Two-Factor Authentication: Is It Worth It?

Should Your Business Be Using Two-factor Authentication?

If you currently use email or an online payment app, it is very likely you have come in contact with a two-factor authentication process. But the question still remains: how great has this process been in securing your personal information? Although time-consuming, this process adds a layer of protection to your personal data assets. From that fact alone, we know the security pros of two-factor authentication far outweigh its cons.

Currently, top companies such as Google, Facebook, and Amazon employ a two-factor authentication process to secure their end users. So, why hasn’t your business implemented it yet?

  1. Drastically Reduce Human Error – It is a well-known fact in business circles that employee errors account for over 30% of security breaches. This is due to careless use of company devices both in public and private spaces. Therefore, integrating a two-factor authentication approach in order to access sensitive information can help reduce data breaches from employee error. An example is the use of software or hardware tokens to implement a two-factor authentication process. In this case, hackers or mischievous individuals will need to also have access to these token to be able to inflict any damage.
  2. Enhances Customer Confidence – Before anyone can feel comfortable enough to make use of their personal information on an online platform, they must first feel protected. Integrating a two-factor authentication option in your business’s online platform instills a level of confidence in your customers. Integrating a two-factor authentication option also shows prospective customers that you are serious about safeguarding their data anytime they visit your online store or business.
  3. Reduces Data Theft – Approximately 16 million people lost their data to theft in 2018. This was due to successful hacks on business IT systems and networks. Although a two-factor authentication instills some confidence in customers, it also does the work of actually protecting them from data theft. Taking a look at the business side of things, 65% of businesses that lose customer data go out business due to lawsuits and a lack of trust on the customer’s end. Therefore the added layer of security a two-factor authentication can be the difference between losing your business and achieving set goals.
  4. Increased Productivity – Two-factor authentication allows multiple users to securely log into a shared system/database without any hassle. This is due to the fact that a secure login process blocks most loopholes when staff members login separately. Therefore, more employees can securely login into a database from different locations and devices without the fear of a breach occurring. This, in turn, increases the overall productivity levels of employees.

Empower Your Business with Two-Factor Authentication

Recognizing the importance and advantages of two-factor authentication is the first step to securing business passwords. The second step is actually implementing this process and other cybersecurity measures. If you are interested in assessing the security of your business’s IT systems, contact us at IND Corporation to learn more about how we can help.