Two-Factor Authentication(2FA): The Importance of Securing Online Accounts

According to Google, two-step verification through SMS text messages can stop 100% of automated attacks, 96% of bulk phishing attacks, and 75% of targeted attacks. Yet, only one in three organizations require 2FA (DCMS Cyber Security Breaches Survey 2022). Cyber threats are becoming more prevalent every day, and it is crucial to protect our online identity. Most people have experienced an alert for a compromised account letting them know they need to change their password. Many of these accounts are compromised because they only have one layer of security when logging in. Online accounts can be secured with minimal effort using 2FA. Read this blog to learn more about 2FA and its practical applications.

The History of Two-Factor Authentication (2FA)

The evolution of 2FA started in the mid 2000s. During this time, businesses realized that passwords alone would not be enough to protect important data and its network infrastructure. Modern 2FA solutions were made possible by innovations like Rivest Shamir Adleman (RSA) security tokens and one-time passwords. The National Institute of Standards and Technology (NIST) Special Publication 800-63 significantly contributed to the formalization of the 2FA framework. Published for the first time in 2006, this document included thorough instructions for putting safe authentication systems in place. The intricacy of 2FA techniques increased through the development of new technology, including hardware tokens like the RSA SecurID, smart cards, and biometrics.

What is 2FA?

Often referred to as two-step verification or authentication, 2FA is a type of multi-factor authentication (MFA). When using 2FA, users must authenticate themselves using two different forms of identification before they can access a system, network, or application. Generally speaking, these identity types can be divided into three groups:

1. Something You Know: Which is usually a password or PIN.

2. Something You Have: Which could be a physical token like a smartphone, smart card, or RSA token.

3. Something You Are: Which involves biometric information like fingerprints, face recognition, or voice recognition.

Several sectors extensively use 2FA to improve security:

• Corporate Companies: It is vital to secure company information. Implementing 2FA in business can prevent data breaches costing a company up to $3 million (IBM). This is commonly done by requiring employees to use mobile authentication programs such as Microsoft Authenticator or Google Authenticator.

• Personal Accounts: Frequently used online sites such as Gmail, Facebook, and Instagram offer 2FA. Typically, this happens through an authentication app or a code texted to the user's phone or email.

• Financial Institutions: Protecting financial information is a necessity. To secure online banking information, customers may receive a one-time password on their mobile device while logging into their mobile banking account

• Government and Military: Your Personal Identity Verification (PIV) card is a safe and dependable method of official identification that complies with Homeland Security Presidential Directive 12 and Federal Information Processing Standards. PIV cards are used by contractors and federal personnel to gain access to systems and facilities.

What’s the Difference Between 2FA and MFA?

People often confuse the terms Two-factor authentication (2FA) with Multi-factor authentication (MFA), so what's the difference? The simple way to think about it is that all 2FA is MFA, but not all MFA is 2FA. MFA refers to any authentication method that requires two or more verification factors to confirm a user’s identity. What's more confusing is that we don't use the terms "3FA" or "4FA" to describe methods using more than two forms of authentication—they're just called MFA. The 2FA categories of Something You Know, Something You Have, and Something You Are stay the same regardless of how many layers you add.

Conclusion

2FA is an important security component in today’s digital era. As technology continues to advance; so does the rise in cybercrime. 2FA provides an extra layer of security on platforms that you use professionally and personally. To minimize the susceptibility of information getting into the wrong hands, you can use: one time passwords, physical tokens, or PIV cards. Use 2FA to secure your digital assets and aid in protecting an organization's critical infrastructure.