Security has always been important for businesses, especially when they have something valuable. Take a moment to think about banks, retailers, and other businesses; what kind of security do they have?
They will often have security staff, multiple locks, CCTV systems, alarms, and much more in place to protect their business and their assets. It’s very rare they will rely on a simple lock and the goodwill of people.
In today’s world of cybercrime, data is highly sought after and incredibly valuable to today’s criminals. Things like passwords, email addresses, pin codes, and any other information that can be used by cybercriminals are in high demand!
Many of us believe that a good password is enough. Unfortunately, there is technology available that can test millions of different password combinations every second, leaving 90% of passwords vulnerable to hacking. Unfortunately, simply relying on a password is like leaving your valuables protected by a simple lock.
So, what can you do to enhance your cyber security? The same thing that large companies like Facebook and Google are doing; implementing Two-Factor authentication.
We’ll answer what two-factor authentication is, why it matters, and more in this article!
What is two-factor authentication?
It’s very likely that you’ve used two-factor authentication recently without realising it. This is a method used by companies to authenticate the identity of the person logging into an account, application, or device.
Two-factor authentication means that you need to provide more than just a password to access an application or device. It goes beyond outdated security questions (you’ll no longer need to remember the first street you lived on) and aims to create a second piece of information that is unique to the user such as a phone or fingerprint.
The first step will be to input your password as normal. You will then be taken to a second step, which is where you will be asked to provide a unique and often time-sensitive piece of information. This could be a fingerprint, SMS verification, a One-Time Password, or a login link sent to a verified email address. Many of these pieces of information will expire after a limited period of time.
What are the benefits of two-factor authentication?
So now that you understand what two-factor authentication is, here are the benefits of implementing it in your business.
As we’ve discussed, hacking a password is relatively easy. Obtaining someone’s phone to get a code or their finger for a scanner is much harder. Two-factor authentication means that even if someone in your business were to be hacked, there is an extra layer of protection for you, your business, and your customers.
When someone breaks into a house or shop, there are often giveaways in form of a broken window, a picked lock, or missing goods. When it comes to cyber attacks, the signs aren’t as obvious.
If hackers can obtain passwords, they can access systems and applications with impunity because systems don’t flag passwords as inappropriate access. It’s like someone using the keys to break into a house – you won’t know they’ve been there unless you notice what’s missing.
With two-factor authentication, however, the account owner is alerted when anyone else uses their password. The time and location are often provided in this notification.
This can help you and your staff to stay on top of potential breaches, and avoid actual break-ins.
Saves you Money
Data breaches can cost businesses millions of pounds, and this is before you account for any potential theft. Two-factor authentication helps to prevent these breaches, saving you money in the process!
It also helps to cut down on the amount of time that your IT team spends recovering and resetting passwords. This will free your staff up to spend more time on higher priority tasks.
Empowers Remote Workers
In today’s digital world, remote working or hybrid working is fast becoming the new normal. This means your team will need secure mobile devices to complete their work safely and effectively.
Two-factor authentication allows your staff to work securely from anywhere as their important credentials will have extra layers of protection.
Protect your Passwords, Secure your Future Success
Cybercrime and data breaches can bring companies to their needs. Passwords were once very effective for protecting businesses, but today they simply aren’t enough. If you continue to rely on passwords alone, you’re leaving your business seriously exposed.
By adding two-factor authentication to your passwords, you’ll be adding an extra layer of robust security that will protect your business for the long term. They will enable you to focus on what you do best and continue to grow your business with confidence.