Why Are Businesses Rapidly Adopting Two Factor Authentication?

Businesses Rapidly

Since the inception of the internet, passwords have served as the primary authentication method. However, it’s now practically hard to secure an online or mobile account with simply a password due to data leaks, spyware, and other cyberattacks. 

Did you know that 90% of passwords can be cracked in less than six hours? And that two-thirds of people use the same password for all logins? This explains why every business should require two-factor authentication for cloud platforms. 

What is two-factor authentication?

Two-factor authentication is also known as 2FA, two-step authentication and multi-factor authentication. It’s a type of authentication that adds a degree of protection to every online platform you visit, or, in the case of a business, every platform your employees access, going beyond merely entering a username and password. 

Providing a username and password is the first step in the authentication procedure. To finish the login procedure, the user must enter yet another piece of information in step two of two-factor authentication. For example: 

  • Verification codes, which function similarly to a secret passcode received to a mobile device and entered to log in. 
  • Answers to personal security questions, such as disclosing your birthplace or the name of your first pet. 
  • Biometrics, such as fingerprint scanning or facial recognition. 

Adding a second step of user identity verification makes data access difficult for cyber-attackers. Due to this, there is a considerably lower chance of fraud, data loss, and identity theft. Businesses like LinkedIn, Google, and Twitter have been using two-factor authentication to provide an extra layer of security.  

Why are businesses adopting two-factor authentication?

Enhanced security: By requiring a second form of identification, SMS-2FA reduces the possibility of hackers gaining access to accounts, computers, or other sensitive resources. Even if a hacker gets hold of a password, he will be unable to authenticate since he lacks the second element. 

Increased productivity and flexibility: Using 2FA, employees may safely access company apps, data, documents, and back-office systems from any device or location without endangering the corporate network or sensitive data.  

Fraud prevention: A fraudulent event may lead to a decline in credibility, trust, and brand value and the abolition of client connections. Two-factor authentication offers a strong layer of security which safeguards the user and the website, application, and bank transactions. Additionally, businesses can maintain ongoing relationships with clients by establishing a secure brand experience. 

Reduce help-desk costs: Password reset is one reason for frequent support calls to help desks. Passwords can be replaced with a non-password-dependent 2FA solution to significantly reduce the workload on help desk workers and cut costs for your business. 

Conclusion

Besides implementing 2FA, to ensure that your data is secure from hackers, continual training of your employees on how to spot suspicious activities is also essential.  

Auth is a bespoke solution of Skillmine that incorporates Single-Sign-On (SSO) and 2FA. It also offers an additional layer of security coupled with customer identity secrecy at the highest level, compatible across different platforms supporting multiple protocols. You can ensure that your business has the additional layer of protection intact with Skillmine Auth. Know more about Auth:  

Talk to us for a quick assessment

Related Posts

Sign Up for our Monthly Newsletter

Fill in the details, one of our expert will get in touch!

Want to add true value to your business and help it achieve the top spot?

We can do that for you!