Any business owner who handles sensitive data, especially the kind that is related to their clients, knows how important it is to ensure that no security threats can cause a data leak, since that would pretty much mean the end of their business.
This is why more and more businesses are implementing two-factor authentication. If you are not sure what it is, just think of the standard log-in process people go through when accessing their accounts, but with another added step. For instance, Steam sends people an email with a special code they need to input to access their account. Other examples would include people getting an additional code through text messaging or having to use a physical key generator.
While there is no denying that this type of log-in process will ask your clients to perform one additional task before accessing what they need, it is important to keep in mind that it does this for a reason, namely to keep your data secure.
If you still think that a two-factor authentication process will be too bothersome to deal with, then you need to also see what kind of advantages it has to offer:
- Two-factor authentication offers an extra level of security
This is one aspect no business with a moderately-sized client base can afford to overlook. While standard authentication can be more convenient, it's important to understand that it's also easier to hack and get through. Whether it's the use of keyloggers or phishing methods, hackers can eventually get the details they need and break through a standard single-factor authentication system.
However, with a two-factor authentication system, they'll think twice before trying anything because they will most likely be met with failure. Even if they manage to get the details they need, namely the account name and password, they'll still have to bypass that additional layer of security that depends on the information your clients receive when they log in (text message, email or a key generated by a physical generator).
- Two-factor authentication reduces the risk of dealing with online fraud
According to CyberSource, online fraud effectively cost companies worldwide a total of $3.5 billion in 2013. No matter what industry your business operates in, these numbers are not looking good. Fortunately for any business owner, two-factor authentication system can ensure that online fraud will no longer pose a serious threat.
How? Well, put simply, this type of authentication makes any user account significantly safer and lowers the chances that a hacker would be able to get their hands on usernames and passwords. Plus, like we mentioned above, even if they do manage to get their hands on those details, they still won't be able to access the sensitive information they want.
- Two-factor authentication will not be a drain on your company's resources
For all the security it has to offer, you'd imagine that two-factor authentication will cost you a lot. However, it's not like that at all. If you opt to implement the second layer of protection by sending text messages or notifying your clients via a smartphone app, then the costs will be relatively low.
Even if you opt for the more expensive methods of sending your clients an email with the authentication code, or providing them with a physical key generator, the financial resources you invest will still be worth it when you consider all the money your company will save in the long run by preventing online frauds and data leaks.
Are you looking for a company that can help you implement a two-factor authentication system?
Now, it's no secret that even an authentication system like this can still be exploited by hackers. The key to preventing something like this from happening is to ensure the two-factor authentication system you want is implemented within your organization by a professional IT agency.
This is where we can help you. Our company has years of experience when it comes to this type of authentication, and we know what it takes to make sure the system won't get abused by hackers.
Make sure to contact us below if you would like to learn more.