Traditional passwords are still a problem. Here’s why: Compromised, weak, or stolen passwords were responsible for 81% of data breaches in 2019. The prevalence of password-related intrusions is exactly why you need a two-factor authentication system (2FA). 2FA is an electronic technology that’ll help you prevent unauthorised access to your systems.
The 2FA technology works by double-checking identity before granting access. According to Microsoft, 2FA would have prevented 99% of the data compromise it faced in 2020. Again, this highlights the effectiveness of 2FA in preventing data compromise.
The 2FA system will help you manage the verification process in your organisation. Read on to understand the technology behind 2FA.
What is Two-Factor Authentication?
Image source: University of North Carolina Wilmington
Passwords, like humans, are predictable. Therefore, making passwords a vulnerable stand-alone security measure. You need a 2FA system to avoid password-related breaches. 2FA is a security measure that provides an extra layer of protection for your technological systems. With 2FA technology, a user is required to provide two distinct identities in addition to a password before granting access to a digital account, website/network, or device.
2FA, also known as two-factor verification or dual-factor authentication, ensures that your account or device isn’t breached should your password be compromised. It’ll help you verify the identity of login users before granting access.
How 2FA Technology Works
Since the internet invention, passwords have become the simple yet effective way to safeguard technological systems from unwanted entry. But technological growth has also enabled malicious actors to decipher various tried and tested techniques — such as phishing, malware, and brute-force attacks — to infiltrate passwords. The dual-factor authentication system ensures that a user is who they say they are before granting access.
And that’s why the two-factor verification technology requires extra pieces of information, known only to users, to complement passwords before granting access to a network and/or device. The pieces of information are usually information you know, have, or contain. “Information you know” includes PIN codes, passwords, answers to “security questions”, and specific patterns.
“Information you have” includes physical objects, e.g., security tokens — a portable device that electronically verifies the identity of users — ID cards, or your mobile device where you can verify information through authentication apps or SMS codes. “Information you contain” includes advanced biometric verification methods, e.g., fingerprints, facial, and voice recognition scans.
Types of 2FA Systems
The two-factor verification system can be activated through different channels. Listed below are the common forms organisations use:
- SMS 2FA: This authentication factor works with your mobile device. In this method, you’ll receive a text message containing a unique one-time passcode (OTP) before an entry into a network, website, or account is granted. It’s a simple, easy-to-implement, and user-friendly verification method.
- Hardware Authentication: This authentication channel uses hardware devices, such as USB security keys, to generate random token codes for identity verification. Business organisations prefer the hardware authentication system because of its top-notch security.
- Software Authentication: Unlike hardware authentication, a software application (e.g., Google Authenticator) generates random OTP codes for the verification process. Some software authentication applications, e.g., Authy Authenticator, works for mobile devices and computers. In case your mobile device is unavailable, you can also generate the codes with your computer.
- Email 2FA: In this channel, you’ll receive your secret code through your email address to verify your identity. Also, rather than a passcode, a unique link is sent to your email address for identity authentication. Email-based 2FA is a verification process business organisations frequently use to secure online accounts.
- Push Notification 2FA: Mobile devices are used for business communications and transactions. With push-based 2FA, you’ll get notified on your mobile device to approve or deny access to a system or network. It’s a simple, passwordless verification system that grants you a secure and direct connection to your networks and systems.
- Biometric 2FA: It’s an advanced form of authentication where the user is the token. Rather than passcodes and unique links, the biometric scans unique physical traits such as fingerprints, iris/retina, voice, and facial characteristics for verification. It’s used to secure sensitive data. It’s a higher secure form of authentication because of the uniqueness of the traits involved in the verification process.
Benefits of 2FA
The financial implications of data breaches are an enormous setback for organisations. For example, malware attacks — a common password hacking technique — cost organisations 2.6 million dollars on average. In general, data breaches cost organisations 3.9 million dollars on average. In cases of network infiltration, enterprises also risk legal battles, customer dissatisfaction, and reputational damage.
To avoid the muddy waters of data intrusion, you need an effective dual-factor authentication system to safeguard your systems from malicious actors. Listed below are the benefits of the dual-factor authentication system:
1. Security 2.0: Dual-factor authentication enhances your security system. This is important for organisations that use the Bring Your Own Device (BYOD) policy. It’ll help you secure your device and network systems against unauthorised entry.
2. Simplified Login Process: Today, weak passwords are common because of their simplicity. Given the sheer amount of passwords and codes people use to protect their digital systems, it’s understandable that simple, easy-to-remember passwords are the preferred security options. But simplicity also means high predictability, and high predictability means easy hacking.
This is why you need a two-factor verification system. The 2FA will help you simplify your login process. And should you lose your passwords or login credentials, the two-factor verification system will ensure swift and easy password recovery.
3. Regulatory Compliance: Given the prevalence of cyber-related breaches, some regulatory bodies require the installation of verification systems. Especially for organisations that store sensitive personal information. A good example is the Payment Card Industry Security Standards Council (PCI SSC) which mandates dual-factor authentication to protect the personal data of credit card users. Depending on the sector your organisation operates, implementing a dual-factor authentication system ensures compliance with the appropriate regulatory bodies.
Closing Thoughts
Password-related breaches are on the rise. Whether you operate a small or large enterprise, you can’t afford to secure your digital systems with traditional passwords alone. You need an additional security layer — the 2FA. The 2FA will help you implement maximum security. The 2FA will also help you recover your login credentials should you lose them. Without a doubt, the 2FA is the security option your enterprise needs to avoid cyber intrusions.
