The two-factor authentication (2FA) has a clear purpose: to reinforce the security of your accounts by requiring a second verification in addition to the password.
This verification can come in the form of a code from an app such as Google Authenticator, a physical key such as Yubico, an SMS, an email or even a fingerprint..
In a digital environment where threats are increasing daily, MasterBase® applies and actively promotes two-factor authentication. as a key measure to protect both its customers and users.
You can review more details in our article “MasterBase® strengthens access security with two-step verification”to learn more about how our 2FA/MFA system works.
But what does this look like in real life?
Here we outline specific cases of companies using this mechanism and the benefits they have seen from implementing it, as well as cases of other organizations that unfortunately had to face the consequences of not having implemented 2FA in time.
The importance of adopting 2FA today
Two-step authentication is now a necessity, not a luxury. Cyber attacks are constantly evolving and are increasingly focused on taking advantage of users' naivety or lack of attention.
Companies such as Google, Dropbox and Bank of America have already demonstrated the benefits of its implementation, while Twitter, Colonial Pipeline and CNA Financial Corporation suffered the consequences of not having 2FA in place at the time.
Implementing 2FA helps minimize the risk of your accounts being breached, as attackers will need not only your password, but also access to the second factor, which is usually on your personal device.
This is crucial for both businesses and users, who are increasingly facing online threats.
Each time a user logs in, they must confirm their identity with a second layer of authentication, which ensures an extra level of protection.
Real cases of companies that did not implement 2FA and their consequences
- Twitter (2020)
In July 2020, Twitter suffered a massive attack in which several high-profile accounts (including those of Elon Musk, Barack Obama and companies such as Apple) were hacked to promote a cryptocurrency scam.
It was revealed that the attackers gained access to the accounts by taking advantage of internal tools and the lack of multi-factor verification in some cases.
ConsequenceIn addition to the financial loss and exposure of high-profile accounts, the attack severely damaged Twitter's reputation. The company was forced to review its security policies and has since stepped up two-step authentication measures to prevent future incidents of this magnitude.
- Colonial Pipeline (2021)
In May 2021, Colonial Pipeline, one of the largest oil and gas companies in the U.S., was the victim of a ransomware cyberattack.
The attackers gained access to the system with a vulnerable password and without two-step authentication, which allowed the hackers to crash the systems and disrupt the fuel supply.
ConsequenceThe attack had a massive impact, not only for the company, but also for the country, as it caused a temporary fuel shortage. Colonial Pipeline had to pay a ransom of $$4.4 million to regain access, and the incident led to a reform of its security policies, which ultimately resulted in the implementation of 2FA.
At MasterBase®, safety is part of our DNA.
At MasterBase®, The safety of the users is at the center of everything.
For this reason we have integrated two-step verification in all our accesses. and encourage their adoption among our customers.
Each login requires a additional confirmation of identity, This ensures that information and accounts are always protected.
Our mission is clear: protect productivity without sacrificing trust, building a safer digital environment for all.
