The problem associated with password-based logins
With increase in the number of malicious attacks like brute force, phishing, dictionary attacks, keystroke logging, etc., over the Internet, using just a single authentication factor; the password, is not something you can rely on to get better protection against these kinds of attacks. You need to approach something advanced; i.e. more than just password-only verification, for improved security level. In general, frequent hacking attacks are one of the major problems associated with password-based logins.
Solution to this problem
One secure, proven and advanced solution to the problems arising due to password-alone verification is Two Factor Authentication (2FA). This method resolves all security-related issues effectively and provides an additional layer of security to the digital assets.
Statistics that reflect 2FA market growth
As per the latest analysis, Two Factor Authentication market is estimated to grow at a CAGR (Compound Annual Growth Rate) of 24% by the year 2021. On the other hand, MFA (Multi Factor Authentication) market worldwide is expected to grow at 21 percent CAGR by 2019. Two Factor Authentication covers nearly 90 percent of all MFA models that include Two, Three, Four and Five Factor Authentication. Around 56% of organizations including small, medium and large-scale are using Two Factor Authentication.
3FA is used in private access areas such as secret data access, travel & immigration and bank lockers, whereas its next levels, i.e. 4FA and 5FA, are restricted to government-based applications, R&D (Research and Development) and defence projects.
Two Factor Authentication (2FA), also referred to as Two Step Verification, is a secure way of logging in to the online accounts or other services over the Internet. 2FA makes the login process safe and secure against various types of the harmful external security threats. Being a two-step login process, Two Factor Authentication adds an additional security layer and requires two varied factors, i.e. password and verification code to verify or double check identity of the user.
In short, Two Factor Authentication is the process of using a second factor in the form of a verification code, which is send to the user’s registered physical device, along with the username and password combination.
The major benefit of 2FA process is that even if a hacker gets your account password, he won’t be able to login without having access to your registered physical device.
Possible authentication factors for identity verification
Knowledge factors – something you know (username and password)
Possession factors – something you have (physical device)
Inherence factors – something you are (biometric characteristics)
Time and Location factors
Two Factor Authentication, as its name suggests, combines any two out of the four authentication factors given above. This method especially uses knowledge, possession and inherence factors.
Tips for implementing Two Factor Authentication solution:
Below are some useful tips in this regard:
Make sure that it’s necessary
Adding Two Factor Authentication boosts digital assets security of enterprises and the end users. But, this security method requires additional costs and time and increases the complexity of system design and the login process. Therefore, enterprises and the end users must make sure that it’s necessary for them.
Choosing the right authentication type
2FA comes with different authentication methods like Physical Device Authentication, Knowledge-based Authentication and Biometric Authentication. All these methods have their own pros and cons. So, it would be better to choose the right authentication type before enabling this security solution.
Avoid Cookie-based Two Factor Authentication
Consider customized Two Factor Authentication system
Most of the businesses across the world don’t like to implement a ready-made Two Factor Authentication system. It is because they (businesses) have the fear that users will turn off this complex process (2FA), if they do not find it custom-made. The users want easy to use, faster and highly secure options while logging in to their account. Customization provides them what they are looking for and feel comfortable with. Therefore, the businesses must consider implementing customized Two Factor Authentication system for a better user experience.
All the above-listed tips must be focused for implementing Two Factor Authentication (2FA) or Two Step Verification solution to get unmatched security.