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21 Nov

How Two-Factor Authentication Could Save Your Job (And Your Business)

by Marcus Wale Cyber Security 0 Comments

If you are accountable for the security of your company’s data, we don’t need to remind you of the responsibility resting on your shoulders. Find out how two-factor authentication could save your job (and your business).


The day-to-day can be a familiar scene across many IT departments: restore network outages, fix damaged hardware on a case-by-base basis, explain to Phil in Sales why he shouldn’t have clicked that link again, all the while facing pressure from tightening resources and budget limitations.


The pressure can be immense, especially for smaller organisations where these issues are felt ever more keenly. Some days, it can feel almost impossible to get everything done, never mind managing the rest of the team.


Wouldn’t a company-wide data breach be the icing on the cake?

The future of your business is at risk (and that’s not all)

Earlier this year, Telegraph Technology published an article revealing that “the number of UK businesses that suffered a cyber attack doubled last year, with almost half of firms detecting a breach in 2016, according to an official report”.


It’s easy to think it won’t happen to us, especially if we feel like we’re on top of the department. A simple Google search around today's news that Uber concealed a extensive hack in October last year throws up articles from 2015 and as recently as June 2016 in which Uber discusses "quadrupling its cybersecurity team" and making cybersecurity as "instinctive as breathing" for its staff. Only months later, the data of 57 million customers and drivers would have their personal details stolen. You can never bee too careful.

On the flipside, there’s the tendency not to worry about it until it happens. You’re busy enough with a million-and-one other things to be getting on with, right?


But failing to secure your business against cybercrime—and failing to prepare for the eventuality that you will one day be hacked—leaves your business and your job dangerously exposed.


“The number UK businesses that suffered a cyber attack doubled last year with almost half of firms detecting a breach in 2016.”

If you are accountable for the safety and security of your company’s data, we don’t need to remind you of the responsibility resting on your shoulders. Instead, let’s look at the facts:


  • In 2016, the average cost of a cyberattack was £1,570 for all companies
  • For larger companies, this rose to £19,600
  • Attacks involved malicious software being downloaded onto organisations’ systems, and employees' identities being stolen and used in emails or online
  • The most common incident was fraudulent emails, affecting 72 percent of companies that experienced a problem (you should probably remind Phil to stop clicking those links again, or at least share this article with him)

Read in the context of your business, it is worth asking yourself how your company would fare, in the event of a breach, and how well would they weather the financial and reputational damage associated with it?

The cost of a data breach

PwC, who recently conducted a survey into data protection, warned that “ahead of new regulation coming into force next year it was paramount that businesses prioritise security and privacy.”


You know data protection is a hot topic. There aren’t many industries, sectors, or business types it hasn’t touched. Discounting the cost of damaged stakeholder and public trust, fines in the UK exceeded £3m in 2016, making us “one of the most active regions for regulatory enforcement across Europe”.


“...ahead of new regulation coming into force next year it [is] paramount that businesses prioritise security and privacy.”

On a related note, when a cyber attack does happen, if you haven't taken the appropriate steps to protect against it, it probably won't just be your business at risk.

Why you really need to get two-factor authentication for your business

More specifically, what makes two-factor authentication a bigger priority than any other security measure on your to get/to review/to upgrade list?


At its simplest, because it’s effective, it’s easy to use, and its scalable.


We’re sure you already know how two-factor authentication works. Instead, consider its applications within a business environment, where it becomes an incredibly effective way for an organisation to deter attacks and secure its systems. An attacker simply does not have access to the information or the token needed to hack their way in.


It doesn’t slow down existing processes or restrict movement around your network, so the rest of the company can get on with business as usual. And because it’s scalable, it’s ideal for growing SMEs who are expecting to expand.


Read how we helped a company set up two-step authentication just one week before a network attack.

It’s not a silver bullet...but it is the next best thing

Nobody can guarantee their CEO failsafe cybersecurity. Not two-factor authentication, not your IT services provider, and not you. Technology continues to evolve at a pace for which we both love and resent it. But in today’s digital space, right now, it is one of the single most effective measures you can take to secure your business.


You’ve got enough on your plate without a cyber attack, so do yourself and your company a favour and take the necessary steps to protect your customer data (and your job). New Call-to-action

 

 

 

Marcus Wale

About Author: Marcus Wale

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