What Is Two-Factor Authentication, and Does It Increase Your Network Security?

No business owner wants to deal with a cyber attack, but do you know how much damage it can really do? The average small business that experiences a network security breach spends close to $8,700 to repair the damage. And, if you don’t protect your customers’ data, you’ll lose their trust and likely their business.

There are many things you can do to improve your cybersecurity, and some are more complex than others. One simple solution is to add two-factor authentication to all of the websites accessed by you and your employees.

Two-Factor Authentication: The Basics

Two-factor authentication is also known as two-factor verification or 2FV. It adds a second layer of security to your accounts by requiring you to add another credential in addition to your username and password. 

In most cases, you’ll receive a code by SMS (text message) which is only good for a short period of time. Unless a hacker had access to your mobile phone, they wouldn’t be able to get into the site, even if they figured out your password. Some programs or websites use different methods for authenticating, including sending a code to other “trusted devices” or using an app like Google Authenticator. 

Is Two-Factor Authentication Worth It? 

According to the most recent Verizon Data Breach Investigations Report (DBIR), 80 percent of hacking-related breaches were caused by weak login credentials. 2FV significantly improves your network security by isolating access to individual users. As long as your employees have their phones locked down with security code, fingerprint or biometrics, it will be virtually impossible for someone to impersonate an authorized user and gain access when they shouldn’t.  

You might wonder whether adding 2FV eliminates the need for you to use a password manager. The answer is no. Long, complex passwords that are changed frequently are still your first line of defense. Using a good password management program helps you stay on top of this without having to store our passwords somewhere easily accessible by others. 

2FV Is Easier Than You Think! 

It’s easy to understand how some people would think that 2FV would be overly inconvenient. However, that couldn’t be further than the truth. Setting up 2FV only takes a few minutes and the login process is only extended by a couple of seconds. In many cases, you can also authorize certain devices, so you don’t have to complete the extra authentication as long as you’re logging in from that device. 

Increase your security game today by scheduling a Network Security Assessment. During this evaluation, we’ll evaluate your information security, data protection, compliance, and performance. Contact us at 702-547-9800 to learn more about how to bolster your network security