It is critical to add an extra layer of security to your business in this digital world, where cyberattacks are common. Two-factor authentication is the industry standard for protecting your business from cybercriminals. Even if a hacker manages to crack your login credentials, they won’t be able to access your accounts if you use 2FA (Two-Factor Authentication) correctly and in the right combination.
80% of security breaches can be prevented using two-factor authentication
In this article, we are going to share with you all about two-factor authentication along with the features of secure password management software, which could be an additional bonus to protect your business. As cyberattacks and data breaches are recurring, LEAP Managed IT strongly recommends using two-factor authentication in order to run a safe and secure business.
What is Two-Factor Authentication?
Two-factor authentication is something beyond just a username and password. It acts as an extra security layer and strengthens access by verifying your digital identity.
There are three types of two-factor authentication factors,
- Additional login credentials which only the account owner knows – it could be some security questions, a passphrase, PIN, or a geometrical shape to unlock.
- Devices that the account holder owns would receive additional login credentials. The authentication application would generate a 6-digit code or a code sent through text message
- Biometric login credentials that are unique to the account holder – could be fingerprints, facial recognition, retina scans, voice recognition, and more similar biometric credentials
A 2019 report from Microsoft concluded that 2FA works, blocking 99.9% of automated attacks.
Why is Two-Factor Authentication Important?
To improve cybersecurity while accessing accounts and other online services, it requires strong authentication. As usernames and passwords are less secure, they can be easily hacked. It can also be used across multiple accounts once stolen.
Henceforth, password-only security is vulnerable to sophisticated cyberattacks and requires an additional layer of security. This will keep your company safe from hackers. Using two-factor authentication with a combination of authentication factors can help you verify your digital identity before giving you access to your accounts.
When to use a Two-Factor Authentication?
It is essential to remember that you must not compromise on the security features of your business, as it is the only aspect that would develop trust among your customers. As you are considering security as the main aspect, it is critical to implement two-factor authentication to your business. This would help in preventing your business and its data from cyberattacks. Though 2FA cannot completely protect your business, it can save your business from unauthorized users.
Henceforth, make it an essential requirement for your business to gain customers’ trust efficiently.
80% of the security breaches can be prevented by 2FA
How can a Business use Two-Factor Authentication?
Cyber security attacks can affect businesses and organizations of any size. Your company could be a target simply because an attacker sees it to be convenient. Customers may be at risk if you provide services that allow them to log in with single authentication and access their data. Their accounts can be a target by stealing passwords during a phishing attack.
Thus, 2FA can provide a strong line of defense for both your company and your customers, safeguarding access to both systems and accounts. When your employees or customers log into a business system or their account on your website, they use a username and password combination, which is a normal procedure. On the implementation of 2FA, it would ask them for additional information to verify their identity.
If you are serious about cybersecurity and trying to take initiatives for preventing cyber attacks, two-factor authentication should be your standard policy despite your size.
Let us have a look at some popular methods of implementing two-factor authentication, these methods are much useful for both your business and your employees,
This is the most popular approach among the 2FA. Here, a digit code would be sent to the phone number (registered) via SMS, which the user has to enter to verify their identity. This can be set up easily as it doesn’t require any installation. But, if the phone is missing or not connecting, the user will not be able to get the 2FA code while trying to log in to their accounts.
In this, the security code (OTP) would be sent to the registered email ID, which the user can use to log in to the account. This is a cost-effective approach but, it doesn’t work if the email is not delivered or if it falls in spam.
TOTP Using an Authenticator App
This is another phone based approach of 2FA. Here, the authenticator application generates a code based on the secret key. Google authenticator is one of the most popular tools for this type of 2FA approach. Implementing this type of authentication, the site would show a QR code containing the secret key. The user has to scan the QR, after scanning, the app would generate a 6-digit code for every 30 seconds. By entering any one of the codes, the user will be able to log in to their accounts.
Push Based 2FA
This type of 2FA approach would notify the user if someone is trying to log in to your account. The approach would notify the user along with the estimated location of the login attempt further, the user can deny or approve the login. This method is quite resistant to phishing attacks and as it also detects the location of the login attempt, it helps users to identify in case of any unauthorized login attempt.
Every method here has its own advantages and disadvantages. Businesses can use 2FA to protect their customers’ accounts, and employees can use it for protecting the organization’s data from unauthorized users.
Safe and secure software to manage passwords
There are several software options in the digital marketing industry for securing and managing passwords. One of the most popular is LastPass.
LastPass is a simplified password manager and a tool for protecting the identity online. It is cross-platform password management that uses military-grade encryption with a zero-knowledge policy. It also offers multiple 2FA along with biometric logins.
Below are some security features of LastPass are,
This takes care of creating, memorizing and entering passwords. Store your usernames and passwords in LastPass and automatically enter them on your online accounts. This feature allows you to store personal information, fill in and save credit card details/address, and safely share your credentials to your team.
This would contain all the information that you have saved to the password manager. It is safe for your online valuables. You can launch websites, edit logins, add notes, share credentials, and more using this feature. It also allows importing websites or adding them manually to LastPass. Every time you open the website to log in, LastPass will capture the respective password to log in.
It is the online password generator using which you can generate random and secure passwords. This even allows you to generate personalized passwords.
Dark Web Monitoring
This gives you an overview of the health and security of the stored accounts. It would monitor, alert and protect your accounts from security breaches.
Here, you can update weak and reused passwords. You can view and improve your security score. Additionally, monitor your email address, and send alerts whenever the data is compromising during attacks.
LastPass also offers some special administrative features for businesses, like password sharing, admin commands, integration with directories, and federated connections.
Hence, you can make use of LastPass to have secure management of passwords and to run a safe and secure business.
Secure Your Business Today
Are you not sure about where to start with two-factor authentication? Then, simply think through the ways your secure information is compromising during a cyberattack. It could be via your email, VPN, or even the cloud services that you are using for your business.
Lastly, add the “implementation of 2FA” to your checklist at the time of developing your security plan. The market has a vast supply of 2FA solutions. Before you decide, talk to security experts in Indianapolis like LEAP Managed IT to get the best solutions for your business.
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