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The Business Benefits of Two-Factor Authentication

by Emma Wilson

No matter what size of your business, data safety is essential. Malware attacks are now projected to cost around $5 trillion in the US alone. And that does not include the severe consequences for your business. 

So, what can you do to protect information? Passwords are no longer enough to protect business data. But there is a simple solution that can improve your business’s data protection significantly: two-factor authentication.

Here are the business benefits of two-factor authentication. 

What Is Two Factor Authentication?

Cybercrime does not look like it is slowing down anytime soon. Even some of the biggest companies in the world have been victims of data breaches, sometimes multiple times. Two-factor authentication (2FA) offers an added layer of security for business data protection.

An employee still enters a username and password, but they cannot gain immediate access. Instead, there is a second stage to confirm identity. Common 2FA steps include:

  • Using a smartphone, token, another email account, or other objects 
  • Entering a pin, another password, or answering questions
  • Biometric pattern, voice recognition, or other advanced identification
  • Location or time factor

If the user can complete the two-factor authentication successfully, they will be granted access to the system. Sometimes systems require even more levels of data safety, so they may rely on two or more credentials for added security. It helps prevent hackers from entering the system, and a user will be notified if there is an attempted breach of the account. 

Business Benefits of 2FA

What 2FA you need depends on your business. There are a variety of options out there to choose from. However, what all types of two-factor authentication have in common is that they reduce the chance of business data being compromised, along with other business benefits. 

Enhanced Security 

The size of your business does not matter, as hackers have various motivations to gain access to your system. There are many ways they can do this, but a standard method is simply guessing passwords. 

Most individuals pick a password that is easy to remember, but often it is a weak password that is easy to guess. Even if a password is not leaked, it is easy for hackers to try common combinations, such as ‘12345’.

Employees can also get confused between their passwords and different accounts or use the same password for all. It means businesses are at more risk nowadays of hackers gaining access to multiple systems. 

However, 2FA enhances security for your business. It is a simple step that gives you peace of mind and reduces the risk of security breaches. It prevents the escalation of any attacks and quickly puts a stop to them altogether. 

Data Protection 

The advancements of technology mean most businesses can store information online. However, it also means sensitive information is also possible to access, such as business data, client information, and other sensitive information. 

Two-factor authentication ensures your data, employee data, and client data are protected. Employees, customers, and clients want to feel secure when dealing with your business, so it is helpful to have evidence that you have safe data protection measures in place. 

Prevent Fraud

Business data breaches also come with the risk of fraud. It can take time even to realize data has been accessed, at which point the damage can already be done.

Fraud impacts your business and customers too, which is why it is essential to prevent it in the first place. Even if you do not have a credit card or other financial information on your systems, any data breach can allow a hacker to begin to profile your customer or business and access the information they need. 

Business Flexibility

A surprising benefit of two-factor authentication is that it improves business flexibility. You are not tied to the office when accessing business data and other essential details to complete work.

In a time where remote working is on the rise, businesses have the opportunity to improve mobility and introduce flexible working. However, for many companies, there is a valid security concern.

Two-factor authentication allows employees to securely access systems, no matter what device they are on. You can also personalize settings to determine what devices, locations, and information can be accessed. There are different authentication systems out there, so you can pick one convenient for your business. 

Save Money

Breaches of business data come with a cost. There is the immediate cost of investigating violations and recovering lost data. However, there is also the cost of your business reputation, which can have a lasting impact. 

As they say, prevention is better than cure. And two-factor authentication is the perfect prevention tool to save money long-term.

You also reduce the costs of IT helpdesk costs. After all, many people also forget their passwords, and password resets can require technical support. Two-factor authentication simplifies resets and reduces technical support costs as a result. 

Increased Productivity

Two-factor authentication also can boost productivity for your business. Employees can focus on their jobs instead of waiting for technical support or spending hours guessing their passwords.

Employees can also immediately update systems and access business data when they need it most. There will be no more delays in communication or issues with accessing essential information for business decisions when needed most. 

Secure Confidence

Employees and customers want to feel secure. Easy access systems and data breaches also damage your business credibility. Employees and customers will respect security protocols, as it benefits everyone involved. 

You are also likely to get more business. Nine out of ten consumers say it is vital they know how secure their information is. If you can evidence robust security protocols such as two-factor authentication, you will provide the confidence they need. 

Invest In Two Factor Authentication

There are many business benefits of two-factor authentication. And now is the time to invest. It is essential to pick a security system that you can depend on. 

Are you ready to secure your business? LogMeOnce is the security system you need to manage online security. Sign up for free to get started.