Password Security Becoming Obsolete?

Oct. 26, 2016

A survey from SecureAuth Corporation shows 69% of organizations are likely to do away with passwords within the next 5 years.

SecureAuth Corporation, a provider of access control systems, released results of an online survey revealing industry perceptions on passwords and authentication and concluded that 69% of organizations are likely to do away with passwords within the next 5 years.

The survey itself was conducted with help from Wakefield Research and involved 200 information technology decision-makers (ITDMs) in the U.S.

“On the heels of recent mega breaches such as Yahoo!, in which usernames, passwords and security question responses were compromised, there’s a growing movement from individuals and businesses for an authentication overhaul,” says Craig Lund, CEO of SecureAuth. “Single-factor, password-based authentication — and even many traditional two-factor approaches — are no longer enough in today’s increasingly digital world. And with costs associated with cyberattacks totaling millions of dollars a year, it’s in everyone’s best interest to make it more difficult for attackers to cause further damage to our economy.”

The survey also included overwhelming support for more steps in authentication. 99% of respondents agree two-factor authentication is the best way to protect an identity and its access. Recent news headlines, however, have demonstrated that even extra-step methods aren’t enough to stop phishing attacks from veteran hackers.

“Organizations are using outdated authentication approaches that require extra steps for users, and are ineffective against today’s advanced attacks,” says Keith Graham, CTO of SecureAuth. “Those that are forward thinking are implementing modern, behind-the-scenes adaptive risk checking that increases security while not getting in the way of the end-user experience. Strong security during authentication no longer has to be at the expense of the end user — users and organizations can now have both.”

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