The One Thing That Makes Stolen Passwords Useless

Two-factor authentication can be one of the most impactful security tools your organization has. This is because passwords play a massive part in the security of your most crucial digital assets; and frankly, it keeps passwords as a viable solution to keep apps and data secure. 

What is 2FA?

Essentially, 2FA adds a second, distinct layer of verification to your login process. Instead of just one piece of information, you need two different types of credentials to gain access. These credentials fall into three main categories:

• Something you know - This includes your password or PIN – information that should be exclusive to you.
• Something you have - This refers to a physical item in your possession. Examples include a smartphone receiving a text message code, a dedicated hardware token, or an authenticator app generating a time-sensitive code.
• Something you are - This involves biometric data, such as a fingerprint, facial scan, or voice print.

Two-Factor Authentication specifically requires you to provide two different types of these factors to verify your identity. For instance, you might enter your password (something you know) and then a code sent to your phone (something you have).

Why 2FA is Essential for Your Business

Implementing 2FA offers significant advantages, particularly for businesses that are aiming to safeguard sensitive data and ensure business continuity. Let’s go through some of the benefits that 2FA can bring to your business.

• Enhanced access control - Even if a malicious actor obtains your password, they cannot access your account without the second factor. This significantly reduces the risk of unauthorized access.
• Protection against common cyberthreats - Many cyberattacks, such as phishing and brute-force attacks, focus on stealing passwords. 2FA renders a stolen password ineffective on its own, neutralizing these common threats.
• Increased user awareness - When an employee encounters a 2FA prompt, it requires them to actively confirm their login attempt. This confirmation can do a lot toward detecting and preventing unauthorized access.
• Regulatory compliance - Many industry regulations and data privacy laws now strongly recommend or mandate multi-factor authentication (MFA) for sensitive data.

2FA vs. MFA: A Brief Distinction

While often used interchangeably, there's a subtle difference. Two-Factor Authentication (2FA) specifically requires exactly two distinct factors. Multi-Factor Authentication (MFA), however, simply means more than one factor. Therefore, all 2FA is MFA, but not all MFA is 2FA (MFA could involve three or more factors). For most businesses, 2FA provides a substantial improvement in security without adding undue complexity.

Current Adoption and Future Needs

Despite its clear benefits, 2FA adoption, particularly among small businesses, needs to increase. Recent data indicates that less than half of small businesses currently utilize MFA. This represents a critical vulnerability, as small businesses are increasingly targeted by cybercriminals. Fortunately, implementing 2FA is often straightforward and cost-effective, with many widely used services offering free or low-cost 2FA options.

At Preferred, we understand that managing business technology can be complex. We believe in building a robust foundation that prevents problems before they occur. Our proactive technology support focuses on equipping your business with the necessary defenses.

Do you want help enhancing your business’ security? To learn how we can help give us a call today at 708-781-7110.