What is Two-Factor Authentication? Is it really that important?

The majority of services and systems that we use on a day-to-day basis only require a username and password for access. These act as a digital key that allows a user to identify themselves in the system and access sensitive information. With security breaches, digital crime, internet fraud, unsafe digital behaviours like weak passwords, or worse, using the same password for multiple services there is a real need for two-factor authentication methods.

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What does cyber insurance cover?

Username and password protection alone may not be enough to protect your most valuable information. Inadequate security puts you at risk of unauthorized use of your personal accounts, fraudulent transactions or unauthorised access to bank account information.

How does it work?

Two-factor authentication (2FA), requires two steps in the verification process, making the act of stealing your information twice as difficult. The basic principles of 2FA involves three ways of identifying and authenticating. These are: something you know, something you have, and something you are. Something you know could be a username and password, something you have is a possession, and something you are, it can be facial recognition, a fingerprint or an eye scan.

Benefits of 2FA

  • 2FA is much safer than passwords alone. Many attacks that were made public last year might not have happened had two-factor authentication been implemented
  • This system is not infallible, but it guarantees that the attackers will have to work much harder to access your information
  • If an attacker does obtain our security details, they can only gain access at that specific time since they cannot generate an OTP for that session
  • With two-factor authentication, if a hacker gains access to our information, they only have access at that point in time, since they cannot generate an OTP valid for that session

  • 2FA promotes consumer confidence in online brands. Strong security measures are essential for e-commerce sites. Consumers need to know they can trust the protocols of sites like eBay and PayPal

Privacy is increasingly becoming a problem as technology grows, so take the time to protect yourself, your staff and your company from cyber-attacks by implementing this simple security change.

Need more information?

For more information, Click Contact Us, or call us on +61 7 3124 6059 and speak to a Davichi Representative Today!

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