Did you know there’s a cyberattack every 39 seconds, and businesses become targets of ransomware attacks every 14 seconds? As a business owner, you could be more concerned about these statistics and take measures to protect your business accounts. 

But relying on a password to secure your accounts isn’t enough anymore. Hackers are getting smarter by the day, and it’s becoming increasingly easy to bypass traditional security measures. That’s why you should consider implementing two-factor authentication (2FA) for all your business accounts.

Keep reading to learn about two 2FA and why you should use it to secure your business accounts.

What Is 2FA, and How Does It Work?

2FA is an authentication method that requires users to provide two pieces of evidence to access their accounts. The primary method is usually a password or a PIN. However, the second element can be a biometric measure (such as fingerprint or facial recognition) or a code generated by an app or a hardware token. There are also text messages and code updates to access an account.

The primary goal of 2FA is to eliminate the problem of stolen passwords, which is the most common reason for data breaches. Even if an attacker gets your password, they can’t log in without the second authentication method.

What Are the Benefits of 2FA?

Implementing 2FA can provide a wide range of benefits for your business, including the following:

Improved Security

2FA provides an additional layer of security, making it harder for attackers to hijack your account. Even if a hacker has your password, they would still need to provide the second factor to access your account. This heightened security decreases the risk of hacking, data breaches, and unauthorized user access to your business accounts. 

Reduced Risk of Identity Theft

Identity theft can lead to severe financial losses and reputational damage. For example, if an attacker were to gain access to your social media accounts, they could spread malicious content or defame your company. 

The efforts you would have to put into social media marketing to restore credibility would be enormous. 2FA reduces such instances by preventing unauthorized users from accessing your accounts.

Customer Confidence

Imagine if customers learned that hackers had compromised your business accounts due to weak security measures. They would get the impression that if you can’t secure your accounts, you won’t be able to protect their data either.

Such news will undo all your investments in performance-based SEO and other marketing efforts. By implementing 2FA, you can show customers that you are serious about security. This impression will boost customer confidence in your brand and encourage them to do business with you.

Peace of Mind

Knowing that your accounts are secured with two-factor authentication can give you confidence and assurance that no one can hack into them easily. As a result, you’ll be able to focus on your business operations without worrying about data breaches or identity theft. For example, you can focus on crafting a better ecommerce business strategy to increase sales instead of worrying about hackers stealing customer information.

The Bottom Line

At a time when cyberattacks are on the rise, implementing two-factor authentication is the least you can do to protect your business accounts. It will minimize threats like identity theft and damaged brand reputation. There is a great deal of time and effort in building the account and it’s best to protect that account. 

Once you’ve secured your business account, you can move on to other things like digital marketing to grow your brand. A reputable digital marketing agency like ThinkBIG Sites can help you make the most of your online presence through SEO, social media marketing, pay-per-click, and more. Check out our digital marketing services to learn how we can help you grow your business.