Why invest in 2FA? The answer involves driving business, gaining market share, enhancing efficiency, improving customer confidence, and adding greater security to your business, your business’s data, and personal data.

A recent article in Security Intelligence painted a picture as to the amount that a single data breach can cost, and those numbers are staggering. In 2015, IBM and Ponemon Institute released a study that analyzed the global impact of data loss. In short, a single data breach rose from the 2014 cost of $3.52 million, to $3.79 million in 2016, which alone is staggering. For small- and medium-sized businesses, the outlook is even worse. According to the report, the cost per single record rose also. In 2014, the cost of a single breached record was $145; in 2015, that cost rose to $154. That information is helpful for small- and medium-sized businesses because you are likely not looking at millions of customer files, yet, the cost for you is real, and the risk is likely greater. This is why 2FA is important to companies of all sizes. Here is a more detailed look at how small- and medium-sized companies benefit from 2FA.

Hackers Are Smart, and Technology Evolves Quickly

• Software Designed to Steal Information — 2FA defeats software designed to guess passwords. From malware to viruses that work to gain access and steal information, to encryption decoders that allow hackers to gain access, data is always at risk. However, a 2FA security layer helps remove the threat from all of these types of intrusions.
• Stops Phishing Attempts — 2FA removes the threat of phishing when data is gained from secondary sources. Without the second part of the access key, phishing becomes useless. With high-grade technology such as short duration passwords and physical safeguards, data remains safe. An example is a debit card from your bank; to use it, you must have both the card and the PIN code. Without one of these, access is denied.
• Enables Mobile Secure Access — 2FA increases data protection and allows businesses to gain efficiency, access and added security. Being able to access information from any internet connection is a key part of doing business in the modern world. However, that ability also gives hackers and malware more opportunity. A 2FA system that utilizes a micro-lifecycle password — one that has a lifespan of a minute or less — enables you to go mobile without the risk. You gain access by receiving a text to an authorized number with a passcode that lasts only 60 seconds; failure to have that code or use it in 60 seconds means you are denied access. Micro-lifecycle passwords prevent phishing, malware and hacker attacks. Like the debit card example, if you don’t have all of the required pieces, you are not able to enter.
• Marketable Features — 2FA eases customer concerns over personal data loss. That fact is marketable. Being able to offer customers a secure way to store personal data is one way to gain market share. Being able to show customers how this security system works helps you outperform your competition. You can do all of this without jeopardizing your business’s security. Again, without all of the necessary pieces, both physical and numerical, access is denied.

ECW is a company that helps bring small- and medium-sized businesses into the global marketplace by enabling them to do business securely. {company} is the trusted choice when it comes to staying ahead of the latest information technology tips, tricks and news. Contact us at {phone} or send us an email at {email} for more information.