Passwords have been the most common form of authentication for accessing accounts and devices for decades. However, these knowledge-based authentication credentials are among the leading causes of security breaches in this digital age.
The 2020 Verizon Data Breach Investigations Report indicates that compromised and weak passwords have contributed to approximately 81% of hacking-related data breaches in the said year. Hackers have exploited the reuse of passwords by users across multiple platforms and other weak authentication practices to infiltrate accounts and steal data.
Due to the multiple risks present with using passwords, many enterprises replace password-based logins with other modern authentication credentials. Most experts agreed that using passwordless authentication is the next step in digital innovation, with touchless and frictionless solutions ranking among the top ten security megatrends for 2021.
Furthermore, modern authentication credential solutions compliant with FIDO 2.0 standards can help organizations reduce cybersecurity risks. FIDO2 authentication credentials bind the device to a relying party server, providing greater assurance that only that primary device can access a user account.
Aside from reducing cybersecurity risks, passwordless authentication provides organizations more advantages, including minimizing password reset expenses, exercising stringent regulatory compliance, and strengthening brand loyalty. For more information, see this infographic by Ipsidy.