Two Factor Authentication or 2FA is the most trending security method nowadays. Traditional authentication method or the password-only verification method, i.e. 1FA (One-Factor Authentication), is no longer a secure way. Besides, According to Key findings from the Global State of Information Security® survey of 2017, there has been a 38% increase in the instances of phishing scams and other cyber security incidents than 2016. Breaches are not limited to computer systems. Hackers often hack cloud architecture and have taken to attacking mobile devices.
These increases in cyber security issues are likely the reason why 55% of individuals, businesses and other entities collaborate with cyber security specialists to help mitigate and reduce cyber security risks. So, it is very obvious that hackers are doing that jobs properly and cyber security is in high threat. More than 28% of survey respondents reporting instances of hacking of these types of devices.
According to Cybersecurity, “More than 3 billion passwords were stolen in the year 2016. It comes to 8.2 million passwords stolen every day and nearly 95 passwords stolen per second”. Consequently, top leading companies like Google, Apple, Facebook, and Microsoft have already implemented 2FA solution to ensure maximum security for their users. If you are still wondering why to enable Two-Factor Authentication, keep scrolling down and you will find out Top 5 Reasons Why You Should Enable Two-Factor Authentication.
1. Much easier than other traditional methods:
2FA is the much easier than the other traditional methods. Its login process is very much user-friendly. In this login process, you prove your identity by entering your secret password and a unique verification code sent to your registered mobile phone or the device. A unique verification code or OTP (One Time Password); the second factor,
Due to being a simple, inexpensive security measure to implement, 90% of IT departments plan to implement two-factor authentication for access to cloud applications in order to overcome security challenges.
2. Rapid increase in cyber-attacks:
Cyber-attacks are rising day by day. Microsoft estimated that “By 2020 4 billion people will be online – twice the number that online now”. Besides, CSS online says, “Cybercrime damages will cost the world $6 trillion annually by 2021, up from $3 trillion just a year ago.” More than £1 billion in losses over the past year due to cyber-crime, this has seen a 22% increase from the previous year.
Two Factor Authentication has become extremely important with the rapid increase in the security breaches or cyber-attacks over the internet. As 2FA adds an additional security layer or factor in the login procedure so it can ensure maximum security to your online accounts or credentials.
3. Taking control of your own security:
Previously a user could know about the security breach only after someone unauthorized tried to log in their accounts. All of a sudden they start figuring out that their online account is being breached and all their important information’s like credit cards credentials, Bank account information’s etc. are gone. Eventually, with the traditional authentication method, they could never figure out the security threat.
With 2FA turned on, you will be alerted with a security message or unique verification code on your registered mobile phone when someone else has entered the valid login credentials of your online account. According to Symantec – “80% of security breaches could be prevented with 2FA.”
4. Maximum online protection:
Two-Factor Authentication security method protects your sensitive data and information from all sorts of malicious activities. It assures that the password alone is not enough for an attacker or intruder to make you compromise your digital assets.
Besides, the unique verification code is valid only for a few seconds. Due to the use of an additional step in the login process, Two-Factor Authentication security method is also known as Two Step Verification. Because of that 80% of Banks and finance companies in the USA already implemented 2FA for their end users’ online protection.
5. Decreased password reliability problems:
Changing the online accounts passwords frequently is a sound security practice. However, only few end users follow it globally and therefore, the best option is to enable Two-Factor Authentication. With 2FA, if someone hacks your secret password, he won’t succeed in accessing your account.
Even, having strong passwords is sometimes not enough to protect your accounts. Applying the second factor, you aren’t just relying on great passwords. This is because, if the intruder knows your password he also needs the verification code to access your account.
Hope you already figured out the importance of Two Factor Authentication. With security breaches, digital crime and Internet fraud on the rise, the importance of safeguarding your information has never been greater. Enable this method today to prevent those security breaches.