Still Using Passwords? Think Again.

A report by IBM states that 52% of data breaches were caused by malicious attacks, with the global average total cost of a data breach being around $4.27 million. Hackers have become significantly sophisticated with their phishing techniques, finding their way around the toughest passwords.?

Most users tend to generate easy and memorable passwords such as significant dates, names, or catchphrases. A report by Verizon states that 80% of data breaches have occurred due to reused and repetitive credentials. Premium password-generating tools can crack these passwords in no time, making users’ sensitive information available at the hacker’s fingertips.

Maintaining a good password record can seem tedious, and most users are guilty of reusing the same password over multiple accounts or not changing passwords for a long time.

A 2019 Google study in conjunction with Harris Poll found that 13 per cent of people reuse the same password across all accounts, and a further 52 per cent use the same one for multiple (but not all) online accounts.

Additionally, users opt out of registering on websites with too strict password policies as it can be hard to remember.?

Implementing password-based authentication can also be cumbersome to developers as they are unaware of all the implementation details, making their code bases vulnerable to hackers. This means they might not be fully aware that a slight configuration change within a code can lead to security threats.?

Moreover, to enhance security for password-based logins, they again have to deploy some second-factor authentication method that further increases their development effort and cost.?

The time has come to completely get rid of passwords! And we are seeing a plethora of passwordless solutions coming into the market and companies whole-heartedly adopting them. Recently, we also saw leading industry players like Google, Apple and Microsoft coming together under the umbrella of FIDO Alliance and announcing the launch of a new passwordless method called Passkeys. Since Passkeys have significant advantages over passwords, 2FA and other passwordless methods, FIDO Alliance is expecting Passkeys adoption at the industry level across all major companies and digital products.

However, for Passkey to become a common login phenomenon,? it is noteworthy that not only big companies but even smaller companies and individual developers adopt Passkeys in their websites and mobile apps.?

Having said that, for business owners, it can be challenging to integrate passkeys into their system. Their developers not only have to understand the know-how of Passkeys but also have to do the changes to existing codebase and database to reflect the changes. That's why Trillbit through its Product SoundAuth brought the concept of 'Login as Service'. This gives flexibility to the businesses to focus on their core products, and use SoundAuth for implementing Passkeys at a fraction of cost and time as compared to if they have to build it on their own.

Interested to know how SoundAuth by Trillbit is helping companies implement Passkeys quickly without involving tons of money- visit www.soundauth.com

#fido #passkeys #passwordless #authentication #identitymanagement