Every RIA should have a strong cybersecurity posture to keep cybercriminals from infiltrating their network. One way to do this is by implementing a strict authentication process using two-step or two-factor authentication. These two processes are so similar that many confuse one with the other. Learn the difference between the two and how you can leverage them to safeguard your network.
If you want to improve your RIA’s cybersecurity, you should take a closer look at your authentication process. Two-step and two-factor authentication are two of the most commonly used authentication methods. Many use the terms two-step and two-factor authentication interchangeably, but there are subtle differences between the two.
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Why your RIA should use multi factor authentication tools from Microsoft
A two-step authentication process requires a single-factor login (such as a password or biometric reading) as well as another similar type of login credential that a user must provide. This process typically requires entering a password for the first step and entering another security code for the second step, which may be accomplished by providing a one-time code generated by an authenticator app such as Microsoft Authenticator.
Two-step authentication adds an extra step in the verification process, making it more secure than single-step authentication (i.e., providing only a password). However, if a person or business is hacked, it won’t be enough to stop hackers from accessing whatever they are looking for.
Two-factor authentication, a subset of multifactor authentication, is significantly more secure than two-step authentication. This type of authentication requires two different types of information to authenticate a user’s identity. For example, it could be a combination of a fingerprint or retinal scan as well as a password or passcode. Because of the additional authentication information required, hackers would have great difficulty breaking into a network using a two-factor authentication system.
Which one is better?
Relying on a single-factor authentication process is no longer sufficient to ensure the safety of your network. Securing the authentication process and making it difficult for cybercriminals to access your network should be on top of your priorities.
Muti-factor authentication is probably part of the Microsoft subscription you have in place now. The problem is, many RIAs simply haven’t configured it yet. To take the stress out of securing and protecting your network, call us today for expert cybersecurity advice.
Published with permission from TechAdvisory.org. Source.