There has recently been an increase in cyber-crime in UK businesses. A company in Hertfordshire lost £1.4 million in just two weeks after the hackers changed all their account details on their statements and invoices minutes after hacking into their systems.

This is why two-factor authentication is vital. Xero has two-factor authentication that is easy to turn-on and may end up saving your business millions.

Our tips to help prevent cyber crime

Use multi-factor authentication

Multi-factor authentication (MFA) adds an additional way of checking that it’s really you when you log in. It combines something you know (your username and password) with something you have (an authentication app on your smartphone or tablet). This second layer of security (two-factor authentication) is designed to prevent anyone but you from accessing your account, even if they know your password.

Use strong passwords

Don’t repeat your passwords on different sites and change your passwords regularly. Make them complex. That means using a combination of at least 10 letters, numbers, and symbols.

Keep your software updated

This is especially important with your operating systems and internet security software. Cybercriminals frequently use known exploits, or flaws, in your software to gain access to your system. Patching those exploits and flaws can make it less likely that you’ll become a cyberthreat target.

Strengthen your security on Wi-Fi

It’s a good idea to start with a strong encryption password as well as a virtual private network (VPN) when using public Wi-Fi. This way, if cybercriminals do manage to hack your communication line, they won’t intercept anything but encrypted data. Two-factor authentication is also vital to keeping data safe on WiFi.

Keep up to date on major security breaches

If you do business with an online retailer or have an account on a website that’s been impacted by a security breach, find out what information the cybercriminals accessed and change your password immediately.

If you want to avoid potentially losing £1.4 million from your business, and why two-factor authentication is vital, get in touch today.