With so many digital accounts available, tech users often juggle too many passwords to keep up with. For mnemonic reasons, passwords are reused and made overly simple. These weak defenses are easy to bypass for cybercriminals.
A 2022 HYPR report details that 89% of organizations experience a phishing incident. HYPR is a login security company working to stop phishing, a fraudulent digital practice of retrieving account information. Verizon provides that 80% percent of data breaches result from weak passwords. So what are people to do to protect their accounts?
Passkeys’ nuanced approach
FIDO Alliance, a coalition group, strives to provide an answer. The alliance consists of big name tech groups like Google, Apple, and Microsoft, who are spreading wider usage of their biometric security system, Passkeys.
Most iPhone users are aware of biometric measures as Touch ID was first implemented in Apple’s 2013 iPhone. Biometric logins have developed since to operate using facial recognition – a feature in 2017’s iPhone X. FIDO Alliance’s Passkeys takes passwordless login a step further.
In 2022, Passkeys became available on several operating systems allowing biometric data to be saved. This enables easier user authentication as a simple thumb print or facial identification can log into digital accounts that have passwordless options. This happens without the need to create passwords for first time logins. Passwords that are susceptible to cyber thieves lurking around every corner of the digital world.
So why should more digital platforms use Passkeys? Easy, because it mitigates potential remote account attacks.
25% of reports submitted to the Federal Trade Commission in 2022 were related to identity theft. What many people don’t know is that identity theft insurance doesn’t reimburse money stolen but covers costs required to replace tangibles and activate fraud alerts.
The Federal Bureaucracy of Investigation’s 2022 Cyber Crime Report provides that total cyber crime losses nearly doubled since 2021. An estimated amount of $10.2 billion stolen. The median monetary losses of cyber theft victims is $500, an amount that will only increase as society grows in digital dependence.
The data reported on cyber theft is staggering. As more businesses and individuals begin operating digital accounts, it is sensible that a new defensive digital structure be placed. FIDO Alliance’s Passkeys could be the means to acquiring a safer future for digital users.