Cyberattacks remain one of the most significant threats to business across the globe. With hackers coming up with sophisticated ways of attacking systems, anyone with a smartphone, computer, or internet is a potential target. Sadly, this can also happen in bulk SMS marketing.
According to global reports on cybersecurity, cybercrime costs will grow by 15% annually over the next five years, reaching $10.5 trillion annually by 2025.
These statistics mean that every business or organization needs an extra layer of security to protect their data and processes against attacks.
Two-Factor Authentication, or 2FA, is one of the best ways to verify user identity before processing any information online. With 2FA, users are sent One-Time Passwords (OTPs) for verifications. The OTP is sent chiefly via SMS.
2FA is also used in marketing because of its reliability, affordability, and accessibility.
How Businesses Are Implementing 2FA for Extra Security
Over time, organizations have adopted 2FA to safeguard their processes. Here are three ways your business can also benefit from what they do:
1. Protecting Critical Business Processes
The past two years have seen many businesses go the digital way. This has seen most enterprises automate their internal processes and workflows to enhance efficiency and minimize or reduce human error.
Some of the most critical threats often arise from inside your business. This is mainly due to negligence.
To eliminate these insider threats and safeguard critical processes, your business can introduce 2FA. Adding this additional layer of security can prevent careless mistakes, especially in financial workflows. This way, risks are minimized and costly errors evaded.
2. Identity Verification
Be it customer login or purchase order checkouts, ensuring that only the right person with the proper privileges can access the relevant information is essential.
Although login credentials are often mandatory, a single password is never enough, especially if used on different devices. Most attacks occur due to compromised usernames and passwords.
Using 2FA to send OTPs via SMS should be implemented to authorize a user to complete a process. This also ensures that a record of who accessed what is kept.
3. Securing Payments
This is perhaps the most common use for 2FA security. Banks, mobile payments, and other financial institutions often use 2FA to ensure that only the right person is accessing the financial services.
If you run an ecommerce platform, it is essential to implement 2FA security, not only as a means of protecting your business but also securing payments.
Utilizing tokens that substitute a customer’s sensitive data, such as payment credentials, for randomly generated codes is a good way of fostering better security while customers are completing online purchases.
Why is SMS Popular for 2FA?
SMS has evolved into one of the most trusted tools for sending secure information. This method of communication has various qualities that make it perfect for every business and organization.
SMS is ubiquitous, which means one does not need internet access to use it. Also, customers know how text messaging works, unlike new internet-based messaging applications.
Better yet, SMS is timely. The text messages are delivered within seconds. This, therefore, makes it one of the most reliable channels for communication. Are you looking to implement 2FA in your business processes? Reach out to Celcom Africa today and find out how you can easily automate, secure, and protect your brand today.