You Are Losing Money by Not Using Two-Factor Authentication | Storm Internet

Every major company, from Twitter to Google, Amazon, and Facebook use two-factor authentication to protect their business. You might have heard many people around you discussing it, and you’ve probably wondered what it does and how can it be of any use for you.

Well, here’s your answer.

What Is Two-Factor Authentication and Why I Need It

Two-factor authentication, also known as 2FA, creates another step in the log-in procedure, making your account more secure. For instance, some companies use SMS as a means of securing your account through 2FA.

More precisely, using 2FA requires having two out of three distinct credentials to be able to access your account. These three credentials are:

• Something that you are, meaning voice print or a fingerprint.
• Something you know – a pattern, a personal identification number of a password
• Something that you have – phone or ATM card.

Something that you know always implies some knowledge factors. If we are talking about password, then it should be a quite lengthy one. When referring to something that you have, people usually mean a token that is device generated, such as the ones used online and the ones used offline.

The offline tokens possess no direct connection to the entity that is requiring the authentication, sharing a secret key instead. The main types of offline token are the one-time passwords, the time-based ones and the sequence based ones.

The online tokens allow you to participate in a response from the server and sign it digitally so that the transaction becomes tamper-proof. It is true that they are still subject to attacks and they also need a live connection to authenticate the possessor, but their benefits are greater than their downsides.

When it comes to the first credential (something that you are), there are some interesting issues we need to address. For instance, although it is a very effective way of authentication, it is also an expensive one. If you think about possibilities, it is far more likely to have your password stolen than your fingerprint. However, issues can appear regarding accuracy. For instance, if you set the scanner to its maximum resolution when your hands are cold, or you have a blister, you might end up in the situation of not being able to authenticate.

Will Two-Factor Authentication Protect Me?

The most important question that probably pops into every person’s mind is whether 2FA will help them. The answer is yes, and furthermore, it also helps you not to lose money. Obviously, nobody can claim that this type of authentication is absolutely secure for all cyber attacks, but the truth remains the same – you are more protected with a 2FA than without one.

Furthermore, using 2FA does indeed complicate the authentication process but after all, it is a matter of patience and truly wishing to have your accounts secured.

The bottom line is that two-authentication factor can be vulnerable to attacks if the hackers manage to gain access to the tokens or the cookies that were placed by the authentication mechanism or if they get the actual physical component of your log-in. And with hackers becoming more and more advanced in their attempts, it is possible that sometime in the future 2FA will not be so sure. But, without a doubt, information specialists will be able to increase the usability and the security of 2FA, making it still the best way to protect yourself from attacks.

For now, though, two-factor authentication is the best way to protect your accounts.

For more information on how Storm Internet can help protect your business on the net, get in touch by clicking here or call us on 0800 817 4727