“There is no doubt that over time, people are going to rely less and less on passwords. People use the same password on different systems, they write them down, and they just don’t meet the challenge for anything you really want to secure.”
Bill Gates said that in 2004 during a now famous RSA Security keynote presentation—and he has a point.
Constantly evolving consumer markets force businesses away from legacy systems to the modern cloud- and web-based applications. While the option to pursue a passwordless future has been available to enterprises for some time, many are still hesitant to move away from the traditional methods of securing data. Nearly 97% of IT leaders predict barriers to implementing the technology needed for a passwordless future, citing a lack of buy-in, technical expertise, or simply the sense of urgency from business leaders.
To be honest, passwords are a fatally flawed authentication mechanism and are riddled with vulnerabilities, making them the #1 target for cybercriminals. They’re hard to remember, often reused over multiple accounts, and difficult to reset, and even when they are protecting our data, they’re easily compromised.
According to Verizon’s 2022 Data Breach Investigations Report, over 80% of web application breaches were caused by stolen credentials—nearly a 30% increase from 2017.
Most business leaders have implemented multi-factor authentication (MFA) procedures to add an extra layer of security to their data. While it is a significant addition to the primary authentication, MFA is still not without errors.
MFA uses more than one authentication