Authentication and Security – Why 2FA and Multifactor Authentication Are Important

As more of our lives move online, cybersecurity threats continue to grow both in size and sophistication. A single hack or compromised password could result in dire consequences for both consumers and businesses alike, from lost data and customer trust, lawsuits, fines or reputational damage. Authenitication and security have been one of the most important issues now.

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Implementing an authentication and security system that minimizes cybercriminal risk is paramount for any business or organization, and Two-Factor Authentication (2FA) can provide one effective method of doing just that. It helps safeguard accounts, smartphones and even doors. Identity verification processes that involve two forms of identification for users before accessing something could include entering a password and then having to provide two other forms of verification such as receiving an authentication code sent directly to their phone (called message authentication code), scanning their fingerprint or answering a secret question.

Traditional passwords leave much to be desired when it comes to security, leaving them open to attacks like brute force, dictionary and social engineering techniques that leverage user ignorance of password security measures in emails or phishing scams. Such attacks can lead to stolen passwords, account hacking or even account takeover that drain all funds from victim’s credit cards or banks accounts – according to Kaspersky Lab’s 2021 report there was a 242% increase in remote desktop protocol (RDP) brute force attacks alone on username/password combinations!

Users have increasingly turned to two-factor and multifactor authentication as a defense mechanism against these attacks. When discussing MFA, this refers to any logon verification method that requires more than just using password. Adding more factors can make it harder for fraudsters to compromise accounts.

MFA and 2FA can be implemented through various means, from authenticator apps that generate and display unique tokens upon each login attempt to biometric scans that verify user identities. Many of these methods also integrate seamlessly with identity verification software used by companies for increased protection without forcing users to carry extra tools or download additional apps.

Ultimately, the most effective way to combat this mounting threat is through combining various security measures like passwords and MFA with an identity verification platform that offers passive and active identity data. At Persona, we provide an identity management solution with a secure collection, verification and validation process for an individual’s credentials. Coupled with advanced analytics, this provides a holistic picture of an individual to effectively combat phishing, identity theft and other forms of risk. Contact us now to gain more insight into how we can assist with implementing a more resilient authentication and security system for your organization, we would be more than happy to answer any queries and provide additional details. You may also request a demo of our identity management platform so you can witness for yourself the power of combining these technologies together.