Many organizations are changing their user authentication mechanisms due to new technologies and standards. Organizations are developing user authentication methods that do away with the use of passwords, which have long been the biggest cause for cyber vulnerability.
According to Verizon, compromised passwords are responsible for 81 percent of hacking-related breaches. Despite this, weak passwords still exist and phishing attacks are still successful. According to Verizon research, 83 percent of firms faced a successful email-based phishing assault in 2021, up from 57 percent in 2020.
Also Read: Organizations are Struggling to Manage Their Cyber Assets
Ditching the password
As a result of this, several prominent security vendors and start-ups have pushed passwordless authentication as the better solution. However, simply making the technology available — and demonstrating that it works — will not suffice. Companies are now attempting to eliminate the password altogether. Security experts now believe that the technology to go passwordless for corporations and individuals is ready for prime time. It will be a no-brainer for regulators to outright ban passwords if they are confident that alternatives are ready and that the other options prove to be a far better security solution than what we now have.
Passwords are abundantly available on the dark web and drive huge profits for operators there. They’ve aided in the development of the cybercrime ecosystem. Rotating or changing them is yet another hassle. Security experts believe that businesses will eventually opt for passwordless access with all of these concerns. Passwords will likely be phased away over time when scalable passwordless authentication systems such as HYPR become available.
Also Read: How Businesses Can Improve Their Fraud Program
Despite all of the known problems connected with passwords, companies continue to use them because the initial costs are thought to be lower by most enterprises. However, new, safe passwordless solutions will be quickly adopted as buyers of these systems get more comfortable with total prices and commercial benefits with less customer friction.
Next-generation of authentication is still emerging
Almost every other kind of more vigorous verification, such as biometrics, require the use of hardware (most biometrics, for example) or the carrying of an additional device, as tokens do. Alternatively, they necessitate universal standards agreements, which are still in their infancy. The lack of other options is driving most firms to attempt to minimize the most serious threats to password-based system security through security awareness and education.
Another option has been to add back-end anomaly and fraud detection that identifies things such as a user logging in from a new piece of hardware or an unfamiliar IP address.
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