The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Nearly everyone in the world has used passwords to authenticate their identities and access their accounts and devices. Reusing passwords is also a common practice to keep people from forgetting their passwords for their multiple accounts across different platforms.
As people continue to use passwords to access their accounts, hackers have exploited the weak authentication practice of using and reusing passwords to hack accounts and steal data. According to Verizon Data Breach Investigations Report, 81% of all hanging-related data breaches in 2020 involved passwords. Because using passwords to authenticate identities lead to data security risks, online businesses must adopt passwordless authentication solutions to replace passwords.
Online businesses can now use FIDO2 authentication to replace their old authentication systems. FIDO2 login credentials are ideal password replacements as the cryptographic login credentials bind the device to a relying party server. Without the device, nobody else can access the account.
Adopting passwordless login solutions allows businesses to comply with data protection regulations, including Anti-Money Laundering and Payment Services Directive 2. Using new login solutions enables the company to cut down on password reset expenses, strengthen brand loyalty, improve the workforce’s productivity, and get a competitive advantage with digitization.
For more information on the benefits of eliminating passwords, see this infographic by Ipsidy.