With the realisation that passwords alone are inadequate for safeguarding user accounts in the current technical landscape, the need for Two-Factor Authentication (2FA) also known as Multi-Factor Authentication (MFA) has grown among companies, governments, and the public. Reaching an all-time high, the cost of a data breach averaged $4.35 million in 2022 according to IBMs research. 2FA significantly mitigates the risk of these cybersecurity threats:
Stolen Passwords: Passwords are commonly stolen and traded on the dark web – either through re-use (credential stuffing) making them easy to guess or through a 3rd party data breach
Phishing Attempts: Hackers often send emails containing links to malicious websites, which can infect a user’s computer or trick them into revealing their password.
Social Engineering: Hackers may manipulate users into revealing their passwords by posing as an IT professional, for example, to gain their trust.
Brute-Force Attacks: In a brute-force attack, a hacker randomly generates passwords until they find the right one. They start with readily available lists of thousands of the most commonly used passwords first.
Key Logging: Even if a user follows good password practices, hackers can use malware to track and copy a user’s password as they type.
How does 2FA for business work?
Different 2FA methods use varying processes, but they all rely on the same underlying workflow. Typically, a 2FA transaction happens like this:
- The user logs in to the website or service with their username and password.
- An authentication server validates the password, and if correct, the user becomes eligible for the second factor.
- The authentication server requests a unique code from the user’s second-factor device (this is also commonly a more convenient push notification for our DUO customers).
- The user verifies their identity by providing the code (or approving the push notification) from their second-factor device.
What are the benefits of using 2FA for business?
Using 2FA for business is not just about protecting your own business – it’s about protecting your customers too. By implementing 2FA, you’ll enhance customer trust by providing an extra layer of protection to their personal information. And with reduced operating costs associated with data breaches, you’ll have more resources to invest back into your business.
The benefits don’t stop there – DUO’s 2FA service allows organisations to protect and log access to dozens of different IT services (both cloud and on-premises) all from a single, convenient account. This means increased productivity and flexibility, without sacrificing security. In fact, the number of 2FA authentications using DUO rose by an impressive 38% in the past year alone. More and more businesses are realising the benefits of 2FA and making the switch to protect their assets, customers, and reputation from cyber threats.
There are usually free options so everyone should have it, but we do also partner with DUO to offer our business clients a more comprehensive way to protect their networks from potential security breaches. By investing in DUO 2FA, businesses can protect their assets, customers, and reputation from cyber threats while reducing operating costs associated with data breaches. Contact us today to see how we can help your business enhance its security which will make sure that your business stays safe.
