SecureAuth has recently indicated that ten out of ten users surveyed use the same password for more than one account. Over 6 of them use it across 3-7 accounts (62%), while 10% admit they are using that one password across 10+ accounts. The main reason for this is remembering a ton of passwords for multiple sites seems to be such a headache. As such, people now tend to find the easiest way that doesn’t require them to memorize anything.
It’s not surprising, though. The report also points out that most users are sharing passwords in ways that are easily hacked. A text message is the most common way in which people share a password, with 20% of users pleading guilty.
Inevitably, those bad habits in using passwords may lead to the potential of accounts being hacked and lost. In the long term, it’s the security concern when valuable private information is soon to be leaked.
According to the IBM Security 2020 survey, $3.68M is a global average total cost of a data breach. At this point, using passwords raises insecurity and financial concerns.
Is It the End of Passwords?
With the insecurity potential of using passwords, will its decade come to an end any time soon?
Not really. However, people now have been finding alternative methods that either make passwords more secure or avoid using passwords. 2FA, MFA, and passwordless are three solutions that shouldn’t be missed out on. Among them, passwordless stands out to be the best option. Our article will go through further reasons to support this view.
What Makes Passwordless Authentication the Best Choice
In comparison to 2FA and MFA, Passwordless Authentication proves its convenience and security advantages.
Second Factor Authentication (2FA)
This security method requires users to provide two authentication factors to verify their identity. Apart from entering a password, they need to key in a code sent to their phone, or PINs.
Therefore, 2FA makes it more difficult for bad guys to attack your private areas. Hackers must know both your password and the information sent to your phone to access the protected content. You might easily notice the 2FA protection with your Facebook or Gmail account.
Although 2FA is more secure than passwords in theory, users still face other security problems. In fact, they’re not technical issues, but caused by human habits. For example, users forget to bring their phones to complete the second factor authentication to access the site.
Multi-factor Authentication (MFA)
Similar to 2FA, MFA forces users to input or show correct pre-set identification for successful access. Compared to 2FA, MFA asks for more than 2 factor authentication out of password to access your content. Apparently, MFA is more secure than 2FA.
You can rely on 2 or 3 of the followings:
- Something you know: a password or a pin
- Something you have: mobile phone or a security token
- Something you are: fingerprint or FaceID
- Something you do: typing speed, location information, etc.
Despite MFA’s high level of security, it makes your work much more complicated. Undeniably, it’s a waste of time for busy business to keep MFA security all the time.
On top of that, 2FA or MFA still require users to remember passwords. Hence, it doesn’t resolve the issue where users no longer want to memorize and be manipulated much.
It’s where passwordless authentication comes in handy.
From a recent Visa survey of 1,000 U.S. consumers, a majority of respondents prefer passwordless authentication to password-based authentication. This solution benefits users in many ways:
- Not having to remember multiple passwords/PINs (50%);
- Better security than passwords/PINs (46%);
- Not forgetting/losing a method of authentication (33%).
For these reasons, even though you might not be familiar with passwordless authentication right now, it’s still worth considering to be applied to your business anytime soon.
In the next section, we will dive into the foundations of passwordless’s rapid growth in the near future.
Building Block for Passwordless Future-frame
Higher Revenues, Lower Costs
Traditional security methods have been perceived as a cost centre. That’s why many companies consider switching to passwordless authentication.
In addition to the fact that it reduces costs related with password management and data breaches, it actually improves incomes through increased productivity and customer ratings.
Better User Experience
As a result of fast-paced life, users always look for convenient and seamless user experience. In fact, experience is more important than prices. 86% of customers are ready to pay more to enjoy a better user-friendly experience.
It means that reducing the number of rules improving user endorsement, which in turn, improves security.
At this point, passwordless becomes the most out-standing option. Since passwordless authentication is seamless, users won’t feel that they’re disrupted during the process. It emulates the way in which human beings have recognized each other for decades, which is looking at personal identity or personal belongings.
As such, passwordless authentication has become a key consideration for digital transformation. It’s an entry door to online service which gives customers the easy to use accessing method.
Fewer Passwords, Greater Security
Given the LastPass survey, IT and employees agree that passwords are a problem.
- 95% believe there are risks to using passwords
- 85% agree their organization should reduce the number of passwords used on a daily basis.
Enterprises often struggle with balancing security and easy-to-use methods. Now, passwordless resolved that issue. It not only enhances user experience but also improves security.
Challenges of Passwordless
Having said that, the majority of businesses trust passwordless authentication but still concern about storage of data and user adoption.
The top benefits of a passwordless authentication model include better security (69%), as well as time (54%) and cost (48%) saved, and ability to access from any location (53%).
However, 41% storage of data required and 40% time to migrate as the main challenges to implement passwordless, while 72% think that end users in their organization would prefer to continue using passwords, as it is what they are used to.
Hence, increasing users’ attendance at passwordless must be your top priority.
In conclusion, though using a password proves a popular method in maintaining security, it still has some disadvantages. While having weak passwords raise concerns about insecurity, a strong one is such a challenge for human memories.
If you’re struggling to find the smartest way to protect your WordPress site, go for passwordless authentication. You can apply passwordless authentication either in the admin access or in protected content.
That said, at this moment, the future of authentication will take many paths that we haven’t explored yet. But the immediate journey for platform businesses is to embark on leaving passwords behind.
Don’t let yourself go after times, get familiar with passwordless methods now!