Two-Factor Authentication: Why Is It Important?

Businesses today face a litany of threats from attackers, both within and outside the organizations. In one fell swoop, what used to take months or years to cripple a business can be done in a matter of minutes or seconds. One of the most crucial and commonplace ways to protect your business’s secrets and preserve your IT infrastructure is incorporating two-factor authentication into how you and your employees access email, data, company websites, and other Internet or cloud-based resources.

What is two-factor authentication?

Two-factor authentication requires two methods of verification to ensure that one compromised passcode does not expose your network to a hacker or other malicious attacker. The first step is always fairly common: providing a username and passcode for the device or to access the necessary files. Next, another factor of authentication is implemented, such as:

Secret question: questions only the user would know, such as where you were born, who your second grade teacher was, or the make and model of your first car.

Verification code: a code sent to your mobile device that you must enter within a specified time period.

Biometrics: in some cases, a fingerprint scan may be necessary.

This second step is crucial to stop someone who may have guessed a username and passcode or obtained it through untoward means from accessing all data available to you. No matter which method you choose to secure your business using two-factor authentication, any method is preferable to no method at all.

Why is two-factor authentication a good idea for my business?

As corporate espionage increases and hackers try to attack IT infrastructure to exploit weak points, two-factor authentication is one of the catch-all safeguards that can stop an attack before it happens. Hackers will log into your system and cripple it or ransom your data for a large payment. Without paying the ransom, your business is effectively stopped dead in its tracks. If you pay it, you still run the risk of the hackers not delivering on their promises.

If a rival business obtains your sensitive information, years of planning may go to waste in a few minutes as your trade secrets, product lines, and plans for future acquisitions or expansions suddenly become de facto public knowledge. There are many software and hardware options available to a business looking to protect its investment and development plans. Not instituting two-factor authentication can cost you quite a bit of money in the short term and millions in the long term.

How can insurance help?

Insurance is here to help ensure your business doesn’t miss a beat, even if the worst happens. Working with our office, we can help you identify the right insurance products for you, from business interruption insurance to cyber insurance and everything in between. Call our office today so we can review your needs and make sure you are covered.