Businesses of all sizes live in the shadow of a cyberattack. Whether it’s targeted at your firm, or you just find yourself to be collateral damage, the threat is ever-present. A single data breach can have devastating consequences, costing businesses millions of dollars in lost revenue, damaging their reputation, costing legal fees, etc.. Your first line of defense? 2FA.

Two-factor authentication (2FA) is the backbone of your cyberdefense

One of the most effective ways to protect your business from cyber attacks is to implement two-factor authentication (2FA). 2FA adds an extra layer of security to your accounts by requiring users to provide two forms of identification (e.g. a password and a one-time code) when logging in.

I know it can make logins a teensy bit more cumbersome, but 2FA dramatically reduces hackers’ ability to gain unauthorized access to your systems.

The cost of a breach

According to a recent study by Ponemon Institute, the average cost of a data breach for businesses is $3.86 million. That’s a massive chunk of change, and it’s only likely to go up as hackers become more sophisticated.

But a data breach costs more than just the money it takes to clean up that breach. You can also take a massive hit to your reputation and potentially lose customers, too. A study by PwC found that 82% of consumers said they would stop doing business with a company if they learned that the company had been hacked.

2FA is the first line of defense

2FA is the simplest, most affordable insurance policy against cyber threats. It adds an extra layer of security to your accounts and helps protect your business from cyber attacks.

There are a number of different 2FA solutions available, so you can choose one that best meets the needs of your business (some popular 2FA solutions include Google Authenticator, Authy, and Duo Security).

A lot of firms use text message-based codes, but SIM swapping has become a popular way to bypass this form of 2FA, so we really recommend using a dedicated service / code generator like Duo Security or Authy. I’ll admit, it is a little less convenient than text messages, but the protection factor is dramatically higher.

Overall, 2FA is a simple, affordable, and effective way to help protect your business from cyber attacks. If you’re not already using 2FA, now is the time to start. It’s one of the easiest investments you can make to protect your business from the ever-growing threat of cybercrime.