7 Reasons Why Banking and Finance Need 2FA Solution

For banks and finance organizations like Trading Houses, Credit Card Providers, Investment Funds, etc., protecting the sensitive data and money of the customers is of the utmost importance. A security survey report reveals that in the year 2015, there were nearly 2 Million attempts to steal customer’s money via online access to bank accounts.

There are several links that make it quite easier for the hackers or attackers to get into customers’ bank accounts online and steal money. But, one of the weakest links that simplifies this task is compromising password-alone verification, also known as One Factor Authentication. Hence, banking and finance need 2FA solution for better security of customers’ bank accounts and data.

 

Stats based on this powerful solution

80% of security breaches occurring over the Internet can be easily prevented with 2FA security solution.

Around 65% of people use a single password for multiple websites and accounts, so if your login credentials get stolen, you are leaving the doors wide open for the hackers to hack all your sensitive data and accounts.

 

What 2FA solution is, and how it stops breaches?

2FA, also known as Two Factor Authentication and Two Step Verification, is a security method that requires two different factors for verifying a user. It is more than just password-only authentication and uses a verification code; the second factor, to check whether the user is authentic or not.
The two factors are in the form of –

 

“Something you know (the knowledge factors) – username, password, PIN, or the answer to a security question.

Something you have (the possession factors) – any physical device to receive the verification code.

Something you are (the inherence factors) – biometric characteristics like iris, retina, face scan, voice recognition, fingerprint.”

 

The verification code is sent to the registered physical device of the user immediately after entering the correct password. This code is valid only for a few seconds. If an intruder steals your primary set of login credentials, i.e. username and password, then he won’t be able to gain access. It is because the second factor – verification code is required to complete the login process successfully. In this way 2FA security solution prevents breaches.

 

The Importance of a Better Security

As security breaches continue to increase over time, organizations of different types & sizes are being forced to safeguard against these threats. And when it comes to security, the banks and finance organizations have always been on the cutting edge. With evolving technology, hackers have become more sophisticated and it’s now easier for them to figure out the passwords, identify vulnerabilities in servers and get into someone’s bank account. The primary focus of banks and the financial services organizations must be to prevent all sorts of breaches by implementing better security on client account information.

A recent survey of 200+ corporate directors reveals that more than 40% of respondents feel like CEOs should face the brunch of breach-related backlash. Financial services organizations and banks need to put securing client information and protecting accounts on the top priority. The best approach is to implement Two Factor Authentication.

 

Reasons why banking and finance need to enable 2FA

 

Check out the 7 most important reason why banking and finance need 2FA solution:

  1. Customer Satisfaction and Peace of Mind

If the banks and finance organizations become victim of the cyberattacks due to the lack of proper security measures, then it will result in a negative impact on the customers. For better customer satisfaction and peace of mind, safeguarding client’s banking information against threats must be the primary focus of these organizations. With 2FA solution, account information gets protected from all attacks.

  1. Increased Cyberattacks

Taking the rate of frequently occurring cyberattacks into consideration, one thing is clear that the frequency and intensity of these attacks will increase in the future alarmingly. So, the banks and finance organizations need to be prepared for these future security threats. According to a study, security breaches rose by 48 percent in the year 2015 to 42.8 million. That’s the equivalent of 117,339 attacks per day. Since 2009, the growth rate of detected security breaches annually has grown a whopping 66% year over year. It reflects that survival of banks and financial services organizations without implementing 2FA solution is not possible in the future.

  1. Liability Issues

If any sort of cyberattack ever happens in your organization, then at that time you may face serious liability issues. The lack of adequate safeguards or security solution in place can result in severe damage. If proper security solution like 2FA – Two Factor authentication is enabled, then you will be able to confidently claim that you have put every possible effort from your end to protect sensitive client information.

  1. Secure, Cost-effective

Another important reason for banks and financial services organizations to enable 2FA solution is that it’s highly secure as well as cost-effective. By choosing the right Two Factor Authentication solution provider, you will be able to continue your business operations with high security level and no fear of getting compromised.

  1. Mitigates the Password Problem

Changing the passwords at frequent time interval is a good security practice. But, most of the customers feel discomfort in this practice, as after every few days they need to create and remember the new password. For simplifying this task, the customers either use weak passwords or write down on sticky notes. 2FA solution mitigates the password problem. It is because if someone else tries to reset your password, then he needs access to your physical device as well for getting the second factor, i.e. verification code, and accomplishing this task successfully.

  1. Dual Checks Identity

Weak or stolen user credentials are used in 95% of all web app attacks. Focusing on customer account security, organizations (banks and finance) are recommended using PCI-compliant ecommerce system. PCI compliance system requires 2FA for checking identity and verifying a customer. 2FA solution not only dual checks identity, but also restricts an unauthorised user even if he knows your password.

  1. Alerts you in case of any breach

With 2FA activated on your account, you will be alerted with a security code in case of any breach. This code warns that someone else has stolen your account password. Therefore, banking and finance need 2FA solution in place for better customer account security all the time.

The demand of security is increasing at a rapid pace and it does not seem possible without Two Factor Authentication. So, banks and financial services organizations are required to implement 2FA security solution for ensuring trustworthiness.

Looking For 2FA Solution for unix ssh security

Two Factor Authentication – Best for the UNIX/Linux Server Security

The UNIX/Linux server security is challenging, because these servers are at a risk of getting compromised at any point of time by the attackers. In today’s enterprise environment, the UNIX and Linux servers are growing popular. With their increased popularity, these servers have become the primary target of the attackers for security breaches. There have been numerous cases of harmful external security threats where the attackers have gained access to these servers; UNIX and Linux, through the Internet. The largest security threat to UNIX/Linux server is internal, not external. Therefore, it is must for the enterprises to improve their UNIX/Linux server security, so that comprising server becomes complicated for the hackers.

UNIX is used by 66.5 percent of all the websites whose operating system we know.

Internal security threats can come from anywhere & anytime. In UNIX/Linux servers, some of these threats that are common and extremely harmful include the following:

  • Backdoor created by a user.
  • Account duplicated by a privileged user.
  • A piece of code implanted by the system administrator or developer that may damage the server.

Security breaches – The big problem

With security breaches on the rise at an alarming rate, the UNIX/Linux server security is becoming more challenging and necessary for the system administrators. For gaining access to a server, most of the system admins worldwide rely on just a single authentication factor, i.e. the password. But, hackers or the online attackers use brute force or several other proven methods that help break password of the server and gain access to it. Therefore, it is must for the system admins to use more than just password-alone verification for optimal UNIX/Linux server security against all sorts of harmful internal or external security threats.

The solution to these threats

Adding an additional verification step in the login process is must for protecting the servers; UNIX and Linux, against security threats. One ideal & proven solution that ensures a high security level is Two Factor Authentication. The system admins must implement this solution and experience the peak security they are looking for.

An overview

Two Factor Authentication (2FA) is an authentication method that adds an additional security layer for verifying identity of a admin and completing the login procedure successfully. 2FA security solution requires two independent factors or pieces of information – password and a verification code, to verify identity and privileges of the system admin. This security method is stronger as well as more rigorous than the normal password-alone verification that requires only one factor, i.e. the admin’s password. 2FA is also referred to as Two Step Verification method.

The system admin knows the password (the first factor), and verification code (the second factor) is sent to his registered physical device. This verification code is valid only for a few seconds. If any hacker manages to get the password, then he needs the second authentication factor; verification code, to prove his identity and access UNIX/Linux server completely. In this way, Two Factor Authentication solution ensures UNIX/Linux server security at its peak.

Authentication factors used in 2FA

Below are the possible authentication factors used in 2FA security solution:

  • The knowledge factors (something you know) – username, password, PIN, any other secret information, i.e. question & answer.
  • The possession factors (something you have) – security token, any physical device to receive the code.
  • The inherence factors (something you are) – biometric characteristics such as iris, retina, face scan, voice recognition, fingerprint.
  • Time and Location factors (geolocation).

Two Factor Authentication, as its name suggests, uses any two of the above-listed authentication factors to verify identity of the system administrator. Without the combination of any two of these verification factors, the system admin won’t be able to gain access.

2FA benefits

Some major benefits of Two Factor Authentication security solution are:

  • Greatly enhances the security level by requiring two different pieces of information or factors for authentication.
  • Reduces the security risk associated with the weak passwords that can be easily cracked.
  • Provides an alert in the form of a second factor; verification code, whenever any unauthentic user enters the valid password.

UNIX/Linux server security monitoring

The monitoring includes process activities and behaviour for detecting loopholes. This process helps to provide a unique view of the flow of commands running inside the UNIX/Linux session.

Benefits associated with monitoring are:

Process-based Inspection

It includes the tracking of process and sub-processes flow in real time.

Centralized Management

Centralized control enables the organizations to control, deploy and distribute all their servers in just a single click easily.

Real-time Alert

In case of any security violation like package installations, use of unexpected commands, etc., the real-time activity alert will help the system admin to take some security measures for a better protection.

User Activity Inspection

Any sort of illegitimate tasks that may compromise the UNIX/Linux server security can be monitored.

Intrusion Detection

Inspecting the processes or activities that play a pivotal role in hacking the servers.

What are the best practices for controlling UNIX/Linux account privileges?

Below are these best practices:

Managing UNIX/Linux Accounts

Account creation is an easy task, but disabling or removing unrequired accounts is quite complex for the system administrators. They (admins) must actively manage the accounts for minimizing the security risk to server and enterprise.

Implement Least Privilege

The principle of least privileges is one of the best practices from UNIX/Linux server security point of view. For controlling internal threats, restricting the rights and access of a user to the minimal amount is an important practice.

Minimize the Shared Accounts Use

The system administrators should not share accounts. Limit the application’s privilege on the system.

Notify Malicious Activities

After establishing and implementing logging and audit system, the system administrators must set up automated notification of all the malicious activities. Every major and minor violation needs to be reported by the system admins for a better UNIX/Linux server security against all sorts of the intrusions. In fact, alerting and notification system makes the system admins proactive rather than reactive.

Always remember that a good privileged plan is a key to the UNIX/Linux server security at every step.