Login to your account

Username *
Password *
Remember Me

Create an account

Fields marked with an asterisk (*) are required.
Name *
Username *
Password *
Verify password *
Email *
Verify email *
Captcha *
Reload Captcha

Is 2 Factor Authentication Enough?

Written by  Feb 07, 2020

The technology and security controls in every example is different and therefore, the time, effort, and cost required to implement Multi-Factor Authentication will vary greatly.

What’s important is to consider the various environments (e.g., on-premises, cloud, hybrid), determine which applications need Multi-Factor Authentication, and then find the best solution fit to align with existing policies, controls, and security objectives.

Crypto traders will be very familiar with the use of 2 factor authentication as it used by crypto trading platforms globally as a standard requirement, to help to protect your precious crypto trading accounts,

2 Factor Authentication Risks

It’s also important for IT security teams to understand the small, but potentially significant difference between Multi-Factor Authentication and two-factor authentication.

A subset of Multi-Factor Authentication, 2 Factor Authentication requires users to provide a username/password combination and to verify their identity via something they physically possess (e.g. a smartphone). Today, the majority of 2 Factor Authentication solutions work by sending a unique, one-time code to a user’s mobile phone, which has already been confirmed and paired to the user’s account. A good example, is Google Authenticator and Authy, which generate two-step verification codes on mobile phones.

Advertisement

But are two factors enough? The convenience and relative time savings of 2 Factor Authentication is better than nothing, but are they vulnerable? Especially considering that most, if not all breaches today involve an adversary compromising user credentials and using them to gain access to an businesses network and sensitive assets.

Among several large-scale examples of 2 Factor Authentication failing is the Reddit one. Back in June last year, Reddit found that an attacker had compromised several employee accounts through its cloud and source-code hosting providers. At the time, the company had been using basic SMS-based 2 Factor Authentication, whereby users were sent a token via text message that they then entered into the application they were authenticating to. This form of 2 Factor Authentication is simple, cheap, and user-friendly, which is why it’s so popular; however, the downside is that it’s also extremely vulnerable to SMS intercepts, which was the main attack vector used in the Reddit breach.

Also think about

A device-recognition product can help alleviate some of the inherent vulnerabilities of basic 2 Factor Authentication. These solutions work by registering a user ID to an authentication server. The server and client then use the user ID to generate a new token after a specific time frame. When a user attempts to log into an application, the server checks to see if the generated values match; and if they do, the user is granted access.

It's a tough one, while extra factors may not cater to those looking for maximum speed and convenience, it’s hard to argue against the easy to use, but harder to defeat combination, especially compared to the greater hassle and potential damage of a breach.

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

Paul Saunders

Crypto tech journalist, Paul specialises in Crypto news having worked and traded in the field for over 5 years and has previous Blockchain admin roles to his credit. His knowledge and experience in Crypto tech is very important to us and his contribution is invaluable.

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

Follow Us

Advertisement
sme logo

Popular in Security

May 06, 2020

Beginners Guide To Cryptocurrency

Cryptocurrency has been around since 2009 and has grown in popularity ever since. But if you’re a beginner in the cryp...

May 10, 2020

Big dip in Bitcoin, thankfully

As mentioned in my previous diary entries the price was artificially high.

May 14, 2020

Binance 2020 Comprehensive Review

Even if you don't know much about Cryptocurrency trading, there’s a good chance that you’ve heard of Binance. ...

Jun 08, 2020

Tron CEO is to make an exciting announcement today, but what is it?

The CEO/founder of the Tron project, Justin Sun took to Twitter at the end of last month to announce that there will be ...

Jun 22, 2020

Bitcoin price is set to go lower but going up

Analysts and consistently predicting a price vrash for Bitcoin.

May 12, 2020

The Bitcoin halving what happened: Nothing much

What a disappointment that was.

May 12, 2020

Kraken crypto exchange review: Including Crypto 101 by Jesse Powell

Kraken is one of the most respected and recognised crypto-exchange platforms in the crytpo marketplace. ...

Jun 17, 2020

Bitcoin price looking to dip

I've been looking at expected movement in Bitcoin and a big dip down seems to be the popular opinion. ...

May 08, 2020

The miracle of Blockchain

What is a blockchain? and what makes it safe and helpful in managing cryptocurrencies?

May 22, 2020

Can I create my own cryptocurrency? Yes

If you want to create your own cryptocurrency but you don’t have much experience in coding, you might be wondering if ...

Jan 06, 2020

About Us

Peter Flynn   We are a team a small team providing Cryptocurrency news, help and advice we have a passion for learn...

Jan 24, 2020

What is Bitcoin?

Bitcoin is a cryptocurrency created back in 2009. Marketplaces called “bitcoin exchanges” allow people to buy or sel...

May 08, 2020

Monero: Private cryptocurrency of the future

Monero is a cryptocurrency for those who value their financial privacy; besides being private it is also decentralised a...

May 29, 2020

PrimeXBT 2020 Comprehensive Review

As you can see we promote PrimeXBT quite heavily at Crypto Savvy UK and with good reason. It is about time we explained ...

May 24, 2020

Bitcoin is losing ground this weekend

What was expected to be a good weekend for Cryptos and in this case Bitcoin hasn't turned out that way. ...

Jan 06, 2020

Privacy

cryptosavvy.co.uk This Privacy Policy describes how and when Crypto Savvy UK collects, uses and shares your information...