What is the Significance of Two-Factor Authentication

Cybersecurity and IT governance

With the rising cases of cyber-attacks, it is now crucial for businesses of every size to think about how they can protect their systems and customer accounts. Two Factor Authentication or 2FA is one of the best tools to significantly improve your data security. Five reasons why businesses should start using 2FA are discussed in this post.

Gone are the days when only large business entities were targets of cyber attacks. With most small businesses not prioritising cybersecurity, they are now highly vulnerable to such attacks. This means that enterprises of every size involved in any industrial domain now have to take serious measures to protect their systems and customer data.

While there are now many different ways to improve IT security, 2FA is currently one of the most popular. Here are some reasons why your business should certainly start using 2FA-

  1. Improved login security

Most business systems and customer accounts are accessed only through a password. It is very much possible for such passwords to be used across many different accounts or be weak. During a malware or phishing attack, the passwords can be easily stolen too.

2FA verification requires you to be something/someone or have something to log in making the whole process highly secure. Mobile OTP, voice recognition, software tokens, hardware tokens, and fingerprint scans are some typical examples of 2FA.

  1. Reduced risk of data theft

As 2FA adds an extra layer of security, it significantly reduces the chances of business data theft. The working of 2FA is as such that it is almost impossible for attackers to access the account and the information stored in it.

When 2FA is combined with all of your other security measures, there is no denying the fact that your business systems are well protected against cyber attacks.

  1. Meeting government compliance and customer expectations

Many of the businesses that work with government agencies need to meet the compliance standards prescribed by the agencies. Most of the agencies now require you to use security measures like 2FA for improved data protection.

Moreover, even the customers now understand the risks of cyber attacks and expect the business they are dealing with to have implemented measures like 2FA. So, in a way, 2FA also helps in improving your business reliability and reputation.

Cybersecurity and IT governance

  1. Better productivity

Once the employees are out of their office, they generally use their mobile phones for work. This helps in improving their productivity and benefits your business. With the help of 2FA, mobile devices can be secured, and employees can be allowed to safely access the company app, shared documents, or business data without risking the company.

Even if such personal devices are compromised, businesses would know that it will be tough for criminals to bypass the 2FA.

  1. Cost savings

Apart from preventing data breaches which cost companies millions of dollars every year, 2FA can help save money in a few other ways. For instance, saving time is saving money, and with the help of 2FA, your IT staff would spend less time on resetting passwords.

2FA offers a far more secure and quick password resetting option. The time thus saved could be spent on other important business activities. Moreover, there are now cloud-based 2FA solutions that eliminate the need for using hardware tokens which generally prove expensive.

Preventing data breaches with Two Factor Authentication

Now that you’ve understood the valuable benefits of 2FA, it is time that you start thinking about how you can implement this authentication method. As there are now different ways to implement 2FA, businesses can consider consulting cybersecurity and IT governance professionals.

After carefully analysing the company operations and business systems, professional consultants can then recommend the right way for implementing 2FA. The expertise of cybersecurity consultants can help you ensure that your business is actively protected against cyber threats.