2-factor authentication benefits - Equilibrium (2024)

FAQs

What are the benefits of 2 factor authentication? ›

2FA is essential to web security because it immediately neutralizes the risks associated with compromised passwords. If a password is hacked, guessed, or even phished, that's no longer enough to give an intruder access: without approval at the second factor, a password alone is useless.

With 2FA in place, the likelihood of unauthorized individuals gaining access to user accounts is significantly reduced. This is particularly crucial for sensitive accounts such as financial or email accounts.

2FA does this by requiring two types of information from the user—a password or personal identification number (PIN), a code sent to the user's smartphone (called a message authentication code), or a fingerprint—before whatever is being secured can be accessed.

Using two knowledge factors like a password and a PIN is two-step authentication. Using two different factors like a password and a one-time passcode sent to a mobile phone via SMS is two-factor authentication.

The Benefits of Two-Factor Authentication

Even if a hacker manages to access the password, it will be impossible to access any account without a pass code. Increase flexibility and productivity – more businesses are embracing mobility because it adds to employee productivity.

2FA, and multi-factor authentication as a whole, is a reliable and effective system for blocking unauthorized access. It still, however, has some downsides. These include: Increased login time – Users must go through an extra step to login into an application, adding time to the login process.

Even if the user doesn't respond to a push login request or doesn't enter a One-Time Password (OTP) when prompted, a hacker still knows they have a working password now; how, because the delay for the denied message takes longer... Most of us know where this is going; the hacker is persistent in their login attempts.

FIDO U2F is the most secure form of 2FA that prevents against password cracking, man-in-the-middle, and phishing attacks. Learn more about FIDO U2F here.

Multi-Factor Authentication: A Step Beyond

2FA uses two items. Multi-factor authentication uses two or more items for authentication. Using a password and an email address, for instance, is always going to be inherently less secure than using a password, email address, and also a physical device.

This means even a stolen password won't be enough for a hacker to gain unauthorized access, as they would also need the secondary authentication details, which can be difficult to obtain. However, while 2FA makes up for the shortcomings of using passwords alone, it isn't completely foolproof.

What is the best two-factor authentication method? ›

Hardware security keys like YubiKey provide the most secure form of two-factor authentication. Unlike SMS or authenticator apps which can be phished, hardware keys offer phishing resistant authentication by requiring physical possession of the key.

Expert-Verified Answer

Two-factor authentication includes methods that use two different forms of identification for security. Examples include fingerprint scan and facial recognition (something you are) and smart cards and PINs (something you have, something you know).

There are several examples of 2FA, but there are two very important examples. One example is sending a code to a user's mobile phone via text message, and this sending code from 2FA must be entered in addition to the password to log in. Another example is using a biometric identifier such as a fingerprint or iris scan.

One of the most common MFA factors that users encounter are one-time passwords (OTP). OTPs are those 4-8 digit codes that you often receive via email, SMS or some sort of mobile app. With OTPs a new code is generated periodically or each time an authentication request is submitted.

MFA increases security for enterprises working with third parties by ensuring that even if third-party credentials are compromised, additional factors are needed for access, reducing the risk of unauthorized entry.

2FA was designed to add an additional layer of security to sensitive information. Primary credentials and passwords are often forgotten or compromised, so 2FA can be used to help ensure that sensitive information is secure. The two pieces of verifiable information requested must be from different categories.

This helps to safeguard against unsolicited access to corporate data. Most banks now have two-factor authentication available. This not only reduces the risk of cyber breaches it also improves the security of customer accounts. As we all know, a breach can be very damaging to reputation and trust.