This year, a digitally active person has 100 passwords on average, showing a significant increase from last year.
Nowadays, everyone wants to get rid of passwords, and for good reasons. Anything you do on the internet requires a password, email, and username. You create an account and then likely forget the password because Google does the job of storing it for you, or you write it down in a notebook or on your smartphone’s notes.
Why all the stress, you may ask? Because you’re yet to live in a passwordless world. However, you’re getting close to it.
Keep reading to see what passwordless authentication means and how it can impact the world.
What passwordless authentication means
Passwordless authentication is a method of accessing an IT system, device, or app without needing security responses or a password. It’s among the best ways to prevent credential theft attacks and improve poor password management habits.
Instead of typing your password, soon you’ll be able to have access with other identity proof, like the following:
- Hardware token code
- Face scanning.
A passwordless world, blockchain, and your digital coins
Cryptocurrencies expand with blockchain technology. This technology was born in Bitcoin’s creator’s mind, and according to the cryptocurrency’s white paper, it works as a public record that verifies transactions’ accuracy in the system.
Scientists, experts, and engineers in other disciplines have discovered that blockchain technology has many other far-reaching applications beyond digital currencies. Therefore, many built new distributed blockchain-related ledgers incorporating functions essential for authentication applications, security, and access, thus correcting existing flaws.
Blockchain ledgers can store all forms of data, including the following:
- Scanned and validated documents
- Encryption keys
You can get a feel for this industry if you want to know what’s up with the craze around blockchain, digital tokens, and cryptocurrencies. How?
Since it’s the largest cryptocurrency by market cap, you check the current Bitcoin price USD, and if you want, register on a large and widely used cryptocurrency exchange like Binance. When you feel like diversifying your investment portfolio and after you have made up your mind on a cryptocurrency, determine an amount you’re comfortable with investing. If you’re a newbie, use common sense, start small, and do research if you want to be a successful crypto trader.
The benefits of a passwordless world
A passwordless world would benefit both customers and businesses. Besides easy access, there are other advantages to this method of authentication, like the following two.
- Enhanced cybersecurity.Passwordless authentication can boost business cybersecurity by reducing identity and data theft, which unauthorised access causes. Password security risks are linked with password authentication, and the dependency is reduced when there’s no need for such methods. Businesses can also have less stringent password regulation requirements.
- Lower long-term costs.Passwordless authentication can save organisations money on unnecessary password-related costs or the amount of money and effort spent nowadays on password administration and storage. IT teams may no longer need to deal with ever-changing regulatory requirements for password storage.
Passwordless vs multi factor authentication
Two-factor authentication (2FA) and multi-factor authentication (MFA) are adjacent topics often discussed when the term “passwordless” is brought to the table. The most common alternative authentication methods to remove the need for passwords are biometrics and adding extra factors with MFA.
MFA uses more than one authentication factor to verify identities, while passwordless authentication replaces passcodes with a better authentication factor.
While these authentication techniques may add an extra layer of protection to devices and accounts, hackers will probably develop new methods to crack codes and infiltrate new security techniques.
Tips to improve passwordless authentication
According to Statista, the passwordless market will grow to $53 billion by 2030. Despite the drawbacks of passwordless authentication, enterprises will keep using it. However, they can reduce risks by improving their adoption strategy. Enterprises need to consider the following methods besides asking for developer experience.
- According to Forbes, the current passwordless authentication approaches can use machine learning and artificial intelligence to create dynamic access rules. Combining intelligent risk stimulation with passwordless authentication solutions can demonstrate whether the existing regulations are practical and suggest new rules.
- By implementing IAM policies, businesses may avoid privilege abuse. These policies define permissions for action no matter how the user decides to operate.
- Organisations can also use mobile threat defence and IAM to create a frictionless, safe user environment and analyse behavioural biometrics.
- Businesses can use strong security controls like device lock and app attestation to verify and validate device integrity and users’ identities.
- By integrating API (application programming interface), organisations can understand users completely, as well as the potential risks implicated.
How safe passwordless authentication is
The truth is that the security of this authentication method is determined by how people use it, too, because there are some risks associated with it. Threat actors are constantly seeking new ways to circumvent passwordless techniques and obtain access to users’ data. If they jeopardise a single fingerprint reader or device, they can get their hands on the saved data, be it business documents or financial details.
Insider attacks are another rising passwordless concern for businesses all over the world. According to Verizon’s 2022 Data Breach Investigations Report, privileged misuse is the leading cause of data breaches.
To sum up
People are becoming more open to the idea of a password-free future. However, many still reject it. A passwordless future is not a new concept, and it’s expected to rise in popularity next year.
Passwordless security frameworks can offer a genuine opportunity to improve privacy, convenience, security, and scalability while combating phishing and benefiting both customers and businesses. They can enhance the user experience while strengthening organisational security by removing the possibility of credential stuffing attacks and password breaches. This method allows consumers to access services fast and effortlessly since they don’t have to reset passwords anymore.
While the benefits of passwordless authentication are obvious, this undertaking is only partially risk-free. There’s a significant need for robust security controls and identity access management practices to make the process run smoothly and increase organisational security.