The curse of increasing identity theft is not sparing anyone - whether it is big companies, banks, government and financial organizations or small and medium firms. If we consider compound figures, identity theft comes out as one of the largest risks and threats in the fast growing cyber world. If not prohibited and cramped on time, identity theft will be inflicting further chaos that it already has.
SMS two factor authentication is a popular technique as it works with a user’s mobile device – something they always include. In general, a user gets a randomly created four or six-digit one-time PIN (OTP), which they afterwards enter on the web page they are attempting to access. On the other hand, SMS does not depend on having access to the internet, and works on any device and in any language. It is also very simple to work out your SMS budget with something like MSG91’s bulk SMS pricing estimator.
Small and medium sized businesses, which generally do not take much notice of cyber security under the supposition that their files are not key targets of hackers and actually at big risk of malicious cyber attacks. There are different reasons for this. Initially, SMBs in general have lower budgets for cyber security and lack unique workers to protect information. Their files or databases offer gateways to hackers to get quick and simple access to bigger and more expensive databases of vendors, users, partners, customers, etc.
It is therefore becoming important for small to medium-sized businesses to adopt two-factor authentication to decrease risk of cyber security attacks. The technology used by 2FA is economical and affordable and thus within the reach of SMBs. In addition, the volatility of the system ensures that hackers are not able to get into databases where two-factor authentication is definitely set up.