Why two-factor authentication Is necessary In 2024

assets/files/images/08_05_24/bigstock-two-factor-authentication-fa-351253646(1).jpg

This article is brought to you by Retail Technology Review: Why two-factor authentication Is necessary In 2024.

As our lives become increasingly intertwined with the online world, protecting our sensitive information has become a paramount concern. One of the most effective tools in your arsenal against the rising tide of cyber threats is the implementation of two-factor authentication (2FA).

Ethan Bennet from Sonin explains why you should use 2FA for all your online accounts and transactions.

What Is The Threat From Cyberattacks?

Ethan explains, ‘The past few years have witnessed a staggering surge in data breaches and cyberattacks, with cybercriminals relentlessly targeting individuals and organisations alike. From large-scale hacks of major corporations to the theft of personal information, the consequences of these malicious activities can be devastating.’ 

Some of the methods they use include:

  • Automated Bots: Cybercriminals use fraudulent online bot services to make automated phone calls and bypass 2FA, targeting multiple countries.
  • Social Engineering: Threat actors often send an email that is meant to look like it comes from a friend, family member, or trusted authority, trying to trick users into handing over credentials and granting organisational access.
  • SIM Hijacking: Hackers can impersonate users and gain control of their phone numbers, allowing them to intercept any 2FA codes sent by text.
  • Inundating Users: Cybercriminals overwhelm users with authentication request alerts, hoping they will eventually approve a fraudulent login attempt.
  • Stealing Credentials: When targeting companies, once they have gained access details from just one employee, attackers can move laterally, stealing even more credentials, compromising servers and endpoints, and downloading sensitive organisational data.

Sensitive data such as login credentials, financial information, and confidential documents have become the prime targets of these digital predators, leaving victims vulnerable to identity theft, financial fraud, and other forms of exploitation.

The Power Of 2FA

Ethan says, ‘By requiring users to verify their identity through multiple methods, such as a password and a one-time code sent to their mobile device or through biometric authentication, 2FA significantly reduces the risk of unauthorised access.’

Even if a cybercriminal obtains a user's login credentials, they would still be unable to access the account without completing the additional verification step.

Ethan’s Tips For Enabling 2FA

To enhance the security of your accounts in 2024, consider the following tips for enabling two-factor authentication:

  • Identify Accounts and Devices: Make a comprehensive list of all your online accounts, including email, social media, banking, and other critical services, and enable 2FA on each one.
  • Utilise Diverse Authentication Methods: Explore the various 2FA options available, such as SMS, authenticator apps, and biometric authentication, and choose the method that best suits your needs and preferences. Ethan says, ‘Authenticator apps and biometric methods are the most secure, so use these if you can.’
  • Regularly Review and Update: Periodically review your 2FA settings and update them as necessary to ensure that your security measures remain effective in the face of evolving threats.
  • Educate Yourself and Others: Spread awareness about the importance of two-factor authentication and encourage your friends, family, and colleagues to adopt this essential security practice.

Add a Comment

No messages on this article yet

Editorial: +44 (0)1892 536363
Publisher: +44 (0)208 440 0372
Subscribe FREE to the weekly E-newsletter