The draft technical specifications for a new authentication protocol, which could eliminate the use of passwords in the future, have been released.
The Online Security Transaction Protocol (OSTP) was developed by the Fast IDentity Online (FIDO) Alliance, an open industry consortium delivering standards for simpler, stronger authentication.
According to Forrester Research, the online services industry is seeing more than $200bn in annual losses from password breaches, while the Verizon 2013 Network Investigations Data Breach Report states that 76% of network intrusions exploit weak or stolen credentials.
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