Businesses not widely adopting two-factor authentication despite its benefits and efficiency

In the ever-evolving world of technology, security remains a paramount concern for businesses and individuals alike. One solution that has gained significant traction in recent years is Two-Factor Authentication (2FA).

Two-Factor Authentication, a technology that has been in use for over a decade for internet banking transactions, is now finding its way into various aspects of digital life. Its integration with existing smartphones reduces potential training time and capital expenditure costs for the organization, making it an attractive solution for businesses.

The number of mobile phones now exceeds the number of people on the planet, making the 2FA solution readily available at users' fingertips. This technology can be hosted on-premise or in the cloud, giving decision-makers full control and flexibility over the solution.

The benefits of 2FA are evident in its ability to lower the number of cases of identity theft on the Internet and phishing via email. In fact, many breaches could have been averted through the implementation of 2FA.

The increase in remote work has become a concern for Chief Information Officers (CIOs), who are trying to balance security and remote access. Two-Factor Authentication provides a convenient, easy-to-use solution that drastically reduces login time and human error, making it an ideal fit for the remote work environment.

Moreover, 2FA provides assurance to businesses that only authorized users are able to gain access to critical information, helping them maintain compliance with industry regulations such as PCI Data Security Standards, GCSx CoCo, HIPAA, or SOX.

The need for employees to login to systems and business-critical applications remotely is increasing, and passwords, intrinsically flawed, are no longer enough to keep sensitive corporate information secure. Two-Factor Authentication can provide a simple solution to this problem.

Recent research found that almost half of security professionals have suffered a material security breach in the past two years. This statistic underscores the need for businesses to take 2FA technology seriously. Steve Watts, co-founder of SecurEnvoy, states that 2FA is seen by many as the holy grail of authentication.

The use of 2FA has become widespread among consumers for securing private data. Even giants like seven of the ten largest social networking sites have employed 2FA in the past year. Organizations like the Karlsruhe Institute of Technology (KIT) have also implemented 2FA to enhance security, as seen in their recent updates to authentication processes.

In conclusion, the average cost of a data breach is £2.47 million ($3.79 million), making the cost to the business of a data breach increasingly catastrophic. Two-Factor Authentication offers a cost-effective, user-friendly solution to this growing problem, providing businesses with a critical tool in their quest for enhanced digital security.

Businesses not widely adopting two-factor authentication despite its benefits and efficiency