Two-Factor Authentication: An Extra Layer of Security

Digital security is increasingly evolving every passing day, mainly with present threats of data breaches and cyber-attacks. A new statistic gets recorded daily as the digital space continues to grow. Statistics from Verizon project that the two-factor authentication market is expected to grow by a considerable 17.28% and attain a market value of 44.05 billion dollars by 2030. This growth isn't without reason; the Data Breach Investigations Report 2023 emphasizes the increased vulnerability of digital systems. In the report, external threat hackers and actors were responsible for 83% of breaches!

Another concern is that 74% of the reported breaches had a 'human element' as the main or partial reason. This encompasses situations such as genuine human era, social engineering attacks, and privilege misuse of stolen credentials. Additionally, the report added that 61% of all breaches exploited user credentials, with 50% directly attributed to stolen login information. With these statistics, it is with no doubt that you need that extra layer of security to bolster your security measures in today's digital space.

What is Two-Factor Authentication?

Two-factor authentication (2FA), often called two-step verification, is a security measure that requires users to provide two different identification forms for Verification to access a service or a system. It is designed to give that extra layer of security, ensuring you're the only person who can access your account. There are different ways in which you can be authenticated using more than one authentication way. Most authentication techniques depend on knowledge aspects such as;

1.     Something you know – This is something like a PIN, password, or personal identification number that only you know about

2.     Something you have – This is something you possess, such as an ID card, a mobile device, a cellphone, a security token, or  a smartphone app, to approve any requests for authentication

3.     Something you are – This is an innate factor in your physical self, like personal attributes from physical characteristics like biometric authentication such as fingerprints, voice, and facial recognition.

Benefits of Two-factor authentication

2-factor authentication plays an important role in information security as it protects the data against possible breaches, keeps an eye on the employees' accounts for organizations, and keeps hackers away. Additionally, 2FA protects you even if your login credentials are accidentally exposed. Here's more;

1.     Improved security - The main goal of 2FA is to provide that extra layer of security such that if anyone can access your password, they will need to successfully go past the second verification or authentication factor to have access, which significantly reduces the risk of unauthorized accounts to any of your accounts.

2.     It is convenient - With 2FA, there's no need to carry hardware token generators that are often easily misplaced or lost.

3.     Limitations – 2FA limits the number of times one can try a code, thus making it difficult for criminals to attempt hacking and gaining access to any data.

4.     Easy to use – It is straightforward, and anyone can use it, thus improving your digital assets' overall security.

How does it work?

Implementing 2FA may vary depending on the platform or service. Here are some of the common forms;

1.     One-time codes sent via SMS, call, or Email

This is the most common 2FA authentication method. They are normally sent as a text message with the phone number specified initially when registering. You may find other service providers who opt for the voice call option. You use the one-time code to confirm the identity of the app or website.

2.     Biometrics

A while back, for many individuals, this was something foreign. However, with the digital space's growth, most smartphones can now authenticate by using face recognition or fingerprint. Physical attributes are used for authentication.

3.     Push Notifications

Push-related 2FA does not require a password but sends a signal to your phone, requesting you to deny or approve access to an app or website to ascertain that it's you.

How do you implement Two-factor authentication?

Introducing 2FA for personal or business use is important in strengthening vulnerable databases and networks. To verify your identity, your mobile device can independently generate unique tokens or codes, often numbers or letters. As mentioned, you receive the codes through basic forms like SMS and validated through a trustworthy site; therefore, it is important to ensure the one you are using is secure and reliable.

Here are some helpful tips to ensure you smoothly implement your 2FA

-         Settle on SMS authentication as it is the most basic and widely used form, making it convenient and ensuring that all user identities are verified through a trusted phone number

-         It is very easy to enable 2FA through the security settings in your device by navigating your settings basic page, signing in with your account, selecting more security options, selecting 2-step Verification, proceeding to get started, and then following through the steps on the screen to turn on or off

-         Make sure to settle on the right two-factor authentication provider since every company has different implementation procedures. For instance, the authenticator app can allow you to register one or more of your business or personal devices to ensure they are all protected.

2FA is the solution

From the statistics discussed earlier, it is clear that breaches are prone to increase without necessary measures. It is important to note that even as we continue to get more solutions to bolster our security, so do criminals. Therefore, it is important to take the step to secure all of your accounts with that extra layer to secure your data. For organizations and businesses with high-level security, opt for multi-factor authentication - which involves adopting two or more processes or steps to identify a user - to help safeguard your online and business accounts.