2-factor authentication becomes mandatory


2-factor authentication becomes mandatory
Cyber attacks have been on the rise for several years, for example, the number of cyber attacks on Swiss companies has increased by 61% between 2021 and 2022.
There are countless methods by which malicious people can gain access to sensitive company or private data, one of which is phishing. In this technique, hackers send fake emails or messages that appear to come from legitimate sources, such as banks or service providers. These deceptive messages trick recipients into providing personal information, such as usernames, passwords, or clicking on links that can install malware on their computers.
Phishing can cause significant damage to businesses, including loss of data, loss of revenue, damage to the company's reputation, and breaches of customer privacy and personal data. Cybercriminals can use the information obtained to carry out other attacks, such as spear-phishing attacks, which are even more targeted and personalised, targeting in particular employees of a company or users of an online service rather than a large population of recipients, as is the case with traditional phishing.

The risks if a person within the company falls into the hacker's trap include:

  • Loss of sensitive data: phishing links can redirect the employee to a malicious website that can compromise sensitive company data, such as login credentials or customer personal data.

  • Security vulnerabilities: phishing links can contain malware that infects company computers and opens backdoors for attackers.

  • Financial costs: a cyber attack can be very costly to a company. Costs can include data recovery costs, financial losses due to fraud and theft, and reputational costs due to a negative image.

  • Loss of productivity: if the attack is severe enough, it can affect business productivity due to downtime or the need to implement additional security measures.

In sum, it is essential for a company to educate and train its employees in IT security practices to reduce the risk of cyber-attacks and to protect the company's assets.

One of the most effective ways to counter this kind of cyber attack is two-factor authentication, also known as 2FA, which is why IMMOMIG SA decided to make this additional security mandatory, to best protect its customers and their data.
Here are some of the advantages of this two-factor authentication system:

  • Enhanced security: two-factor authentication adds an extra layer of security to the authentication process, reducing the risk of hacking and data theft. This protects not only the company, but also the company's customers and partners.

  • Protection of sensitive data: Companies often hold sensitive data, such as personal information, financial data, trade secrets, etc. Double authentication ensures that this data is only accessible to authorised persons.

  • Phishing risk reduction: Phishing attacks are common, and dual authentication can help reduce the risk. Hackers cannot access users' accounts, even if they know their passwords.

  • Better identity and access management: Dual authentication allows organisations to better manage user identities and access, which is especially important in large organisations where many users need to access many systems.

  • Ease of use: Modern dual authentication systems are often very easy to use and do not add much time to the login process. Employees can be trained to use these systems in a matter of minutes.

Finally, the installation of a two-factor authentication system may take a few minutes, but compared to the time and money saved in case of a cyber attack it is clearly worth it.

ICTjournal.ch - Article