Why 2FA Is A Must-Have For Business Cybersecurity?

Every business owner knows the rising threat to consumer privacy and why protecting it is paramount. Given the massive data volumes businesses deal with, cybersecurity has become a top concern for every company. From small startups to multinational corporations, no one is immune. More than 50% of cyber attacks lead to company closure. The average cost of data breaches can reach up to millions, which is a hard reality to ignore. Organizations assess their login and verification methods to enhance security and implement two-factor authentication or 2FA. If you seek a comprehensive resource that gives the perfect insight into the concept of 2FA, you are on the right page.

What is 2FA?

2FA, or two-factor authentication, provides an extra security layer for online interactions and goes beyond the conventional use of username and password. Contrary to the single-factor authentication procedure, where users merely have to sign in and enter a password, 2FA mandates that users go through an extra step to access their accounts. This additional step requires an authentication factor, which can be an OTP, a code, or a push notification delivered to the user via text message, voice note, etc. 

Authentication factors

Multiple authentication factors can be used in the 2FA procedure. The most commonly used authentication factors include:

• Knowledge factor- This is something the user knows, e.g., a password or a PIN (personal identification number).

• Possession factor - This is something the user owns, e.g., an ID card, a mobile phone, a security token, a smartphone application, etc., that will help approve authentication requests.

• Biometric factor - Also called the inherence factor, the biometric factor is inherent to the user's physical features. E.g., fingerprints, iris scan, facial recognition, speech patterns, voice recognition, etc.

• Location factor - This refers to the location from which the attempt for authentication is made. This is done by limiting authentication attempts to specific devices within a particular area or tracking the location of the authentication attempt with the help of GPS. 

• Time factor - This limits user access to the system within predetermined time windows.

Primarily, two-factor authentication methods depend on possession, knowledge, and biometric authentication factors. Systems that require higher levels of security use MFA or multi-factor authentication, which requires users to provide additional independent credentials. 

How does two-factor authentication work?

The implementation of two-factor authentication varies from application to application and vendor to vendor. However, the basic 2FA processes consist of the same general steps. They are as follows:

• The user receives a login prompt from the website or application.

• The user enters a username and a password.

• The server of the app or website recognizes the user.

• For processes where passwords are not needed, the website creates a distinct security key for the user. 

• The authentication tool processes the key, and the website’s server validates it.

• The website prompts the user to initiate the next login step. This step can take various forms. However, the user must prove that they possess something unique that anyone else does not own. e.g., credit cards, security tokens, biometric features, smartphones, ID cards, etc. This is the possession or inherence factor.

• The user may have to enter an OTP created in step 4.

• After providing both factors, the user is authenticated and granted access to the website or application.

Why is 2FA required?

Consider two-factor authentication as a digital handshake that requires two distinct forms of verification to ensure it is you trying to gain access to the online realm. Without 2FA, all your business data is vulnerable to cyber threats and breaches. In recent years, Kuwait has seen a surge in companies adopting two-factor authentication methods to secure their digital ecosystem. 

If you want to know  How 2FA (Two-Factor Authentication) Enhances Cybersecurity for Businesses in Kuwait, then read the following:

Data protection

Data protection is the primary concern for all businesses. 2FA acts as a guard to your critical data, protecting it from hackers and any kind of online attack. Malicious actors may try to steal or guess your password through phishing attacks. 2FA provides an additional security layer to data protection methods, making it more challenging for hackers to gain unauthorized access. 

Two-factor authentication is akin to adding two locks on your door, making it more secure against outside threats. Here, even if the cybercriminal manages to steal your password, he cannot log in to your account unless he provides the second authentication factor. For example, if someone manages to know your PIN, he still cannot log in unless he passes the biometric authentication, which requires the fingerprint of the authentic user. Now, this is impossible for the hacker to imitate. Therefore, 2FA has become highly imperative for businesses across all industries. 

Compliance with regulations

2FA ensures compliance with all standard regulations, including HIPAA, GDPR, etc. 2FA ensures legal compliance by requiring any two credentials that constitute the 2FA authentication factors. The regulations of 2FA emphasize stringent security measures for the protection of sensitive data. It also demonstrates an inclination towards robust security practices. The implementation of a two-factor authentication method not only augments your company’s security infrastructure but also helps avoid hefty fines and legal consequences related to non-compliance and data breaches. 

Enhancing user trust

Winning customer trust is one of the main priorities of businesses. Effective implementation of 2FA conveys to your customers that you value their security. This helps build loyalty and confidence among them. They look up to your brand, entrusting it with their sensitive data. The extra layer of security that 2FA provides acts as a shield against hackers. This saves clients from all the hassles associated with account recovery after hacking or identity theft.

Cost-effectiveness

It is financially devastating to recover from a data breach, especially for small and medium-scale businesses that operate with limited funds. Such data breaches cause massive revenue loss and damage to brand image. Moreover, the recovery costs are exorbitant. The successful implementation of 2FA is a cost-effective method that drastically reduces any chances of a data breach, potentially safeguarding companies from suffering massive losses, recovery expenses, and legal charges. 

Easy access and implementation

Modern two-factor authentication solutions are easy to install and implement. Options such as authentication apps, SMS codes, hardware tokens, biometric scans, etc., facilitate easy implementation of these solutions. Popular 2FA service providers like eMudhra offer premium 2FA solutions with quick implementation facilities and continuous technical support making the solution easily accessible and understandable. Such a combination of accessibility and ease facilitates both organizations and users to quickly augment their security with full convenience. 

Best 2FA security practices 

If you want to bolster the cyber defense of your organization then follow these best security practices for 2FA!

1. 1. Mandate 2FA for all user accounts

The most important 2FA security best practice is the full deployment of 2FA for all users across the organization without any exceptions. Although it may sound naive, not turning on 2FA for all user groups and departments can lead to poor protection against data breaches and cyber-attacks. If there is part deployment of 2FA, then there are chances that a hacker can gain unauthorized access to the corporate network. So, ensure full 2FA implementation in your company for complete protection against cyber crimes.

1. 2. All users must authenticate using WebAuthn/ U2F security key  or authentication apps

All modern and sophisticated 2FA solutions are flexible enough to allow users to select their preferred authentication method for login. As the security largely depends on the type of authentication method selected, it is recommended to mandate the use of WebAuthn/ U2F security key or authentication apps for the most secure 2FA authentication.

• WebAuthn/ U2F security key 

WebAuthn/ U2F security keys are small portable devices that plug into your computer’s USB port. They serve as a highly secure, phishing-resistant, second authentication layer. Instead of depending on easily compromised codes or potentially vulnerable passwords, these keys provide a robust defense against all kinds of cyber attacks. The only downside to this security mechanism is that it comes with a financial cost, i.e., each user requires their own dedicated security key, which can be an added expense for the company.

• Authenticator app MFA

The cost-effective alternative to security keys is the authentication app. Users can sign in to their accounts using an authentication app that they can install on their mobile phones to unlock their preferred authentication methods. The user can verify their identity quickly and with ease. Selecting the right authentication method is a significant security 2FA best practice.

1. 3. Users must enable biometric lock on their authenticator apps

Ask your users to enable the biometric lock feature on the authenticator apps installed on their mobile phones. This biometric lock will add an extra security layer, leading to more advanced 2FA security. Once the biometric lock is enabled, users can scan their biometrics like faces, eyes, or fingerprints before seeing the passcode. This step is an excellent way to combat cyber criminals and hackers from logging into the system even after getting illicit access to the user’s phone.

1. 4. Use adaptive MFA policies

While 2FA undeniably amplifies security by adding an extra layer to user logins, its modern implementation transcends a “one size fits all” approach. A robust and dynamic two-factor authentication system must include the varied needs of different users and applications within an enterprise. This mandates granular control over authentication methods, allowing administrators to define custom access policies for each application, considering factors such as IP addresses, user roles, and device trust. This kind of flexibility enhances security and improves user experience while simplifying 2FA management, making it a pivotal element of any effective cybersecurity strategy.

1. 5. Combine 2FA with zero trust

2FA is only part of Identity and Access Management in an enterprise. A company can benefit from 2FA only by combining it with good cybersecurity principles and practices. One such example is combining adaptive two-factor authentication with the zero-trust security architecture based on the belief that one should never trust any user, application, or device unless authentication methods verify it.

1. 6. Combine 2FA with SSO

Couple your 2FA with Single Sign-On or SSO to streamline user experience in your organization. As it is inconvenient for users to enter their password every time they want to sign in, SSO allows them to enter it only once, even when connecting with multiple cloud applications. 

1. 7. Mandate the use of strong passwords

As passwords make up the first step of most 2FA methods, it is essential to set up strong passwords for added security. Here are some best practices that you should follow while creating passwords:

• Passwords should be at least 8 characters long.

• They should contain one lower-case and one upper-case letter, number, or special character.

• They should never be reused.

• The use of compromised and commonly used passwords should be prohibited. 

• Administrators should restrict the number of failed password attempts before account lockdown.

Bottomline

With the continuous evolution in the cybersecurity space, the need to protect the digital ecosystem of any organization is imperative. This has made 2FA a norm in most countries, including Kuwait, where we can see its prevalence in almost all sectors, including e-commerce, legal, fintech, banking, government services, etc. Today, there is a greater need to safeguard critical information from cyber fraud and malicious actors. 

If you are looking for the best two-factor authentication solutions in Kuwait, look no further! eMudhra offers the best 2FA solutions, shielding your digital space like a virtual warrior. We offer customized solutions that align with the needs of each business while ensuring regulatory compliance. If you are looking forward to implementing a tough 2FA cybersecurity strategy, discuss your requirements with our team and get a customized action plan to take your digital security to the next level!