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16 April 2024

3 minutes read time

What is two-factor authentication, and why is it important?

Author

As Chief Information Security Officer at CloudTech24, I lead security strategy, governance and operational delivery. I help our clients’ executive teams make informed decisions about cyber risk. My role involves understanding how a customer’s business actually works, where the real risks sit, and what it takes to reduce them in a way that lasts, using existing capabilities wherever possible.

My background spans hands-on technical delivery and board-level advisory to clients across fintech, financial services, legal and other regulated industries. I also own our ISO 27001 programme and the ISMS behind it. As AI moves into everyday business use, I also ensure that our usage of AI aligns to best practise through governance and policy, and advise leadership and customers on safe adoption, aligning toward emerging standards such as ISO 42001 and the EU AI Act.

Outside of work, I’m a proud dad to two brilliant daughters and a lifelong LEGO enthusiast – if we’ve had a video call, chances are you’ve seen a few of my builds in the background. I’m also a passionate gamer and PC builder, a hobby I picked up in the early 2000s with my dad, who first sparked my interest in computers. Fun fact: back in the day, I was Europe’s #1 ranked Battlefield 1942 player – proof that my competitive streak goes way back!

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Only one in ten people with a Google account use two-factor authentication to protect their data online, yet it could reduce the chances of their account being hacked by 50%.

It might seem like an inconvenience, but this additional layer of security is necessary to stop hackers from accessing your online accounts. In this blog, we delve into how it works and why it’s so important.

What is two-factor authentication?

Two-factor authentication works by piecing together two unrelated pieces of information to confirm your identity.

You’ll be prompted to enter your password when you log in to your account, whether it’s an email account, a bank account, or a device like a phone or iPad. If this is correct, you’ll be asked to provide a second piece of information.  This might be biometric information, such as your fingerprint, or a string of numbers from an authenticator app like Google Authenticator.

2fa image What is two-factor authentication, and why is it important?

Examples of two-factor authentication

There are various types of authentication, but they can all be categorised into three groups:

  • What you know, such as a password or answer to a security question
  • What you have, for example, a piece of hardware like a phone
  • What you are, e.g. biometrics such as facial recognition or a fingerprint

As the name suggests, two-factor authentication asks for two of these things. The most common combination is a password followed by a one-time passcode (OTP) sent via SMS.

Some providers may also give you a piece of hardware, known as a ‘security token’, to use. This works by generating random strings of numbers that you enter when prompted by the device or account you’re attempting to log into. This is common with banks.

Why is two-factor authentication important?

Passwords aren’t enough on their own to protect your online accounts. Adding an additional layer of verification unrelated to your password makes it much harder for a hacker to gain access.

Even if someone got hold of your password, they wouldn’t be able to access your account without having a second form of identification. What’s more, it’s not something they can easily guess or piece together.

And the good news is that 2FA is easy to set up.

How do I set up two-factor authentication?

Two-factor authentication typically resides under ‘security’ in the settings on whatever platform or device you use. For example, you’ll find Gmail’s 2FA settings in your Google account under ‘security’.

auth image 2 What is two-factor authentication, and why is it important?

You can set up 2FA on most devices – a phone, tablet, or computer – as well as your online accounts (email, bank, etc.). You’ll be asked to decide if you want to sign in using 2FA every time or only from a new device or location.

Two-factor authentication – the key takeaway

Two-factor authentication (2FA) is a security measure that requires two forms of identification to protect your online accounts.

This extra layer of security makes it significantly harder for hackers to access your accounts, even if they have your password. Setting up 2FA is simple and can be done on most devices and accounts.

In today’s digital age, it’s crucial you safeguard your accounts, and 2FA is an easy first step.

For more information on cyber security measures, or if you are looking for external support with IT and security, get in touch with us today.

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