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2FA: Why Your Business Needs It

Two-Factor Authentication (2FA) has become an essential in today’s digital age. Relying solely on a single password to protect your online data and accounts is still used by many and becoming increasingly risky as passwords can and will be stolen. It’s not a matter of ‘if,’ it’s ‘when’ and ‘how often.’ By implementing 2FA, you’re reducing the risk of falling victim to cyber-attacks by 99%.

In the first half of 2024, there were 7.78 million reported cyber-attacks on UK businesses. A cyberattack can lead to significant disruptions, including loss of customer and employee trust, decreased productivity, and financial losses. These are consequences no business wants to face.

People often reuse the same password across multiple accounts, making all their accounts vulnerable if one is compromised. Hackers often trick people into giving away their password or sensitive information. And if none of them work, there are billions of credentials for sale online.

  • Reduced risk -> Even if a hacker guesses your password, they will still need to get past the 2FA. Often, a failed 2FA attempt will alert you, drawing your attention to unauthorised access.

  • Flexibility -> Normally, you will be given various options of 2FA, such as codes, authenticator apps, a personal question, and more, allowing you to choose the best method for your security needs.

  • Enhanced security -> This is the obvious benefit. By adding two or three extra layers of security, you’re keeping the door shut to them cyber criminals.

  • Compliance -> In many businesses and frameworks, like SOC 2, 2FA is a standard requirement or recommendation.

Whilst it may be time consuming to set up 2FA, the effort will be worthwhile for the added protection of your accounts and online data. Don’t assume a single password is sufficient in today’s evolving technological landscape. As cybercriminals enhances their skills and methods, it’s crucial to stay ahead by implanting 2FA.

If you would like to discuss 2FA or other cyber solutions further, please don’t hesitate to contact our experts today.

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