What is 2FA?

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11 September 2019


Research has shown that 90% of all cyber security data breaches are caused by human error—moreso than advanced malware technology.

n fact, a recent study highlighted that nearly 65% of the companies’ employees have never changed their password.

But it’s not only large companies that suffer— half of all cyber attacks are targeted at small businesses, as they tend to not attribute as much importance to cyber security. It’s clear that for businesses of all sizes, it’s important to use effective preventative measures wherever possible.

Compared to large corporations with plentiful resources at their disposal, what can smaller businesses do? Thankfully, installing procedures such as two-factor authentication (2FA) is free and effective. It hardly affects your workflow and greatly improves your online security.

What is 2FA?

Two-factor authentication is a security process that requires you to provide two different authentication methods when logging into an account or processing a payment.

It adds another layer of security which greatly improves your online presence, as the rudimentary ‘username and password’ can be easily compromised in minutes by cyber criminals. Knowing the password alone, through either phishing or stolen password databases, is not enough for cyber criminals when 2FA is used.

Why is 2FA important?

According to a study by cybersecurity firm Symantec , 80% of all data breaches could be eliminated by the use of 2FA.

Google ran a report on the success of 2FA, stating that SMS codes:

100% of the time prevented automated bots
96% of the time prevented bulk phishing attacks
76% of the time prevented targeted attacks 

The most successful form of 2FA was a security, which prevented 100% of attacks from automated bots, bulk phishing attacks and targeted attacks.

This highlights that even a simple addition of two-factor authorisation has a massive impact on the safety or your business.

What are we doing about it?

Ebury are rolling out mandatory 2FA across the board—to make sure your accounts are as safe as possible. This is all part of our efforts to increase online security awareness and reduce fraud. To find out more, visit our Fraud hub.

If you have any questions about how we’re implementing 2FA, please contact PSD2@ebury.com