Typing in passwords has been the most common means of authentication to access accounts and unlocking devices for several decades. It is advisable to use different passwords to strengthen a user’s security because a hacker that manages to get one password used in multiple accounts will have access to all of them.
As technology advances throughout the years, businesses now have access to advanced authentication and security technologies and allow people to log in using a passwordless method. Doing so enables businesses to strengthen their operations’ security and provide multiple benefits for the company.
Using FIDO2 authentication solutions significantly reduces security risks since the customers will not have to use passwords to access their accounts. Most hacking-related data breaches in 2020 were due to hackers using their victims’ passwords. FIDO2 credentials cannot be easily stolen or shared with other people since the FIDO login credentials bind the user’s device to the relying party server.
Using robust passwordless authentication solutions allows companies to comply with Anti-Money Laundering, Know-Your-Customer, and Payment Services Directive 2 regulations from across industries. Companies can also reduce password reset expenses, strengthen brand loyalty, improve workforce productivity, and gain a competitive advantage with digitization.
Continuing to use passwords introduces data security risks that hackers can exploit. It is time for companies to replace such legacy authentication solutions with passwordless logins like FIDO 2.0-compliant login credentials as they provide more robust and seamless authentication. For more information, see this article by Ipsidy.
