For small business owners, the risk of fraud and data breaches is high. Taking all of the necessary steps to protect your sensitive data should be a must.
Unfortunately for many entrepreneurs, deciding to increase their company’s data protection comes too late – after a malicious hacker has victimized them.
However, there is good news. You can take simple and inexpensive steps to avoid being hacked. In a recent study, 80% of data breaches could have been prevented if users simply implemented two-factor authentication.
In this article, you’ll learn all about Two Factor Authentication (2FA), as well as the pros and cons of using it to secure all of your company’s digital data.
Encrypted passwords just aren’t enough
Cybercrime is rapidly rising, and the vast majority of hacking-related data breaches usually involve weak or stolen passwords.
Sadly, if someone has access to – or finds a way to decode – an encrypted password without another layer of security, it’s then all too easy to access vulnerable accounts.
Two-factor authentication helps prevent data security breaches by requiring users to enter more than a username and a password to sign in to an account. Once you enter the first password, a second, time-sensitive verification code is sent to another device for the user to unlock access.
The second factor usually takes on the form of an auto-generated code, a biometric verification on a device (such as a fingerprint), an OTP (one-time-password). 2FA apps are generally your best bet.
There are free authenticator apps like Microsoft Authenticator that are user-friendly options designed to increase data security across your devices.
With Microsoft Authenticator, you can get the benefits of two-factor authentication without requiring a password. Instead, you sign in securely using your phone and a fingerprint, PIN, or facial recognition. You can choose to use a password to sign in, and the app will then create a new verification code that refreshes every 30 seconds.
Other options for 2FA apps include Blizzard, Authy, and Google Authenticator (an excellent choice as it can sync to any service and run without wifi or mobile connection).
The limitations of two factor authentication
Although 2FA does make it more difficult for a cybercriminal to hack your data, there are instances where your sensitive information can still become vulnerable (if, for example, someone were to steal your smartphone and hijack your SIM).
An intelligent hacker who knows your phone number can easily slip past the second authentication barrier by simply redirecting 2FA notifications to their own devices and entering the verification code that appears to access your accounts.
Final Thoughts
An additional security barrier is always recommended for any website that saves your sensitive company or personal data – bank websites, accounting software, calendar, cloud storage, communication apps, password managers, social media networks, and email accounts.
Suppose you want to increase online protection even more. In that case, it’s worthwhile considering adding a hardware layer of protection with a YubiKey – a small metal and plastic key that connects to your phone or computer to authenticate web logins.
Make sure not to overlook Google Advanced Protection – a more complex security system designed to lock down your data. Wire magazine heralded it as the most secure authentication protection for any online software.
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