Passwords have been the main method for logging in to devices, apps, and online accounts for decades, yet by no means are they the most secure. In fact, the majority of the data breaches that have occurred in the last few years were caused by stolen or compromised passwords. Coupled with poor password hygiene, reliance on passwords exponentially increases your business’s risk for all sorts of cyberattacks.
Fortunately, there are now newer, more secure means of user authentication. Passwordless authentication, for instance, is being widely adopted by businesses across various sectors in Vancouver and the rest of the world, with Gartner predicting that 90% of mid-sized enterprises will implement passwordless methods by 2022.
As its name implies, passwordless authentication does not involve the use of passwords; instead, it employs a one-time code generator, a biometric scanner, or facial recognition software to verify a user’s identity. With these in place, the need to input cumbersome strings of letters, numbers, and special characters is eliminated. This enables a faster and easier login process that offers better, more comprehensive protection for your organization and resources.
To help you decide whether passwordless authentication is right for your business, take a closer look at some of its benefits.
Enhanced cybersecurity
Passwords are notoriously vulnerable to a wide range of cyberattacks and, by themselves, are not strong enough to properly secure business systems and data. Additionally, using easy-to-guess passwords, reusing passwords for multiple accounts, and other bad password practices increase businesses’ cybersecurity risk. The 2020 Verizon Data Breach Investigations Report shows that 80% of breaches tied to hacking involve the use of compromised passwords.
Implementing passwordless authentication effectively eliminates one of the weakest aspects of your business’s systems. Passwordless technologies require users to have physical access to a device to log in, typically by keying in a one-time code sent through email or SMS and/or a biometric identifier such as a fingerprint. Without these, cybercriminals won’t be able to access a device or an account, thus ensuring the safety and security of your systems and data.
Improved user experience and productivity
Secure passwords are a hassle to create, let alone remember. This is actually the primary reason why users still recycle passwords across multiple accounts, apps, and devices despite knowing the dangers posed by this practice.
Passwordless solutions take the pain out of the login process — you and your employees can finally say goodbye to entering complex strings of characters to access the apps and information you need.
In addition, passwordless technologies boost your team’s productivity by offering an easy and convenient way to log in. For instance, using Microsoft’s biometric security system Windows Hello, your staff can simply scan their finger, face, or iris to access the Microsoft apps they need for work.
Since they won’t have to input passwords to access the necessary resources, they can get down to business quickly and efficiently. This also takes the burden of resetting passwords from your IT team’s shoulders, freeing them to focus on tasks that add value to your business.
Higher cost savings
If you’re like most business leaders, you’re probably always looking for ways to save money. This often involves identifying and cutting out nonessential elements of your operations. You may, however, be overlooking passwords and how doing away with them can actually save your business thousands of dollars per year.
According to Forrester, the IT help desk labor cost for a single password reset is CA$90 (US$70) on average. Note that this amount doesn’t account for the cost of lost productivity and the use of a password manager, which is typically paid on a per-user, per-month subscription basis.
Considering that the average employee requests for a password reset 1.2 times a year, managing passwords for your entire team will put a huge dent in your budget over the long run. But if you go passwordless, you won’t have to pay for password managers and related expenses. This translates to additional cost savings, which you can reallocate toward activities that will boost your bottom line.
You may find the idea of going passwordless daunting, especially if passwords are deeply ingrained in your business’s IT infrastructure. However, it’s not an impossible task, especially if you have a reputable managed IT services provider like Quicktech by your side. We can help you acquire and implement the best passwordless solutions and other security tools, safeguarding your digital assets against even the most dangerous cyberthreats out there. To learn more about our cybersecurity services, call us today at 604-709-8324.