YubiKey is a physical device that plugs into a computer or mobile device’s USB port, requiring the user to tap the device to authenticate their identity physically. One solution is to use hardware-based 2FA devices like YubiKey. With such staggering numbers, it’s clear that we need more secure methods to protect our online accounts and sensitive data. In 2022, cybercrime was estimated to cost businesses over $10.5 trillion globally, according to Cybersecurity Ventures. Additionally, TOTP codes can be intercepted if the user’s device is infected with malware, allowing the attacker to steal the code and bypass the 2FA authentication. Similarly, TOTP-based 2FA is vulnerable to phishing attacks that trick users into entering their TOTP code into a fraudulent website. Furthermore, hackers can intercept SMS messages and redirect them to their devices, making SMS-based 2FA vulnerable to interception and SIM-swapping attacks. Attackers often use social engineering tactics, such as phishing emails, to trick users into giving away their passwords or 2FA codes. However, recent statistics suggest that 2FA via SMS and TOTP is no longer sufficient to protect against cyber-attacks.Īccording to Verizon’s 2022 Data Breach Investigations Report, 80% of data breaches involve compromised or weak passwords, and 90% involve phishing attacks. 2FA adds an extra layer of security on top of passwords by requiring a second form of authentication, such as a one-time passcode (OTP) sent via SMS, email, or generated by a Time-Based One-Time Password (TOTP) app. In recent years, two-factor authentication (2FA) has become a widely used security measure to protect sensitive data and online accounts. In this blog post, we will explore the limitations of SMS and Time-Based-One-Time-Password (TOTP) based 2FA, the benefits of using YubiKey, and the cost savings that can be achieved by implementing YubiKey within the security measures of a business. YubiKey offers more robust protection against account takeovers and can also provide cost savings for businesses in the long run. This has led to the rise of hardware-based 2FA devices like YubiKey, from Yubico, which provide a more secure, convenient, and reliable way to authenticate identity. With the increasing sophistication of hackers and the growing frequency of data breaches, traditional Two-factor authentication (2FA) methods like SMS and TOTP are no longer enough to protect online accounts and sensitive data. Cybercrime has become a growing concern for individuals and businesses in today’s digital age.
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