Two-Factor Authentication (2FA) protects small businesses from cybercrime by preventing the two most common threats: ransomware and the use of stolen credentials.
Stolen Credentials Are the Leading Small Business Attack Vector
Verizon’s 2022 Data Breach Investigation Report (DBIR) found that more than 80% of web application data breaches were possible thanks to stolen credentials. The percentage is even higher for very small businesses. Of 823 small business incidents, 93% involved compromised credentials. Most of those cyber incidents could have been avoided had the organizations enabled company-wide Two-Factor Authentication on all users.
2FA Is the Number One Way to Stop Credential Theft
Verizon listed Two-Factor Authentication (2FA) as the #1 tip to avoid becoming a cybercrime target. Verizon’s tips are aimed at smaller businesses. But we found that they apply to companies of all sizes. While the tips are insightful in general, especially crucial is the #1 tip that says that to avoid becoming a target of cybercrime, small businesses must use Two-Factor Authentication (2FA) or Multi-Factor Authentication (MFA).
But What Is 2FA Authentication?
Two-Factor Authentication (2FA) adds an extra layer of login security to the username and password combination. It can be a text message with a one-time password or a Mobile Push notification sent to your enrolled mobile device. Learn more about Two-Factor Authentication by reading What Is 2FA?.
How Does 2FA Stop Credential Theft?
2FA does not stop credential theft per se. Hackers can still steal your username and password. But they cannot gain access to your account using just these stolen credentials. When 2FA is enabled, hackers must also break the second authentication step. And compromising a strong second factor is very hard.
In other words, 2FA renders stolen username and password credentials insufficient in the hands of hackers. If you have enabled 2FA on your account, the malicious actor who knows your password can only get past the first authentication step. The second step thwarts them and saves your account from falling into their hands.
How Does 2FA Stop Ransomware?
There are many ways to recover and prevent a ransomware attack. You can and should do much more than just enable 2FA to stop ransomware. But 2FA is still the centerpiece of each organization’s cybersecurity and the main factor in evaluating your security posture. And the reason is simple. It is inevitably connected to how ransomware works.
Ransomware spreads. And most companies still have not entirely adopted the Zero Trust architecture. As a result, ransomware can quickly proliferate once it slips inside your company. Naturally, you need to prepare ransomware mitigation countermeasures. But it is best to stop ransomware before it enters your corporate network. Stolen credentials are a frequent vector of a ransomware attack. Enabling Two-Factor Authentication on all your VPN accounts can help prevent ransomware from ever happening.
Does 2FA Make Passwords Useless?
Passwordless 2FA provides cutting-edge security without passwords. But most Two-Factor Authentication solutions still use the username and password combination as the first step of validating the user’s identity. And that is fine. Just make sure that your users do not reuse or share passwords. You can mandate the use of a password manager and introduce password policies.
Conclusion
With the advent of new hacking techniques and constant changes in the security landscape, two things remain unchanged. The first is that hackers constantly try to break into your accounts. Second, Two-Factor Authentication (2FA) is the best way to stop them. Small businesses do not have the money and resources of large companies. But hackers target them just as much. That is why Two-Factor Authentication (2FA) is an affordable way of securing your company’s resources.
Affordable 2FA for Any Pocket
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