Why it's time to move towards a passwordless future

Passwords can be frustrating. They're hard to remember and a hassle to reset. Moreover, getting locked out of the system can hamper the user’s productivity. Even after exercising every caution, passwords are not the most secure way to restrict access to unauthorized users. Recent studies reveal that poor password hygiene continues to pose a threat to personal data privacy. 

Cybersecurity experts have been advocating for getting rid of passwords for a while now. However, it's not as easy as it sounds. Passwords are supposedly simple to use and ingrained in our online habits. Plus, for a long time, there hasn't been a widely accepted alternative. But things are evolving as experts believe it is time to move towards a passwordless future. Now, there are more options like biometrics, physical keys, authentication apps, and passkeys for logging into devices. 

On World Password Day (May 2nd) this year, let’s explore some of the more effective security alternatives business leaders are looking at:

Two-factor and Multi-Factor Authentication

Enterprises that leverage Two-factor authentication add an extra layer of security, demanding users to provide two authentication factors to validate their identity. Adding 2FA with a Personal Identification Number (PIN) or One Time Password (OTP) or other authentication processes while logging into a system will strengthen the security. Multi-factor authentication (MFA) is a multi-step account login process that requires users to enter more information than just a password. For example, along with the password, users might be asked to enter a code sent to their email, answer a secret question, or scan a fingerprint.

Biometric Authentication

One of the better alternatives to passwords is biometric authentication. Security teams can consider this an alternative to passwords while securing critical assets and sensitive information. Users have to provide biological data as proof to authenticate their identity. Cyber attackers can compromise biometrics for malicious purposes even when biometrics are a more secure option. Organizations can use Touch ID, Facial Recognition, Fingerprint login, DNA Matching, Retina, pulse, and others to validate users based on their needs.

A fingerprint scan utilizes the user’s unique fingerprint as an identifying credential to validate the user. It is an effective way to allow secure access to authorized users by scanning their fingerprints. This biometric authentication process is an effective solution in the BFSI industry to strengthen its security posture.

Facial Recognition: This authentication approach requires the users to confirm their identity by verifying their facial features. Businesses with sensitive information and critical infrastructure can embrace this security strategy to restrict access to unauthorized users.

Retinal Scan: The retinal scan uses an advanced AI tool to validate the user’s retina. It is one of the most secure alternatives to passwords that security teams can consider to strengthen critical infrastructure security.

Password Managers

Implementing password managers will not let the user enter the password manually. Most decision-makers do not see the need for password managers in their workflows. Resources utilize multiple applications and tools that require users to log in to access the system.

Sundar Balasubramanian, Managing Director, Check Point Software Technologies, India & SAARC, sais in a blog post that enterprises can use password managers to secure all the credentials, create random passwords, save the login details and apply the correct password during login. If organizations consider password managers as an alternative to passwords, they must keep the master key secure. Organizations would lose out on sensitive passwords if they lose the master key.

Passkey Authentication

Another effective alternative to a password is a passkey, which replaces passwords with cryptographic keys, which are built on protocols and standards created by the FIDO Alliance. In 2022, global technology majors, Apple, Google, and Microsoft started to increase support for FIDO with passkeys that enable quicker, easier, and more secure sign-in to websites and apps across a user’s devices. This authentication approach leverages digital certificates created on public key infrastructure (PKI) to verify application users. This process also utilizes a secure wallet to save the user’s private key. Public and private key match verification is essential for users to access their accounts. Tomas Smalakys, chief technology officer (CTO) at NordPass sees an increasing number of websites are now offering the option to access accounts with passkeys instead of passwords. While passkeys won’t completely replace passwords just yet, they are the future of authentication.

Is the future passwordless?

The password is not dead yet. Despite its flaws, there are several hurdles to adopting more secure methods. For businesses, it means investing in new technology and hardware. These systems are more complex and costly than conventional password-based approaches. Many legacy companies have competing business priorities, and login security may not top the list, leading them to delay implementation. But in the end, enhanced security and streamlined processes offset the initial development costs.

Additionally, people don’t like change, and some may not be aware of the risks related to passwords. As a result, many will be reluctant to adopt alternatives that seem less convenient or unnecessary.

And even though Passwordless solutions have emerged as a promising alternative, incorporating technologies such as biometrics, authenticator apps and tokens. However, it remains crucial for organisations to recognise that these alone do not ensure security. Chern-Yue Boey, Senior Vice President, Asia-Pacific, SailPoint said, Instead of viewing passwordless authentication as a standalone solution, organisations should seamlessly integrate it with a robust identity security framework. A unified, integrated identity security approach gives organisations full visibility into their identity landscape, enabling them to swiftly detect and prevent unauthorised attempts to access privileged information or systems, and detect any irregular activities early as a reliable fail-safe.”

So, are we going to see the end of passwords in 2024? No. But the movement has already begun. Many big tech companies are already going passwordless. As Fabio Fratucello, CTO International, CrowdStrike, said, organizations must implement more secure login methods to protect themselves and their customers from online threats.