June 2024

A 2024 survey revealed an alarming statistic: 46% of respondents reported that their passwords were stolen in 2023. That’s one in every two Americans! Since the early dot com days, passwords have been the first line of defense against cybercriminals. But while the internet has evolved in leaps and bounds since, you’ll be shocked to learn that “123456” is still one of the world’s most used passwords. In a world where cyberattacks are rising with alarming frequency, and hackers are adopting even more sophisticated techniques, we can’t afford to be this reckless. Internet users should create multiple unique passwords for each of their individual profiles and frequently change these authentication details. Alternatively, they could embrace passwordless authentication, an increasingly popular solution with many advantages. How does passwordless authentication work? What are its benefits? Let’s take a closer look. The Problem with Passwords Leading security experts have reiterated over the years that user-generated passwords are not safe. In fact, it’s not just the average internet user: a report suggests that nine out of 10 IT leaders are concerned about potential breaches, with about half indicating they didn’t think their passwords were strong enough. One of the main issues with passwords is that they’re becoming too easy to hack. Cybercriminals are known to target those who use the same passwords for multiple accounts and those who set easy ones to crack. Even those who create complex and unique passwords aren’t safe, as they are more likely to leave their passwords written down where they can be found. At the same time, hackers evolve continuously. These days, cybercriminals can employ a host of cutting-edge techniques to hack into protected accounts: Brute force attacks: In which a hacker uses a sophisticated program to generate several combinations of usernames and passwords until they get one right. Keylogging: In which hackers install malware onto devices to track keystrokes as you type. Credential stuffing: In which hackers use leaked credentials from one account to access other crucial accounts. Man-in-the-middle attacks: In which hackers use techniques like spoofing, hijacking, or eavesdropping to put themselves between a user and an application. What is Passwordless Authentication? In this cybersecurity climate, passwordless authentication has emerged as a solution to all these challenges. It enhances safety across the board by going after the source of the issue: the password itself. How passwordless authentication works: it replaces the password with an authentication measure that is harder to hack, such as biometric data or a security key. In other words, while traditional authentication works on a “knowledge factor,” which means it secures an account based on something the user knows, passwordless authentication relies on something the user possesses (such as a personal device or a one-time password) or something that’s a part of them (such as a fingerprint, voice, or retina). For example, users can use a password manager to avoid having to craft and remember dozens of different passwords, and eliminate the hassle of having to manually fill in details whenever they want to log into a website. Passwordless authentication is often used along with other safety measures like Multi-Factor Authentication or Single Sign-on to further enhance security. This also makes it harder and more expensive for hackers to break into accounts and steal personal data. Benefits of Passwordless Authentication There are several advantages of passwordless authentication—for users and the organizations that implement the system. Some include: Enhanced User Experience A recent NordPass survey revealed that the average person has a staggering 168 passwords and login credentials. Many of these accounts are no longer used and have been long forgotten, making them prime targets for cybercriminals. Obviously, remembering over 100 passwords, each with a unique set of numbers, symbols, and letters, is a lot to ask from the average person. So, one of the major benefits of passwordless authentication is that it improves user experience. Improved Safety Is passwordless authentication safe? It’s a question that many have asked, and the answer is always a resounding yes. By removing weak and repeat passwords, it significantly reduces the chance of human error leading to a breach. Furthermore, most passwordless solutions use multiple-factor verification, making it much harder for even the most seasoned cybercriminals to breach. These authentication measures go beyond simply analyzing if the credentials used are correct; they evaluate the location signed in from the device used and the frequency of login attempts. This makes it easier to identify suspicious activity. Reduced Costs Organizations in the process of implementing passwordless authentication for their employees stand to benefit from reduced costs. It’s estimated that businesses spend millions of dollars each year on password resets. This doesn’t even count the indirect losses incurred due to the time it takes to manage this activity. Increased Productivity Since this type of authentication works seamlessly across platforms, organizations will likely see an uptick in productivity. Employees no longer have to fumble around looking for the right password for the right account and spend precious time coming up with answers to security questions. They can instead spend more time on the jobs they were hired to do. Go Passwordless with Loop8’s Password Management System With that said, organizations may face certain challenges when implementing passwordless authentication. After selecting the right authentication type, it is crucial to invest in the right software and hardware and prepare to spend hours registering new users into the system. The average user, meanwhile, has to wait patiently until their most-used websites and applications support passwordless measures. But what if we told you there was a much easier way to gain all the passwordless authentication benefits without any of the headaches? It sounds too good to be true, but that’s exactly what we’ve created with Loop8, a revolutionary Personal Privacy Controller designed for maximum security.Loop8 eliminates the need for traditional passwords and reduces the risk of phishing attacks, all the while being exceptionally easy to install and use. Don’t believe us? Try our 90-day free trial today.