You are not alone if you dislike using passwords. Passwords are inconvenient, forgettable, and often not the best security solution for most of us.
The best part is that passwords are likely to become obsolete. Passwords will be phased out for a few websites by 2023.
Why are passwords becoming outdated?
Eventually, a password-free future will become a reality. IT managers and security professionals have long sought better password authentication alternatives. Here are some of the reasons why:
Weak Security
Passwords are vulnerable to dictionary attacks, brute-force attacks, and other standard password-hacking techniques. Even if you use good password practices and create super-strong passwords, you could be a victim of a social engineering attack.
You may forget your master password if you utilize a password manager. In such a situation, gaining access to saved passwords can be extremely difficult. The sale of stolen passwords on the dark web demonstrates that passwords are not a secure authentication method.
High Cost
Password creation, entry, and reset all take time. As a result, using passwords as an authentication method costs money. According to a Yubico-sponsored study, an average user spends 10.9 hours per year setting, entering, and resetting passwords. Users might be surprised to learn that password-related activities cost large corporations an average of $5.2 million per year.
Inadequate User Experience
Most of us dislike creating strong passwords, remembering them, and entering them each time we access a device or account. This is why the majority of users despise passwords. Worse, because people must remember passwords, we tend to create weak ones. Utilizing a password manager makes managing passwords easier. However, not everyone wants to use a password manager to manage their passwords.
What Is Replacing Passwords?
If you're thinking about passwordless authentication for your company or just browsing the web and wondering how you will get into your accounts, the following options are becoming more popular.
Authentication with Multiple Factors
To verify your identity, multi-factor authentication (MFA) requires more than one factor or element. Passwords are frequently replaced with PINs or OTPs in the multi-factor authentication method. Other methods include biometrics, codes on authenticator apps, codes in emails, and so on.
With so many passwordless authentication tools available, you can easily implement MFA in your company. MFA can be secure, but you should be aware of MFA fatigue attacks to be on the safe side.
Behavioral recognition
Behavioral recognition takes into account multiple data points to generate a score that determines whether or not to trust a user to grant access to a device/resource. Keystroke dynamics, gait recognition, voice ID, mouse, and touch use characteristics, and location behavior are examples of data collected and analyzed in the behavioral authentication method.
Cards and Pins
Smart cards and pins provide a secure authentication method for creating, storing, and operating cryptographic keys. Smart cards, card readers, and authentication software programs are used in the smart card authentication method.
A smart card stores your public credentials as well as a personal identification number (PIN), which serves as the secret key for authentication. To gain access to a device/resource, you must insert your smart card into the card reader and enter your PIN.
The Advantages of Passwordless Authentication:
The following are the primary advantages of passwordless authentication:
Improved Cybersecurity
Passwordless authentication protects against password-related cyberattacks like brute force and dictionary attacks. Furthermore, passwordless authentication methods are frequently resistant to phishing. This is because users will not send any login credentials to a hacker via email or text. As a result, implementing passwordless authentication can help your company's cybersecurity.
Supply Chain Security Enhancement
Many supply chain attacks make use of stolen credentials and passwords. By removing passwords from your organization, you can guarantee that your digital assets are safe from supply chain attacks.
Cost-cutting measures
Passwordless logins can lower your company's operating costs over time because users don't have to spend time creating, entering, and managing passwords.
What's Next?
Passwordless logins are becoming more popular. Apple, Google, and Microsoft have joined forces to expand support for the FIDO Alliance and World Wide Web Consortium's passwordless sign-in standard.
Humans are the weakest link in cybersecurity. This explains why phishing and social engineering attacks are so effective. Password theft, password cracking, and credential theft can all be reduced by implementing passwordless authentication.
