You might have had the frustrating experience of trying to buy an item online and need help remembering your password. That’s the stress most internet users have to grapple with daily; that’s to say, you are not alone. However, at long last, the passwordless technology we need has finally arrived, and the digital world will change forever.
Before now, most IT managers in companies were between a rock and a hard place regarding password management. But the fix is finally here, all thanks to passwordless security; this is why the popularity of this technology is increasing. Passwordless authentication is the way to go for businesses prioritizing user and employee security. This is why, by 2030, the passwordless authentication industry is meant to have grown to more than $50 billion.
More than ever, businesses are becoming aware of the vulnerabilities of passwords and considering other options. Yes, the transition to a passwordless future will be long and challenging; it is still a move that must be made. This is because the positive impacts of passwordless security in the digital world will be undeniable.
Passwordless Security Options Businesses Are Considering
Once you create a password, there is a possibility that the password will eventually be phished, stolen, or hacked, it is just a matter of time. That is why cyber security enthusiasts and firms like Kelvin Zero, Fast Identity Online (FIDO) Alliance, and other cyber security experts are hell-bent on changing the narrative of the cybersecurity world via a passwordless future. This shift started in 2013, and its result eventually materialized.
If you do a quick survey among online users, about 5 of 10 will tell you they cannot remember their passwords or use one of the most common ones. That’s to say there’s a need to shift to a better alternative. As of today, the best alternative to passwords will be passwordless options.
Let’s get you up to date with the passwordless alternatives available. These alternatives are either one or a combination of any of these five options;
In most smartphones today, there are options for biometric tools that eliminate the use of passwords in accessing these devices. This is either through fingerprints, facial recognition, or retina scanning.
Biometric authentication relies on who you have or what you have rather than what is in your mind that is saved somewhere. While your biometric data is saved, it can not be phished or stolen. Neither your face, finger, or eyeball can be stolen.
2. One Time Passwords (OTPs)
These are still passwords but can only be used once and are generated by software rather than by the end users. One-time passwords can be delivered at the point of accessing a digital account via text message or email.
While OTPs are an option that has its own weaknesses, it is still a better alternative to passwords. Regardless, OTPs have proven to be a reliable and secure alternative.
3. Magic Links
To access a digital account, users are given a magic link with an expiration period in their email address. The magic link is only sent upon an attempt to log in.
Magic links have a short lifespan, with a maximum of 15 minutes, upon which such links will no longer be active. However, deliverability is the issue of the critics of this option, or the link might end up in an email’s spam.
4. Authenticator Apps
You should consider authentication apps if these three options do not work for you due to their cons. This app provides time-based codes that can be used to log into accounts. The codes change by the minute and are not usable.
To use these authentication apps, it must be installed onto an internet-enabled device. Today, these apps serve the purpose of second-factor authentication (2FA).
5. Push Notifications
For some internet users, what they prefer is push notifications. This works through the application, pushing a notification to be recognized by the app to the mobile device. This works only on the device where the application is installed. The app must have been verified through other means earlier if push notification is to be used.
However, this requires the end user to have the app on their device to utilize push notifications.
In switching to a passwordless security option, your consideration must ensure that your end users get the best user experience. Depending on your current identity management system, a well-thought-out strategy must be designed for the switch.
If you are still trying to figure out the need to switch to a passwordless option, you should conduct a security audit on your platform. You’ll realize you are just an inch away from a significant security breach. This does not have to happen before you move to the future of security, as a security breach can run you out of business.