Almost half of U.S. consumers use one to five passwords to access all of their online applications, a survey by The Hartford Steam Boiler Inspection and Insurance Company (HSB), has found, indicating many people use the same password for different accounts.
IT security leaders are calling for an end to the complex password. They foresee biometrics, dual-factor authentication and eventually a new “whole person” approach to identity as being among the not-too-distant remedies for password malaise.
Some of the most basic tenets of password account management have failed, leaving us with a dreadful combination of poor user experience and inadequate security.
Today organizations are faced with a dilemma when it comes to balancing the need to deliver an exceptional user experience on desktop and mobile devices and protecting company and personal data. Protection can run the gamut from no password needed, inputting a fingerprint or a litany of passwords every few minutes, or the use of more modern and secure innovations such as continuous biometric verification and recognition.
Identity theft is the fastest growing crime in the United States, according to the Secret Service and the Federal Trade Commission. It is also an ever-increasing threat to businesses as the sophistication level of hackers continues to evolve. To combat this risk, organizations are fighting back with new biometric technologies that play a vital role in confirming and managing identities.
Creating a strong cybersecurity posture involves three prongs: prevention, detection and remediation. Considering that 63 percent of businesses are breached due to weak, default or stolen passwords, a cost-effective and quick-fix solution is prevention via password management.