In an increasingly digital business environment, security is more critical than ever. Cyber threats have evolved significantly, making traditional security measures insufficient to safeguard valuable data and systems. Two-Factor Authentication (2FA) offers an additional layer of protection, enhancing security by requiring users to verify their identity in two distinct ways. This article explores why implementing 2FA can be a game-changer for businesses and discusses its benefits, potential limitations, and considerations for adopting it effectively.

What is 2FA?

Two-factor authentication (2FA) is a type of multi-factor authentication which is designed to improve account security, by using two different methods of identification – these are the “factors”. This, as opposed to entering a single password upon login.

2FA was created to offer an additional layer of security, to make sure the person logging in to an account is who they claim to be. Passwords can easily be stolen or guessed, but with 2FA a password alone is not enough to gain access to a protected account.

2FA kicks in once the subject has entered their standard password and/or username for the account in question. At this point, the account holder will be asked to enter further information in the form of something only they would have. For example:

• A token (hardware or software)
• A fingerprint or face scan
• A push notification sent to the user’s device (based on phone number or email)

Why Your Business Needs Two-Factor Authentication

It is a common misconception that only large businesses need to worry about hackers. However, small businesses, with their swathes of sensitive customer data and minimal security, are actually prime targets for cyber criminals. Relying solely on a single password to protect an account is a recipe for disaster.

Weak to medium-strength passwords are easy to guess, and even strong passwords can be hacked. Introducing two-factor authentication will protect your sensitive data by stopping even the most sophisticated hackers.

Different Types of 2FA

There are several types of 2FA, some of which are more secure than others. The key thing to note is that any two-factor authentication is better than none whatsoever. Accounts secured by a password alone are extremely likely to be hacked, sooner or later. Here are some examples of 2FA, with their advantages and disadvantages.

Hardware tokens

Hardware tokens are the original 2FA identification method. These tokens are small, simple devices that only the user would have access to, which generate single-use codes upon login. Card readers for bank accounts are a type of MFA hardware token. This method tends to be less secure, as it relies on the user having access to the token.

Software tokens

A software “token” is an automatically generated, one-time password (OTP) created by an app on the user’s device. This is an especially secure method of identification because the codes in question are usually only valid for a very short period of time, which makes them incredibly difficult to steal. Plus, the codes themselves are generated on the device, which adds an extra layer of security.

Biometrics

Biometric 2FA tokens are not widely used, however they are considered to be the most secure.  Examples of biometric 2FA methods are fingerprints, retina scans, facial recognition, and voice recognition. This type of 2FA is extremely secure as it is not based on information that can be easily guessed, intercepted, or stolen. It also has the advantage of being a quick and convenient method of identification. However, accounts covered by biometric 2FA are extremely difficult to recover and can be expensive to set up.

Push notifications

Push notification verification is widely used. Rather than relying on a software token, this system sends a notification directly to the user’s registered number or email, asking them to approve or decline the login attempt. This type of 2FA only works with devices that are connected to the internet, which is a downside. On the whole, push notification 2FA is both secure and incredibly convenient for the user. It also has the advantage of making the user aware that someone is trying to log in to their account, giving them the opportunity to deny access and flag the breach.

Time To Up Your Security

2FA is more important now than ever before, as the shift to remote work has opened even more opportunities for cyber criminals. Data breaches, even small ones, can be catastrophic for large businesses.

With this in mind, it is easy to imagine that a small business with limited resources may never recover from a successful cyber-attack. If your accounts currently rely on single-factor authentication, you should take steps to introduce 2FA as soon as possible.