In this busy and fast paced world, finding a way to connect with consumers who are always on the go, can be a challenge. Maintaining information security is the next grueling challenge. Take the case of a consumer who logs in to your website and makes a purchase, after which they enter their payment details as they trust your website. If someone gains access to those details, what would you do next? In all likelihood, you would be helpless at that moment. To avoid such an unfortunate situation, opting for 2FA (2 factor authentication) is the way to go. With two-step verification in place, even if a hacker gets hold of a user’s online account password by exploiting vulnerability such as the Heartbleed bug, they cannot sign in without also having a one-time password, which is sent to the mobile user’s phone via a text message or email address.
Here are some advantages of opting for two factor authentication:
- Lowers the risk of an Internet hacker gaining access to an account, resulting in fewer security breaches
- Reduces total costs of disruption
- It can be advertised to account holders as an additional protection option; having this option available decreases the reputation risk following a security breach
Using key loggers, phishing attack, virus and more it is quite easy to steal the credentials of the users that have logged in. In such a scenario, 2FA has known to be an effective information security solution to prevent such attacks and help to counter hacking attacks and identity theft efficiently.
Some of the major benefits of 2FA include:
1. Better Security
As passwords can be hard to remember, people usually write it down or store it on their systems. This makes it vulnerable to hackers. 2FA effectively helps people in dealing with this vulnerability by providing a unique OTP (one time password) for each transaction or log in attempt made. Two factor authentication ensures a strong line of defense as it doesn’t solely rely on a password.
2. Lower Risks of Data Theft
Identity theft can become a serious issue in the region if security is taken lightly. Through ID theft, a thief can make use of someone else’s name to break into their accounts and can also make huge purchases, after which a sizeable debt is left in the victim’s name.
Two factor authentication is one of the most effective ways of preventing cyber crimes such as identity theft, hacking and phishing. Once the 2FA is activated, the 3D secured payment gateway demands an OTP to complete the given transaction and this unique OTP is sent only to the registered mobile of the user. As, only the user has authority over the device, the risks of hackers using their credit card details are next to minimal.
3. Increased productivity and flexibility
2FA allows varied users to securely log in to or get access into a shared system or even database.
Moreover, users are also known to access the company’s server through their mobiles, USB Tokens, Hard Tokens and more.
With 2FA, several companies are allowing their employees to work remotely. As the staff is able to access systems and critical work on the go, the productivity level is seen to increase significantly. Two factor authentications with SSL VPN is known to be one of the most popular security solutions that are present today.
4. Reducing operational costs
Two factor authentication is also seen helping companies cut down their operational costs. Along with this, reliable information security solution, the workforce can get access to databases, web portals as well as servers securely from their own devices. All they need to do is to enter in the OTP received via SMS on their phones and they are good to go.
Information security is not a luxury but a necessity that you must be willing to invest in for the long run. Identifying and plugging vulnerabilities on a regular basis is an integral part of this. As even the most off-the-record information of your company is at risk, you must make sure you hire only a trusted and renowned information security consultant in or buy two factor authentication solutions from a trusted information security provider.