2FA (two-factor authentication) is basically adding a second layer of security to the user’s login credentials. The first factor being the user password. 2FA is used for security purposes, and hence strengthen the user’s security credentials. It is best used to avoid data breaches, so that any sort of fraudulent activities can be stopped. The second factor is basically a verification code that is being sent to user’s mobile phone, so that only the user can enter that particular verification code in order to benefit from the required service.
With hacking techniques such as phishing and keystroke logging being used by online attackers, only working out with a user’s password would prove ineffective. This inadvertently might affect your business, if suppose some sensitive company related information is being stolen. Hence two-factor authentication is gaining prominence, especially when it comes to implementing effective security standards.
In certain rare scenarios, even two-factor authentication has proved to be ineffective. For example, if a cyber-criminal is persistently searching for stealing information, and at last after lots of search, if by chance the cyber-criminal is able to recover the password database from the hard drive or any other storage means, the credibility of two factor authentication fails. In such circumstances, three-factor authentication comes into picture, wherein fingerprint scans, biometric access or voiceprints can be used.
NIST (National Institute of Standards and Technology) has come out with new guidelines to implement two-factor authentication. NIST states that the passcodes shouldn’t be used in the case of 2FA for SMS messaging, or else some extra steps should be taken for security enhancement. The reason being attackers are coming up with advanced theft tactics by redirecting the messages using advanced techniques such as social engineering, virtual phone or network hack.
Two-factor authentication is still going strong in the market place as Google’s Gmail, dropbox, Evernote, PayPal and LinkedIn are constantly using the 2FA platform and have even applauded this platform. Though there is some negative criticism that has been received for implementing 2FA, but on the other end, most of the companies are instead asking to come out with necessary measures in order to stop attacks that arise from social engineering, phishing etc. rather than needlessly blaming the otherwise powerful 2FA medium. For example, in 2016, around 33% of mobile users were under phishing attack. Steps should be taken to completely uproot attacks arising from phishing, social engineering and other fraudulent tactics.
Four benefits of using two-factor authentication:
1. Considerable improvement in the security standards: Through the 2FA platform, you as a user get a unique OTP (One time password) for carrying out the transaction or accessing your login credentials. This additional (second layer) factor of security has in turn improved the security standards to a huge degree.
2. Reduction in data related theft: In the past few years, data theft has become a serious issue, and hence a lot many users lost some really worthwhile information. Once a hacker breaks into your account, then after anything is possible. On the contrary, proper implementation of 2FA will reduce data theft to a considerable extent, thereby assuring users for protecting their valuable data. Banks strongly consider to implement 2FA, and hence whenever you open your bank account, you have to undergo through the two-factor authentication phase.
3. Increase in productivity: Through the proper implementation of two-factor authentication, many companies are encouraging their employees to work remotely. Wherever the employee is located, the employee has to just enter the verification code that the company has sent. Once the code is entered, then the particular employee has full access to do the required company based tasks. Through this way, companies have seen a considerable rise in the productivity levels.
4. Cost reduction: Those companies that are implementing 2FA, have seen a considerable reduction in their operational costs. Employees can easily access databases, web portals etc. from their respective devices. The only thing that companies must be careful of is to purchase the services from a reliable two-factor authentication provider.
