2FA helps protect you from hacking attempts and unauthorised access. You may have already used 2FA for your bank for example where they give you a security token that generates a new code every 60 seconds. 2FA means something you know and something you have.
Much like an ATM card (something you have) and your PIN (something you know).
Two-factor authentication (2FA) is a second layer of security for your Microsoft Office 365 account, where you use both your password AND a generated code only YOU have access to through your mobile phone.
For example, if a hacker tries to open your email through the Office 365 portal, they will need the code only YOU have on your phone.
Recently, there have been numerous cases of emails being compromised and causing a lot of damage. 2FA aims to prevent these sorts of cases.
Have a read of the following article:
Couples Dream Turns to Nightmare as Hackers Steal Funds Meant to Settle their New Home
You will see in the article:
On June 18, a hacker compromised PEXA by getting into their conveyancer’s email account, pressing the ‘forgot password’ button, intercepting the email to create a new password, logging in, and creating a new user.
This resulted in the hacker gaining access to the PEXA account, and transferring a $250,000 deposit for a home to their own account.
This is what 2FA helps protect from. The whole process only take a few minutes to complete.