Passwords are vital to ensure information and confidential data stored on various computers, workstations, and servers are secure across all networks—this includes business reports, contracts, trade secrets, payroll, and other sensitive information.
While passwords are a good way to authenticate access to such data, they are not the most reliable of security measures due to the fact that they are inherently vulnerable. Creating and memorizing a long and complicated password is definitely a difficult feat which is why people feel the need to write them down or save them on their phones which could easily be stolen.
Others skip this complex process and go for the less complicated route, choosing to have simple, easy-to-memorize passwords. The problem with such passwords is that they are easy to crack, even low-grade hackers can gain unauthorized access to your systems—causing a multitude of problems. In truth, 81% of hacking-related breaches involved either stolen or weak passwords.
Towards A Passwordless Future
As more and more people are starting to realize the threat of relying on traditional password authentication measures, they are now turning to alternative security systems to safeguard confidential business data. With technological innovations rapidly evolving, organizations now have the power to leverage a better, more reliable authentication method in the digitally driven world.
Passwordless authentication enables users to access data without the need to type out a complicated combination of characters every time they log into a system. With this type of seamless authentication, users can provide proof of identity through a biometric signature, registered device, one-time password generator, or knowledge-based verification.
The Advantages of Passwordless Authentication Systems
Thanks to digital innovation, password-based systems can now be a thing of the past. Here are the top reasons why you should consider passwordless authentication:
1. It provides a seamless, more convenient customer experience
Aside from its security advantages, passwordless authentication also improves the user experience. When you eliminate passwords, customers no longer need to memorize and type out a complicated code made up of uppercase letters, lowercase letters, numbers, and symbols every time they try to access their accounts. You also save them the trouble of having to go through a password reset if they forget it—a process that many find unnecessary. In fact, 75% of users quit if they have to reset their password.
2. It adds a strong layer of protection
59% of people have the same password across accounts and devices despite being aware of the increased threat of hacking and data breaches. However, having the strongest of passwords and changing them every so often doesn’t necessarily guarantee the safety of your business data.
With a passwordless system, authentication can be simple, convenient, and more secure than ever. By having biometrics as your password, you can ensure digital security and prevent system attacks such as password spraying, credential stuffing, and spear phishing.
3. It reduces Total Cost of Ownership (TCO)
Aside from password systems being time-consuming, it can also be expensive—having to employ a team of IT specialists to constantly work on and maintain the system, while ensuring passwords are regularly changed to better safeguard networks, computers, and servers within the organization. Other than the laborious processes required to maintain this type of system, IT staff reports half of all help desk calls are password reset-related inquiries which can cost a company $70 per reset on average.
Through switching to a passwordless authentication system, you can allow your business to save on such trivial spending, decrease the risk of data breaches, and protect your business from fraud.
Adopting A Passwordless Security System
Harnessing the power of passwordless security systems can ultimately prove advantageous especially to businesses that recognize the importance of information and data security in enabling them to compete and thrive in the current economic landscape. Although, it is important to understand that proper implementation is crucial when adapting a passwordless system.
Passwordless systems require the right digital technology to ensure cost-efficient and effective implementation. When considering integrating a passwordless security measure to your organization’s system, it is vital to know the following key points:
Explore available technology and security systems
Before going passwordless, it is necessary to evaluate and assess your options before deciding on integrating a certain system. By weighing the pros and cons of different digital security tools, you can confidently select the best technology that is right for your company’s needs.
Understand how the system works
You shouldn’t just rely on an IT specialist to decide the fate of your organization’s data security. Knowing the basic principles of how passwordless security systems work—from user experience and proper implementation to possible threats and suitable maintenance measures—you can leverage its full potential and exponentially reduce security risks.
Include your employees in the on-boarding process
By briefing and involving everyone in the company about the organization’s security upgrades, you can increase user adoption and ensure results. Your employees can also help in performing re-calibration to develop a system fitted to the needs of the business and boost progress towards a password less future.
Safeguarding confidential information stored on various computers, workstations, and servers across all networks is a key challenge for businesses across the globe, but with various technological innovations in authentication, you can reduce the imminent threat of data breaches.