If you are a business owner and make a lot of online transactions with your clients, one of your major concerns would be data security. One of the ways to ensure that is through two-factor authentication or 2FA for short. Research shows that this and other measures are quite effective against account hijacking and other malicious internet attacks.
Why Get 2 Factor Authentication
The leading 2FA products, like send OTP, for instance, have been found to benefit both businesses and their customers. We will cover the potential benefits of using two-factor authentication and why you should have it.
The effects of cyberattacks can be very devastating for any business. Statistics show that 60 percent of companies that experience cyberattacks tend to shut down after six months of trying to recover from them.
Note that 43 percent of all cyber-attacks today are aimed at small businesses, which is pretty high and truly alarming. Of the total number of small businesses that do get attacked, only a small percentage can truly say they were effective in preventing them.
Repairing your systems can be very expensive after such a dilemma. On average, businesses may have to spend more than $800,000 just to get their digital assets back to full function and resume normal operations.
Considering all of that, it will be in your best interest to get 2 Factor Authentication systems, like send OTP, today.
How It Benefits Your Business
Businesses that use 2FA can offer their clients a more secure environment. They can assure their clients of fraud prevention, helpdesk cost reduction, internal security, and secure marketing communications.
Benefit #1–Fraud Prevention
One of the biggest benefits that you can get from 2FA is fraud prevention. Adding more layers of authentication makes it more difficult for hackers. Examples of these layers include inheritance, possession (like your mobile phone), and knowledge (e.g. knowing your usernames and passwords).
It will require more resources and effort just to undergo a fraudulent transaction. For instance, when 2FA is enabled with SMS, you need the login credentials of an account and the actual phone of the account owner. This significantly reduces fraud in many ways.
Another option, aside from SMS for 2FA, is inherence. Inherence refers to biometrics that is used to secure an account and its transactions. An example of that is fingerprint authentication on the user’s phone, and in the case of sending OTP the account owner’s voice.
Benefit #2–Reduced Cost for Helpdesk and Support
One of the biggest reasons why customers call your helpdesk number is that they forgot their passwords. Without two-factor authentication, the only available option to recover these passwords is by calling for help. The cost to your business represented in billable man-hours can be very significant.
In this regard, 2FA becomes a self-help tool for your clients. They don’t need to wait in line to talk to one of your support reps, and they can recover their login credentials (or create new ones) on their own in a matter of minutes.
Benefits #3–It Boosts Your Reputation with the Customers
With the world moving into cyberspace for pretty much everything, from groceries to large business transactions, your clients will look forward to the levels of data protection that you can provide.
Most customers don’t really mind if they have to put in additional information if it helps secure their data. In fact, consumers and businesses (for B2B clients) will appreciate it if you can provide that level of security.
Studies show that it is often rewarded by increased client loyalty. With 2FA in place, you gain better customer retention.
Benefit #4–Access Monitoring
This one is a benefit to your clients. Two-factor authentication usually allows your clients to monitor the devices that access their accounts. In some setups, it can also be used to limit the type of networks that can access their data.
This provides a lot of control for you and your customers. For instance, your clients can set up their security options so that only specific devices like laptops, phones, and mobile devices that are connected to their office network can access the accounts.
This provides a level of control that customers can be very comfortable with. If there are any security breaches, then finding where they have occurred is possible.
Benefit #5–Added Convenience
We have passwords for almost anything nowadays. Your customers will be lucky if they only have to remember three distinct and very strong passwords for various online accounts. With 2FA in place, your clients can log into their accounts without having to remember their passwords.
Two-factor authentication benefits you and your customers. It keeps user data more secure, improves trust, and increases customer loyalty. Call today to find out how you can easily set it up in your systems.