August 05, 2022
Anonybit Team
How To Choose The Best Passwordless Authentication Solution
Passwordless security is critical to modern cybersecurity, yet navigating the myriad options can be daunting. Understanding the various passwordless solutions available for your enterprise and deciding on the best choice can feel like finding a needle in a haystack. Fortunately, this blog on best passwordless authentication sheds some light on the subject, offering valuable insights to help you make informed decisions about your organization’s security needs.
Anonybit’s integrated identity management platform offers a robust tool to help you achieve your goals. With their comprehensive solution, you can explore the diverse array of passwordless options available for your enterprise and make a well-informed choice on the most suitable solution to enhance your organization’s security posture.
How Does A Passwordless Login Work?
The concept of passwordless authentication centers around replacing traditional passwords with more secure authentication factors. Solutions such as biometric authentication, facial recognition, or one-time passcodes sent to a user’s mobile device via SMS or authenticator apps verify users’ identities.
High Costs and Security Risks of Cracked Credentials
One of the most common consequences of cracked credentials is a data breach, the average cost of which has skyrocketed to $4.24 million in the past few years. This threat is amplified by an overreliance on just email and passwords for accessing hundreds of apps — and the fact that 81% of people reuse their passwords.
Even without the added pressure of cybercrime, passwords represent a significant headache for productivity and customer satisfaction — 25% to 40% of internal IT help desk calls are attributed to password issues, swallowing up millions in paid time per year. This is precisely why passwords are becoming obsolete — they represent a major security vulnerability.
Embracing Passwordless Authentication to Break the Cycle of Inconvenience and Security Risks
Today, to break the vicious cycle of inconvenience and security risks, organizations need to completely restructure their account verification architecture. This is achieved through Passwordless Authentication. According to the FIDO Alliance’s 2023 Workforce Authentication Report, 92% of businesses plan to move to passwordless technology, while 95% currently use some form of passwordless experience at their organization.
The Future of Secure and Convenient Verification
In “true” passwordless systems, biometric authentication is employed to compare a user’s unique characteristics against verified data stored in the system. For instance, facial recognition technology captures a user’s face, converts it into numerical data, and compares it with the stored data to authenticate the user.
Moving towards passwordless authentication is crucial in mitigating security risks, reducing the burden of password management, and improving user experience. With an increasing number of businesses embracing passwordless technologies, the future of account verification lies in secure and convenient authentication methods beyond traditional passwords.
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Why Passwordless Authentication?
There is a clear and apparent reason why 92% of businesses believe going passwordless is the future of system-access security—the benefits outweigh the costs. While passwords, in theory, seem like a constructive layer for securing organizational data and applications, they actually lead to additional access points that cybercriminals can exploit.
Enhancing Security by Eliminating Password-Based Attacks
Common attacks such as phishing, credential stuffing, brute force algorithms, and keylogging only work because the threat actor can first acquire login credentials—such as a password or other information—and then use that to access a valuable technology asset or data system. Going passwordless eliminates that whole equation component and strengthens your security posture.
Improving User Experience by Reducing Password Fatigue
Much of the vulnerability of passwords is tied to the tedious process employees need to undergo for secure password management. To be effective, they must follow certain best practices for designing, storing, updating, and sharing their infinite number of account passwords. These strict parameters lead to password fatigue and a higher susceptibility to negligent password management. This solution eliminates this problem and improves the overall user experience — especially when paired with a passwordless SSO.
Cost Efficiency of Passwordless Authentication
When evaluating for the long term, passwordless authentication is better in terms of both direct financial and indirect operational costs. Because no password management is required, an organization can save money by not investing in password management software tools or frequent security training on how to design best and store a password.
Freeing Up IT Resources with Passwordless Solutions
IT management resources are freed up for other initiatives because they are no longer burdened with enforcing company-wide password policies, monitoring anomalous password shares, or resetting forgotten and misplaced login credentials. In the end, it’s estimated that organizations can save roughly $1.9 million by going passwordless.
Preventing Data Breaches with Decentralized Biometric Solutions
At Anonybit, we help companies prevent data breaches and account takeover fraud with our decentralized biometrics system design. With a decentralized biometrics solution, companies can enable passwordless login, wire verification, step-up authentication, and help desk authentication. We are on a mission to protect companies from data breaches, account takeover and synthetic identity fraud.
To achieve this goal, we offer security solutions such as:
- Secure storage of biometrics and PII data
- Support for the entire user lifecycle
- 1:1 biometric authentication and 1:N biometric matching to prevent duplicates, synthetics and blocklisted identities
Anonybit eliminates the tradeoffs between privacy and security. Prevent data breaches, enable strong authentication for eliminating account takeovers, and enhance the user experience across the enterprise using Anonybit.
Book a free demo today to learn more about our integrated identity management platform.
How Does Biometric Authentication Compare To Other Passwordless Methods
Biometric authentication relies on the inherent uniqueness of physical traits such as fingerprints, selfies, or palms, making it more secure than other methods. Unauthorized access is difficult to replicate these traits, reducing the risk of impersonation.
Other Passwordless Methods
1. One-Time Passwords (OTPs)
OTPs are often vulnerable to phishing attacks, making them less secure than biometric authentication. If the user falls prey to phishing attempts, OTPs can be easily compromised, leading to unauthorized access.
2. Hardware Tokens
Hardware tokens, such as USB devices or smart cards, can be compromised if lost, stolen, or tampered with. The risk of unauthorized access increases if the token is not properly secured.
3. Magic Links
Magic links are one-time-use URLs sent via email or SMS. While they offer convenience, they can be compromised if the user’s email or SMS account is compromised, allowing unauthorized access.
4. Smart Cards
Smart cards are physical cards that require a card reader and enabling software. While they offer enhanced security, they can be compromised if the card is lost, stolen, or tampered with, or if the software is vulnerable to attacks.
Comparison
Biometric authentication is generally more secure than other passwordless methods due to its reliance on unique physical traits that are difficult to replicate. OTPs, hardware tokens, magic links, and smart cards are more vulnerable to various forms of compromise, making biometric authentication a more robust choice for security.
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How Do I Choose The Best Passwordless Authentication Solution?
Security Features
Selecting a passwordless authentication solution with robust security features is essential for safeguarding sensitive data and preventing unauthorized access. Biometrics is a key feature as it offers a highly secure way of authenticating users based on unique physical characteristics like fingerprints or facial features.
Multi-factor authentication (MFA) adds an extra layer of security by combining multiple factors within biometric authentication, making it harder for attackers to breach. Encryption and Data Protection are crucial aspects to consider; choosing a solution that employs robust encryption methods to safeguard biometric data and other sensitive information can ensure comprehensive protection against potential threats.
User Experience
A seamless and pleasant user experience is vital for successfully adopting any passwordless authentication solution. Thus, it’s crucial to consider accessibility, ensuring that all users, including those with disabilities, can easily use the authentication method.
Ease of Use is another critical factor as the authentication process should be quick and straightforward for users, minimizing any friction that could lead to abandonment. Device Compatibility is also important as the solution should work seamlessly across various devices and platforms, ensuring compatibility with major operating systems like iOS, Android, Windows, and macOS.
Integration Capabilities
Seamless integration with existing systems is pivotal when selecting a passwordless authentication solution. Compatibility with Existing Systems ensures the solution can work alongside your current security infrastructure, including IAM systems, SSO solutions, and enterprise applications.
APIs and SDKs play a significant role in achieving this as they provide the flexibility to customize the authentication process to meet specific needs. Scalability is another critical consideration, ensuring the solution can grow alongside your organization without compromising performance or security.
Cost and ROI
Carefully evaluating the pricing structure of a passwordless authentication solution is essential to ensure it aligns with your budget and usage patterns. While some providers charge per user, others may have a flat fee or tiered pricing based on usage. Total Cost of Ownership (TCO) should also be considered, including all costs associated with implementing and maintaining the solution. Calculating the potential Return on Investment (ROI) is crucial, as a more secure and efficient authentication process can lead to significant savings and productivity gains in the long run.
Vendor Reputation and Support
Researching a vendor’s reputation is essential when selecting a passwordless authentication solution. Reading reviews, case studies, and customer testimonials can provide insights into the reliability and effectiveness of their solutions.
Evaluating the level of customer support the vendor offers is also crucial, ensuring they provide timely and effective support through various channels. Compliance and Certifications should be checked to confirm if the vendor adheres to relevant industry standards and regulations like GDPR, CCPA, and FIDO2, indicating high security and trustworthiness.
Challenges Of Passwordless Authentication
Integrating passwordless authentication into existing systems can be complex and costly. Many organizations have legacy systems that rely on traditional passwords, which may not support modern authentication methods. Updating these systems requires significant investment in new technologies, customization to fit specific workflows, and dedicated resources for a smooth transition. It also requires holistic considerations like how to manage people coming from different devices, shared devices, and different geographies, as well as accommodate different workflows, BYOB (bring your own device), etc.
User Adoption and Accessibility
User adoption and experience are crucial for the success of passwordless authentication. To ensure smooth adoption, users need to be educated and trained on the new methods. The authentication process must be intuitive and convenient, as resistance to change or a cumbersome experience can hinder widespread acceptance. Accessibility considerations are essential to accommodate all users, including those with disabilities.
Navigating Security and Privacy Challenges
Despite enhancing security, passwordless authentication introduces new security and privacy concerns. Protecting sensitive biometric data and ensuring the security of user devices against theft, loss, or hacking is critical. Organizations must also navigate privacy regulations like GDPR and CCPA when implementing these systems, adding complexity to the process. Addressing these challenges requires careful planning and a comprehensive approach to security and compliance.
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- Passwordless Customer Authentication
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- Passwordless Authentication Companies
Book A Free Demo To Learn More About Our Integrated Identity Management Platform
At Anonybit, we help companies prevent data breaches and account takeover fraud with our decentralized biometrics technology. With our decentralized biometrics framework, companies can enable passwordless login, wire verification, step-up authentication, help desk authentication and more.
Comprehensive Security Solutions for Companies
We are on a mission to protect companies from data breaches, account takeovers and synthetic identity on the rise, privacy regulations, and digital transformation. To achieve this goal, we offer security solutions such as:
- Secure storage of biometrics and PII data
- Support for the entire user lifecycle
- 1:1 authentication and 1:N matching for lookups and deduplication
Balancing Privacy and Security with Anonybit’s Integrated Platform
Anonybit eliminates the tradeoffs between privacy and security. Prevent data breaches, reduce account takeover fraud, and enhance the user experience across the enterprise using Anonybit. Book a free demo today to learn more about our integrated identity management platform.