The digital economy continues to rely on password-based authentication, but password weaknesses — and human nature — make them horrible for security. Password use also impacts businesses’ bottom lines because every year, forgotten passwords and password resets result in millions of dollars of lost sales and wasted IT staff hours.
It’s a “password tax” on businesses and consumers that no one can seem to get past.
As the digital economy has grown, so has the value associated with passwords. As a result, phishing and credential theft continue to run rampant, with stolen credentials sold openly on the dark web.
To protect people, organizations add more friction and worsen UX. They ask users to create long and complex passwords, change passwords every few months and use MFA. This results in lost sales, reduced company productivity and added costs.
A secure alternative to the password has emerged: passkeys. This option can strengthen organizations’ security posture because passkeys have the potential to generate billions in revenue and cost savings for businesses.
