever. 2FA is a safety net against human errors; it can add a layer of protection to your private data, and it has transformed into an industry standard.
With offices in Charlottesville, Falls Church, and Richmond, our team is only a short drive away from the location of your business, and we are always ready to assess the security of your venture in person and provide face-to-face training to your staff. Do you have any questions? Then, give us a call. Chances are, we have the answers you are looking for.