World Password Day 2022
World Password Day will be observed on May 5 this year - but isn't it past time to rebrand it? We now have the capability to eliminate the need for passwords in favour of more secure and convenient means of authentication.
Although passwords have been in some form or another for centuries and in the computing world since the early 1960s, they are not the most secure option for today's digital environment. We know that billions of passwords have been exposed as a result of data breaches, demonstrating the critical need for organisations to implement a solution that ensures optimum security for both employees and customers. Unfortunately, user-generated passwords remain a significant impediment to this goal, with illegitimate credentials accounting for 61% of data breaches.
The advantages of lowering, and eventually removing, passwords
Many individuals are accustomed to using passwords, and it will take time for them to adjust to the concept of a genuinely passwordless world. However, there are a variety of reasons for a business to discontinue utilising passwords. Several of the advantages include the following:
Reduce the likelihood of a breach: Passwords are one of the simplest and most frequently exploited attack vectors by bad actors.
Avoid the domino effect: Because many consumers repeat passwords, a business will be less exposed if it shares a client with another hacked organisation.
Eliminate concerns about storage: Without passwords, no database is vulnerable to compromise.
Reduce identity theft: Currently, one in every 10 Americans is a victim.
Improve customer and employee experiences: It's more efficient when users are not required to remember a password.
Without passwords, data breaches are significantly less likely because they are the simplest way for an attacker to get access to a network or compromise an account. If attackers gain sufficient access to a user account, they can view and reveal sensitive data. Identity theft is also less likely because stealing a physical device or intercepting a one-time passcode or biometric data needs significantly more effort. Password management is a low-effort activity that fraudsters love.
Future of Passwords
While passwords can pose security issues, it will be some time before they become truly relics of the past, much like cassette tapes and floppy discs. Passwords have been used with computers for approximately 60 years, so change will take time.
Meanwhile, IT administrators can continue their hunt for passwordless authentication that maximises security while minimising user friction. They can use concepts such as authentication and risk to assist their firms in resolving internal issues and achieving the ultimate objective of a password-free future.