Should I Get 2 Factor Authentication or MFA?
The Tips and Tricks
Securing your online accounts today is more critical than ever. One of the most effective ways to enhance your security is through 2 Factor Authentication (2FA) or Multi-Factor Authentication (MFA). This article explores the importance of 2FA/MFA, highlights significant business losses due to the lack of such security measures, and provides practical examples of how to set up and use these authentication methods.
The Importance of 2FA/MFA
2 Factor Authentication (2FA) and Multi-Factor Authentication (MFA) add an extra layer of security by requiring not just a password, but also a second form of verification. This could be something you know (like a password), something you have (like a smartphone or a USB key), or something you are (like a fingerprint).
Business Losses Due to Lack of 2FA/MFA
Many large businesses have suffered significant financial losses due to inadequate security measures. For instance, the 2013 Target data breach, which exposed the personal information of over 40 million customers, resulted in a loss of over $200 million. Similarly, the 2017 Equifax breach, which affected 147 million people, cost the company around $1.4 billion. These incidents highlight the critical need for robust security measures like 2FA/MFA.
How 2FA/MFA Limits Access for Attackers
2FA/MFA drastically reduces the risk of unauthorized access. Even if an attacker manages to obtain your password, they will still need the second factor to gain entry. This additional layer of security can block over 99.9% of account compromise attacks. For example, phishing attacks that trick users into revealing their passwords are rendered ineffective if the attacker cannot also access the second factor.
Setting Up a 2 Factor Authenticator
Setting up 2FA is pretty simple, and we believe that the 2 minute setup time investment is totally worth it to safeguard your data, the process is very simple and here’s a step-by-step example guide to setting up a 2FA authenticator:*
- Download the App: Install (your preferred) Authenticator from the App Store or Google Play.
- Enable 2FA on Your Account: Go to the security settings of the account you want to protect (e.g., Google, Facebook).
- Scan the QR Code: Use the Authenticator app to scan the QR code provided by the account.
- Enter the Code: Enter the six-digit code generated by the app to complete the setup.
Logging In Using 2FA
Once 2FA is set up, logging in is straightforward:
- Enter Your Username and Password.
- Enter the 2FA Code: Open the Authenticator app and enter the six-digit code displayed.
- You’re in! Securely!
Potential Issues with 2FA
Sometimes, 2FA might not work because the authenticator app is out of sync. This can happen if the time on your device is incorrect. Previously, Google Authenticator had a setting to correct this under Settings -> Time correction for codes -> Sync now. However, as of version 7.0, this option has been removed. “The app now relies on your device’s operating system time to ensure the accuracy of the codes. This change aims to simplify the process and reduce potential issues related to time synchronization.” Hence, to fix the issue from now on, you’ll need to fix the time on your mobile device.
Using a Physical USB Key (e.g., YubiKey)
2 Factor Authentication does not have to be limited to mobile phones, a physical USB key, like a YubiKey, can also serve as the second factor. Here are the pros and cons of using a YubiKey:
Pros:
- High Security: Physical keys are resistant to phishing and malware attacks.
- Convenience: Easy to use with a simple tap or insertion into a USB port.
- Durability: No batteries or moving parts, making them long-lasting.
Cons:
- Cost: YubiKeys can be more expensive than other 2FA methods.
- Compatibility: Not all services support physical keys.
- Risk of Loss: If you lose your key, you need a backup method to access your accounts. It is possible to setup several keys as backup measure in case you lose one, however, if all keys are lost or damaged, it might be tricky to get back into your account.
Conclusion
Implementing 2FA or MFA is a crucial step in protecting your online accounts from unauthorized access. By adding an extra layer of security, you can significantly reduce the risk of cyberattacks and safeguard your personal and business information.