What Makes Two Factor Authentication So Successful in Stopping Cyber Hacks and How Can Your Business Implement It?

Businesses must constantly innovate their cybersecurity strategies in order to keep up with new technologies and evolving threats. New tools are being created that enable companies to strengthen the security of their networks to avoid falling victim to cyber attacks. Two factor authentication technologies are one of these tools that are effectively protecting companies.

There was a 50% decrease in Google accounts being hacked at the end of 2021 when the company had auto-enrolled users in two factor authentication utilization. The effectiveness of the tool is shown by the confidence of consumers, where 86% felt that their account information is safer because of this tool.

So what makes two factor authentication so successful? 

How Does Two Factor Authentication Work?

Two factor authentication is a security measure that requires two forms of identification to log into an account. The first factor is something you know, such as a password. The second factor is something you have, such as a security token or a biometric element. This measure makes it more difficult for someone to hack into your account, as they would need both your login information and access to your physical device.

There are different types of authentication methods, but the most common is using an app on your smartphone to generate a code. This code is then entered along with your password when logging into your account. The characters change frequently, so even if a hacker had your password, they would not be able to log in without also having your phone to see the newly generated code.

Advantages of Two Factor Authentication for Businesses

Utilizing this tool is an important security measure for businesses because it helps add an additional layer of protection against cyber attacks.  A few of the advantages include the following:

  • Bolsters cybersecurity with a second form of identification greatly decreases the chance of a hacker gaining access to corporate information.
  • Two Factor Authentication is easy to use and cost effective for all small to mid size businesses
  • Most cyber insurance policies now require your organization to have Two Factor Authentication implemented; without it you may be at risk of not being covered. 
  • It can increase customer confidence in a company’s cybersecurity measures.
  • The technology is constantly evolving, which helps businesses stay up-to-date on new threats.

How to Implement Two Factor Authentication

Two factor authentication can be implemented in a number of ways, depending on the needs of your business. One way to implement this security measure is to install an app on your employees’ smartphones that can generate a code. This code is then entered along with their password when logging into your company’s accounts. Another way to implement it is to use a physical token, such as a USB drive, that generates the code.

This resource can also be used to protect customer accounts. Many online businesses offer this option to their customers. When logging into their account, the customer enters their password and is then prompted to enter a code that is sent to their mobile device. This code must be entered before access to the account is granted.

No matter how you choose to implement this authentication method, it’s important to test the system to ensure it’s working properly. You should also educate your employees on how to use the application and what to do if they lose their device or token.

ANC Group Can Keep Your Business Secure

Our team of cybersecurity experts can provide advice about the most effective two factor authentication solutions for your business. Cyber attacks are not slowing down and businesses need to take preventive measures to protect their technology and customer’s secure data. ANC group is here to keep your business safe from cyber threats and to provide tailored IT solutions to make your day-to-day operations run smoothly. 

We offer a variety of services that are sure to increase your company’s security and efficiency. Reach out to us today!