Passwords are often the most basic form of cybersecurity, with companies and individuals merely relying on them for protection against breaches. However, Verizon reports that weak or stolen user credentials are used in 95% of all web application attacks. It has become clear that passwords alone are not enough to protect valuable data.

IT leaders have begun the push for multifactor authentication to better protect business-critical data without breaking the budget.

What is two-factor authentication?

Two-factor authentication (2FA), also known as multifactor authentication (MFA), is a security process in which the user must provide two types of different authentication factors to verify their identity and access a specific application or system.

The first step of this process is using the right username and password. The second step will require the user to provide another piece of information, such as:

• Verification codes, or secret passcodes that are generated at random and sent to a cellphone number or email address or generated on an app or external device.
• Answers to personal security questions, which are tied to specific details of the user’s life, like the name of a childhood pet or favorite color.
• Biometrics like facial recognition or a fingerprint scan.

There are many different types of multifactor authentication methods available, but they all work towards proving a user’s identity outside of their usernames and passwords.

Benefits of having two-factor authentication

Two-factor authentication can elevate your business practices and operations in various ways. These include:

Stronger security measures

The most significant benefit of a multifactor authentication system is that it strengthens security for sensitive and business-critical information. While hackers may gain access to usernames and passwords unscrupulously, they cannot enter an application or system with those credentials alone. This significantly reduces the chances of fraud, data breaches, and other cyber attacks.

Improved productivity and operational flexibility

More companies are shifting to remote work setups and cloud-based programs and services. 2FA allows users to perform this process from even outside the office.

Employees can now safely access critical company applications, data, documents, and other systems when needed for their tasks. Even if physical laptop security is compromised, 2FA makes it incredibly difficult to gain illegal and unauthorized access to these systems.

Lowered IT and related costs

The biggest cost reduced by good 2FA is preventing a data breach from occurring. Breaches can cost companies up to millions worth of damages and post-breach cleanup.

Additionally, it falls to in-house technical support to deal with password resets and other credential adjustments. These teams may end up using a great deal of their time to make these necessary changes instead of accomplishing critical core-related tasks.

When implemented well, 2FA can be a low-cost option that allows users to adjust their own credentials and avoid financially disastrous cyberattacks.

Increased data security awareness

Stolen credentials are the biggest cybersecurity risk across industries, but it may be too late before a company is even aware that credentials were compromised.

With certain 2FA setups, users can be made aware of unauthorized or unrecognized attempts to access systems through their credentials. This allows account owners to report attempts of a breach to IT security and make companies aware of potential security breaches. As a result, cybercrimes can be stopped before they have a chance to begin.

Boosts brand trust with customers

Two-factor authentication isn’t only for internal use—companies maintaining customer accounts can take advantage of this additional security for their clients.

Personal data are often the target of cybercrime for fraud and identity theft, making it critical to secure this information from criminals. Implementing a 2FA system for customers helps build up brand trust and credibility while offering a more secure service overall.

2FA: Twice the protection

Cybercrime activities grow more sophisticated as tech continues to evolve and innovate, putting both companies and consumers at risk. The key to staying ahead of these malicious attacks is to ensure that the right security processes are in place. Two-factor authentication becomes an integral part of any cybersecurity strategy by making it more difficult for unwanted parties to access critical information.

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Billions of breached files containing personal information are circulating on the dark web. In December 2017, one hacker’s website included 1.4 billion usernames and passwords stolen from unsuspecting clients and users, making it one of the biggest data breaches ever discovered. With plenty more data breaches yet to be unearthed, implementing strict authentication security is essential for any user browsing the internet.

Let’s start by defining what multi-factor authentication is before looking at how multi-factor authentication helps aid in securing data in mobile devices.

Defining Multi-factor Authentication

A top mobile storage website, Bulk Memory Cards notes that most people prefer backing up most of their files including photos, music, and video on storage devices like memory cards and flash drives. Nevertheless, the data stored is still the primary target for hackers. Multi-factor authentication (MFA) is a security feature that uses multiple methods to authenticate a user as independent categories of credentials are utilized for verification of the user’s identity login or other transactions. It combines two or more independent credentials unique to the user, such as a security token and fingerprint or other biometric identification along with the username and password. The primary purpose of MFA is to come up with a series of defense mechanisms to make it more difficult for any unauthorized user from accessing the targeted data. In case one security factor is breached or compromised, the hacker still has at least more than one barrier to overcome before successfully obtaining the information.

How Multi-Factor Authentication Works?

With multi-factor authentication, more is needed than just knowing your username and password alone. Additional credentials are required such as something you know. For instance, your mother’s city of birth, a code issued via SMS or email, or something like your fingerprint or face identification that the hacker doesn’t have. These secondary factors regularly change after some time or expire after use. They are delivered through a text message or secured applications on your mobile device, making it virtually impossible for the hacker to access them. Multi-factor authentication, therefore, provides an extra layer of security in your device, increasing the difficulty of unauthorized persons gaining access.

Rising Demand for the Use of Multi-factor Authentication

Passcodes or passwords are becoming increasingly susceptible to hacking. With hackers advancing their techniques in this modern techno-savvy world, a data breach on one account allows hackers to access all the other accounts that have the same username and password. This occurrence is because people use the same password for multiple accounts. Multi-factor authentication adds an extra layer of security to your accounts to ensure your confidential and sensitive information stays safe, even in the event that someone was to know your password. This second factor is separate and independent of your usual username and password step. Multi-factor authentication never uses or sees your password.

Available Options for Multi-factor Authentication

Companies must balance the security and user convenience of employees for the successful implementation of multi-factor authentication. Then afterward, they can decide the most suitable multi-factor authentication options based on their user experiences. The currently available methods include hardware tokens which are small smart devices that users carry with them. These tokens generate one-time-use passwords every time the user wants to access the system. Soft tokens also create a unique password sent to the user’s mobile phone application making them a cheaper option compared to hardware tokens. Other authentication methods include one-time text messages sent to the user’s mobile phone, confirmation phone calls, verification through email, and predefined questions based on the user’s personal information. The final multi-factor authentication method is the use of biometric recognition, popularly used in today’s smartphones. These are some of the choices you can use and implement to improve mobile data security.

Benefits of MFA on Mobile Security

There are several benefits associated with the use of multi-factor authentication in our mobile devices. The most important is it strengthens the security of the data stored. As discussed earlier, multi-factor authentication compensates for the weakness of other security features like simple username and password logins. Unless the hacker has all the other factors provided by multi-factor authentication, such as fingerprint, voice, facial recognition, and other supplements, they will be unable to access the account or data. Their inclusion makes authentication easier for users and processes more secure. It is unique to individuals, and the details remain on the device, rather than being stored far off in a database that could be hacked. Apart from data encryption, multi-factor authentication is also useful when it comes to protecting sensitive data like Personal Identifiable Information (PII) and financial details that may be on your mobile device.

Multi-Factor Authentication is Essential to Cyber-security

Multi-factor authentication is also an essential component of cyber-security for many organizations, especially with the rise of cloud communications. Due to the increase in data breaches, a simple way to tackle it is through multi-factor authentication, more so on companies employing the BYOD (Bring Your Own Device) trend. Multi-factor authentication has also simplified the login processes by use of login options like sign-on. Sign-on works by validating the user through multi-factor authentication during the login process. Once the user is logged in, the single sign-on software gives the user access to the selected applications of the sign-on software without the need to log in to each of them separately.

With security breaches occurring on a daily basis, every organization and mobile user should ensure that their sensitive data and information are heavily secured. As the BYOD trend is increasing among companies and businesses, the use of the more convenient multi-factor authentication will ensure that critical data stored on cloud-based servers or shared between mobile devices are safely protected. Implementation of multi-factor authentication is paramount for anyone who uses mobile devices.

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