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How to Overcome Common Challenges when Implementing 2FA in Your Business

Security

Cyber attacks on user accounts are rising and will not stop soon. Statista estimates that between 2022 and 2027, the cost of cyber attacks will grow 23% annually to $23.84 trillion. 

With innovative ways developed by hackers to bypass security measures, companies must upgrade their security mechanisms to mitigate these losses. A common and easy solution is 2-factor authentication which requires a second step to verify a user’s transactions or identity before processing a request. 

Suppose you plan to implement 2FA for your business; there are some challenges you will encounter in the process, such as the reluctance of employees and the need for more data security knowledge by customers. 

This article looks at some of these challenges and proposes solutions to them. But before looking at the challenges, what are the benefits of 2FA for your business? 

Benefits of 2FA

Benefits of 2FA

Integrating 2FA in your business opens you up to several benefits which help to boost sales. Here are a few benefits. 

Improved security

2-factor authentication gives your business an added cover to existing security architecture. With 2FA, you can protect your customers’ details even if their passwords are compromised. Yes, Phishing, brute force and SIM swaps are some engineering tricks hackers use to bypass 2FA. However, it still offers some degree of security over password-only accounts. 

Using 2FA protects customers from fraud and helps them recover stolen passwords quickly. In addition, activating 2FA on an account informs the user of any unauthorized attempt to access their account. 

Increased trust and credibility 

60% of customers will spend more on a brand they trust to handle their data securely. With improved security comes trust and credibility for your business. Security of accounts is a major problem bedeviling online businesses. Therefore, companies that invest more in security are more likely to draw more customers who are sure of the safety of their accounts.

Cheaper costs 

Companies’ customer support usually faces password hijacking and compromised accounts enquires more than other issues. Using 2FA significantly reduces the cost of setting up a helpdesk or customer support system. The time spent resetting or recovering a stolen password is reduced with 2FA as a security measure. 

Challenges and Solutions for Implementing 2FA for your Business

Solutions for Implementing 2FA for your Business

Like all good things in life, implementing 2FA is problematic. Especially if you are thinking of using it for the first time. We will identify some problems and show you how to deal with them. 

Lack of awareness of data breach

A low level of education about a data breach and its impact on the privacy of user details is a major challenge. Many customers/users don’t know their login details are weak or easily bypassed by cyber criminals. For example, 81% of all data breaches are caused by weak passwords. This figure shows how big the problem is. 

Solution

The solution to this challenge is to raise customer awareness regarding data security. Inform them of the need to strengthen their passwords with alphanumeric characters instead of predictable passwords like pet names or birthdays. You should also tell your customers never to reveal their account details to anyone. 

Until customers understand the importance of data security, implementing 2FA will be a struggle. 

Resistance by employees and customers 

A major challenge experienced by businesses trying to integrate 2FA is resistance to the change in security protocol. Employees see 2FA as too much hassle and are reluctant to comply with its requirements. Some employees ignore 2FA authentication and set weak passwords for Admin accounts. Untrained staff members ignorantly give access to malware by clicking on suspect links. All these actions put the integrity of the whole system at risk. 

Solution 

Continuous and adequate training on the dangers of unsecured networks should be carried out. Educate employees on the social engineering tricks like Phishing and password bypass used by criminals. You must also encourage employees to adopt 2FA on their workstations. 

Type of 2FA method to use

Type of 2FA method to use

There are different 2FA mechanisms you can use for your business. Some common examples are SMS, Voice call, One-Time Passwords, authentication apps, and Email 2FA. Each of these methods has its flaws as well as its strengths. One challenge of SMS and Voice 2FA is SIM swap, which occurs when a user’s SIM details are hijacked and transferred to a new SIM without their consent. 

Considering these challenges, it is no surprise that businesses are faced with the issue of choosing the appropriate method. 

Solution 

The decision of which 2-factor authentication method to use depends largely on the kind of business you operate and the scale of your customer base. Businesses in the Banking, Financial Services, and Insurance sector, like Fintechs, must be careful with their security method. Businesses like this are advised to add biometric authentication as an additional layer to protect customer transactions. 

If you are a small business, SMS 2FA is the cheapest option. Also, if you have customers in different parts of the world, SMS 2FA is great as it can work without Internet access. 

Cost of Implementation 

The potential cost of a data breach makes any spending on 2FA worth it. IBM estimated that a data breach costs an average of $4.35 million globally. Avoiding this kind of loss should be paramount for any smart business. Small businesses usually need help implementing 2FA methods due to the cost implication involved. 

Solution 

For small businesses, SMS 2FA is cheaper and easier to implement. Bigger businesses can adopt an authentication token as part of their security structure. They can use sophisticated multi-factor authentication systems like biometrics. 

Conclusion 

2-factor authentication is a superb solution that protects your business and customers from fraudsters. It creates a secondary level of security which adds to password logins and aids the speedy recovery of a compromised account. If you want to set up 2FA for your business, contact BSG to help you get started. We have ample experience and will help you build the best 2FA system for your business.

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