Top Reasons to Enable Two Factor Authentication Method

The password-only verification method, i.e. 1FA (One Factor Authentication), is no longer a secure way for all the authentic end users globally to access their valuable online accounts and sensitive data. It is because the password can be easily compromised or hacked by the hackers using advanced cryptographic techniques. Therefore, it is better to move to the next level of authentication for protecting the digital assets from getting compromised. One best option in this regard is Two Factor Authentication security method.

A brief about this method

Two Factor Authentication, or 2FA, is an authentication mechanism that requires two different factors; secret password and a unique verification code, in the login procedure to verify identity of the user who is logging in to the account. Every authentic end user knows his secret password; the first factor, and a unique verification code or OTP (One Time Password); the second factor, is sent to his registered mobile phone once he enters the correct login credentials.

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.

Authentication factors

Knowledge factors (something you know) – username, password, PIN.

Possession factors (something you have) – credit & debit card, mobile phone.

Inherence factors (something you are) – iris, retina, face scan, voice recognition, fingerprint.

Time and Location factors

Reasons why you should enable Two Factor Authentication security method on all your online accounts are:

It’s simpler

Cash withdrawal through an ATM using your credit or debit card is an offline example of Two Factor Authentication method. In this cash withdrawal process, you need your card (something you have) and a secret 4-digit PIN (something you know). Without the availability of both these things, cash withdrawal is not possible.

The online example of 2FA method is log in to the net banking and transfer funds. In this login process, you prove your identity by entering your secret password and a unique verification code sent to your registered mobile phone. 2FA is a simple, inexpensive security measure to implement.

Mitigates the password problem

Changing the online accounts passwords frequently is a sound security practice. But, only a few end users worldwide follow it. Therefore, the best option is to enable Two Factor Authentication. With 2FA, if someone hacks your secret password, then he won’t succeed in accessing your account. It is because he must have your mobile phone as well to receive unique verification code.

Rapid increase in the cyberattacks

Two Factor Authentication has become extremely important with rapid increase in the security breaches or cyberattacks over the internet. 2FA adds an additional security layer or factor in the login procedure.

Protects sensitive data and information

Two Factor Authentication security method protects your sensitive data and information from all sorts of malicious activities. It gives an assurance that the password alone is not enough for an attacker or intruder to compromise your digital assets.

Warns you when someone else enters your login credentials

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.

Hope, you have understood the importance of Two Factor Authentication security method for your digital assets. Enable this method today to prevent security breaches.

60% SMBs Will Close Within Six Months of a Cyberattack: NCSA

As per the NCSA (National Cyber Security Alliance) Report, 60% of the businesses, especially small and medium-sized, will go out of the business within six months after experiencing a cyberattack.

A brief about NCSA

National Cyber Security Alliance, the U.S. based public private partnership organization, is empowering a safer digital world. The organization creates and implements broad-reaching education and awareness efforts to empower users at home, work and school with the information they need to keep themselves, their organizations, systems and highly confidential data & information safe and secure online and encourage a culture of cybersecurity. In fact, the mission of NCSA is to educate, empower and support global digital society to use the Internet securely and safely, protecting themselves and the valuable digital assets.

Getting started:

The internet has become an indispensable tool in today’s business world. Companies of all sizes globally use it into almost every aspect of their operations for accelerating growth and taking their business to the next level. But, several security risks are also associated with the internet. Security breaches have become too common in today’s scenario, and the number of such breaches is on the rise. Cybersecurity is a concern for the entire business community, but SMBs (Small and Medium-sized Businesses) are the primary target of security threats. NCSA’s latest report says, 60% of SMBs will go out of the business within six months of a cyberattack.

Why SMBs are attractive target for cybercriminals?

SMBs are an attractive target for several reasons pointed below:

  • They are an easy, soft target to penetrate.
  • SMBs lack sufficient in-house expertise to deal with cyberattacks.
  • Many SMBs are not taking cybersecurity as seriously as they should.
  • Just 29% of SMBs know the steps needed to improve their cybersecurity measures.
  • The owners of such firms handle cybersecurity matters themselves most of the times.
  • 55% SMBs do not have training, education or awareness campaigns in workplace on cybersecurity threats to increase awareness.

Below are a few statistics provided by the National Cyber Security Alliance regarding SMBs vulnerability are:

  • More than 70% of cyberattacks target small businesses.
  • Almost 50% of small businesses have experienced a cyberattack.
  • 66% of SMBs are not concerned about cyber threats – either internal or external.
  • 60% of hacked small and medium-sized businesses will go out of the business after six months.
  • More than 75% of employees working in small and medium-sized businesses leave their computers unsecured.
  • Nearly six out of 10 SMBs do not have a contingency plan outlining procedures for responding and reporting data breach losses.
  • 87% of SMBs do not have a formal written Internet security policy for employees.
  • 69% do not even have an informal Internet security policy.
  • 70% of small and medium-sized businesses do not have policies for employee social media use.

 

Tips for SMBs to stay safe and secure online

  • Stay up to date
  • Know what you need to protect
  • Enforce strong password policies
  • Encrypt confidential data and information
  • Protect all devices that connect to the Internet
  • Start using Two Factor Authentication security method
  • Educate all your employees against phishing and internet security
  • Use a firewall and good backup system that is hardened against certain malware attacks

 

Conclusion

Use of the latest security techniques is an essential step if SMBs want to protect themselves from increasing cyberattacks over the internet. All small and medium-sized businesses must create a business continuity and incident response plan.