Two Factor Authentication: Everything You Need to Know

Saturday 14th September sees the introduction of new EU-enforced security regulations in a bid to tackle online fraudulent activity. The latest release comes in the form of a Two Factor Authentication process which will require users to complete an additional step to verify their account before being able to access their data.

In order to keep you well informed on this important security change, we’ve put together a helpful guide detailing what you’ll need to know.

What is Two Factor Authentication?

Two Factor Authentication (2FA) is a security process in which the user provides two separate authentication factors in order to verify themselves and protect their important credentials and resources. To this end, it provides a greater level of assurance than other more traditional authentication methods which often rely solely on a password.

2FA will request users to provide a login credential as well as a second factor, which can commonly include SMS, email or app-based authentication methods.

So Why is Two Factor Authentication So Important?

With the evolution of cybercrime comes the growing need to enhance the capabilities of online security. More and more companies are being left to find that their old security systems can no longer match the intelligence of modern threats and attacks. Sometimes it can even be a simple human error that has left them exposed.

It is not just user trust that can be damaged, however. All manner of organisations, from small start-ups to globally-renowned firms, can suffer crippling financial and reputational loss. So here’s what makes 2FA such an important protective measure:

Improved security: By requiring a second form of identification, 2FA decreases the probability that an attacker can impersonate a user and gain access to computers, accounts or other sensitive resources. Even if an online criminal has the ability to access your password, he will not have the second element required to authenticate.

Increased productivity and flexibility: Enterprises are embracing mobility as it can foster notably higher levels of productivity. Mobile 2FA allows employees to securely access corporate applications, data, documents, and back-office systems from any device or location-without putting the corporate network and sensitive information at risk.

Reduced fraud and enhanced online relationships: Fraud in all its guises has a direct impact on the bottom line. To make matters worse, it can result in a severe loss of trust, credibility and brand equity, and destroy a customer relationship. 2FA provides the user with an added layer of mobile protection which helps to secure the site, the transaction and customer alike. Moreover, by creating a secure brand experience, businesses increase their opportunity to create ongoing interactions with customers.

What Additional Steps Can You Take to Avoid Disruption to Your Business?

At Joblogic, we are committed to guaranteeing the safety of our valued clients and their data. With the introduction of 2FA, we are now seeking ways to create minimal disruption to customers by streamlining their future payment procedures. In order to ensure that your business uses the most suitable payment option, please contact sales@joblogic.com.