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How Two Factor Authentication Can Save Your Business Money

cyber-security-hackers-safety

In 2017, the number of exposed records and data breaches reached an all-time high according to Statista. The 1,579 data breaches serve as a reminder that our accounts aren’t always as safe as we think they are! The simple “username and password” log-in approach can be compromised within minutes by skilled hackers. Even with your longest and complicated passwords! Your business needs an additional security layer that addresses the vulnerabilities of a standard password-only approach.

What is Two Factor Authentication?

Two Factor Authentication, commonly abbreviated, 2FA, is a method of securing online accounts through two means of authorization. In the case of two factor authentication, you’ll need two factors (or verifications) to successfully log in. This includes something you know, usually a password, and some other method of verifying your identity. This is usually a code sent via text or email. It’s essentially an extra layer of protection designed to ensure that you’re the only person who can access your account, even if someone else knows your password.

Purpose of Two Factor Authentication

An email or any other cloud-based application hack can cost a company thousands of dollars. Hackers aren’t reading your emails for fun. They’re going in to learn how your company works. They’re waiting to see how they can utilize that information to their own gain. Hackers can look through emails for private client information like bank account numbers, or personally identifying information. Once the hacker finds the information they need, they can steal huge amounts of money.

Phishing scams, where fake but authentic-looking emails are used to steal information, are one of the easiest ways hackers can gain password information. When two factor authentication is used, it makes it considerably harder for a hacker to be successful in logging into the account.

Even if the hacker is able to crack your password, they won’t be able to log into the account without access to your second factor. Some of the benefits of two factor authentication include improved security, reduction of fraud and theft, and the increase of productivity and flexibility.

Security Solutions for You and Your Business

The easiest and most common way to implement two factor is by receiving a text message with an access code every time you log into an account. But, no solution is 100% secure. Getting two factor authentication from text messaging does have some vulnerabilities. Specifically, it leaves you exposed if someone steals your smartphone or its SIM card.

For businesses with high-security needs, hardware-based two factor authentication is the most secure option. Instead of typing in a passcode from a text message to log in, a physical security key has to be plugged into your device when prompted. This method is often used for highly sensitive systems used industries such as the financial and healthcare industries. Security keys can be found online for as low as $20 and are available for both desktop computers and mobile phones!

Our Favorite Free 2FA Applications

Many websites you use for business have some sort of two factor authentication built in such as Dropbox, Google Drive, Amazon, and Rackspace. To protect your other online accounts, there are apps specifically for providing two factor security. Our two favorite 2FA apps are Authy and Google Authenticator.

  • Authy simplifies using 2FA on your online accounts using your smartphone. It generates a code each time you open the app. You’ll have 20 seconds to log in after which Authy will generate a new code. It’s free, desktop and mobile-friendly, and available Windows, Mac, iOS, Android and Chrome.
  • Google Authenticator is a mobile-only app, so you’ll need to have your phone with you. This provides stronger security for your Google Account. A small authenticator is tied to a single device, you must manually change it in your Google settings when you switch phones.

Personal Use of Two Factor Authentication

We don’t just recommend this for businesses, it’s important to protect your personal accounts as well. Many of the social platforms that you use every day have options for enhancing security.

Facebook, Pinterest, Snapchat, Instagram, LinkedIn, and Twitter all have options for two factor authentication. Go to the settings of your account, then scroll down to security. Each application has different options including the texting feature we’ve mentioned. Utilizing two factor authentication whenever possible will help to keep you safe online!

John On Two Factor Authentication:


Two factor authentication is only one step in security. There are many ways to keep yourself protected online, such as using secure cloud storage, secure online backup, and a VPN solution. We help our clients to ensure the security covers all of their users! Let’s chat about how we can improve your business security!