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Eliminating Passwords: Does Abolishing the Password Create Stronger Security?
February 16, 2021 @ 9:00 pm – 11:00 pm EST
Passwords are a source of endless frustration — for both users and organizations. According to Verizon’s Data Breach Investigation Report, 81% of data breaches are caused by compromised, weak, and reused passwords. They often lead to employee downtime and abandoned shopping carts. In today’s networked economy, passwords may no longer be a suitable tool for protecting access.
Moreover, password issues can have a huge financial impact on businesses, as a result of recovering from data breaches, employee downtime, and rebuilding corporate reputations. In 2020, cybercrime cost the global economy $2.9M every minute. Even regular maintenance itself is extremely expensive, with most enterprises spending more than $1M per year just to reset passwords. And the problem is getting worse. Data breaches have both a significant short-term impact — with an average cost of $8.9M per breach — and long-term consequences, as billions of login credentials from these breaches are circulated across the dark web.
Fortunately, help is on the way. Several startups are working on new solutions that could eliminate the need for passwords by replacing them with simpler and stronger forms of authentication, often leveraging physical security keys and biometrics. These new authentication technologies have the potential to completely transform digital security.
In our upcoming VLAB panel discussion, industry experts and entrepreneurs will discuss the future of password-less authentication and how companies can build it into their security plans.
- What are the current in-market solutions and how effective are they?
- How can companies successfully transition to password-less authentication?
- What are the opportunities for entrepreneurs and technologists?
Andrew Shikiar, Executive Director & CMO, FIDO Alliance
Ori Eisen, Founder & CEO, Trusona
Stina Ehrensvärd, CEO & Co-founder, Yubico
Candace Worley, CPO, Ping Identity
Asheem Chandna, Partner, Greylock Partners