Getting Started With Two-Factor Authentication (2FA)
Each year, businesses spend over $15 billion on cyberattack recovery costs. Cyberattacks can be devastating in the short and long term for several reasons, including loss of productivity, decreased revenue and damage to reputation. It is absolutely critical for businesses to not only be aware of the risk factors for and the signs of a cyberattack, but to be proactive in mitigating these threats. User credential compromise is one key attack vector used by threat actors and businesses must guard against this threat. One way to achieve that is with two-factor authentication (2FA), where users are required to provide two different methods of verification, such as a password and an SMS code.
With 2FA, the threat of being hacked can be almost entirely eliminated. But just one-third of organizations use 2FA or have any policies in place. While businesses have been slow to adopt 2FA, consumers’ expectations have risen when it comes to the technology, as almost three-quarters use the technology on a regular basis to protect their personal information. With consumers embracing the added security 2FA provides, why aren’t more businesses making it a core part of their cybersecurity infrastructure? Technology like 2FA is often viewed as too difficult to implement or too time-consuming to manage, so organizations have put this security measure on the back burner.
Below, we’ll discuss the need for 2FA implementation, how businesses can seamlessly integrate the technology, and how 2FA must evolve to keep up with changing cybercriminal tactics.
The Critical Need for 2FA
The need for 2FA crosses industry boundaries. Consider the following: without 2FA,
• Hackers can easily gain access to passwords to a telehealth provider portal, running the risk that patients’ personal data is exposed.
• Troublemakers could hijack remote learning sessions to stream hate speech or offensive and pornographic content.
• eCommerce brands could not fend off the more than 200,000 cyberattacks they experience every month.
At its core, 2FA puts users in control of their information and makes them active participants in maintaining their digital security, eliminating the risk associated with compromised passwords. According to a 2022 Dashlane report, one in five passwords in North America has been compromised. When 2FA is implemented, hacked passwords are useless in the hands of cybercriminals since they do not have access to the second approval method. Companies requiring 2FA demonstrate to their customers that sensitive personal information is worth protecting and can positively affect a brand’s reputation. Conversely, because consumers have become accustomed to 2FA requirements, brands that do not take this extra security step risk losing their customers’ trust.
Integrating 2FA Into Your Platform
For 2FA to work seamlessly for users and companies alike, multiple channels (voice, SMS, social messaging and more) need to be supported. A single additional authorization method can lead to problems down the line. Email accounts, especially those issued by employers, can change. Mobile phones can get lost. Having just one of these contact methods in the system can result in a consumer becoming stuck in an endless authentication doom loop.
For example, the average social media user interacts with seven platforms a month, meaning businesses need to secure their connections with consumers across all the channels they’re on. As a user migrates from one platform to another, users need to know their privacy is still a top priority. The right technology partner can integrate a scalable 2FA strategy across a brand’s omnichannel apps that they already are engaging customers on.
The Evolving State of 2FA
While 2FA is a strong security method, cybercriminals never rest. Today, there are several ways they are working to get around 2FA. One way is through real-time phishing, a method in which attackers send a user a phishing text message that mimics the format and language of a legitimate 2FA SMS alert. Other ways consumers can be duped include malware, SIM-swap phoning fraud and downright notification fatigue.
Security companies continue to create new and better ways to protect consumers against cybercriminals. Despite the existence of 2FA, cyberattacks increased 38% in 2022 from the previous year, driven largely by the spread of new “work from anywhere” environments, which opened new attack targets. Companies need to have a 2FA solution that continuously evolves to ensure they have the latest protections. In order to protect themselves, their employees and their users, businesses are starting to leverage artificial intelligence (AI) and machine learning (ML) to augment human security teams. AI and ML can detect hacker behavior in real-time, using past exploits to anticipate and potentially deflect future attacks.
Cybercriminals are relentless. Luckily, those entrusted to ensure the security of our platforms and personal data are just as determined. These teams will continue to build upon today’s 2FA technologies to minimize potential business disruption, consumer privacy breaches and reputational damages caused by cybercriminals. For the two-thirds of companies that do not currently have 2FA policies in place, there’s no time like today to get started.
