The world’s transition towards digitization calls for institutions to replace conventional login processes with modern authentication solutions. While passwords have been the most used form of authentication for accessing accounts and securing devices over the past decades, these are considered one of the critical problems in cybersecurity today.
When systems are compromised, enterprises are at risk of losing confidential information and business processes and losing reputation and revenues. Thus, to eliminate risks arising from these knowledge-based login credentials, many institutions seek to replace passwords with other authentication credentials.
Passwordless login credentials provide a seamless and more secure means of authentication, allowing companies to replace password-based authentication credentials and strengthen and streamline their operations’ security.
Moreover, several enterprises are investing in FIDO 2.0-compliant login credentials for stronger authentication. FIDO2 authentication solutions enable users to replace their passwords with stronger cryptographic login credentials that allow them to quickly and conveniently authenticate into their accounts or devices.
FIDO2’s cryptographic login credentials are less susceptible to theft. They often require a second factor or device-based authentication, such as a PIN code, a swipe pattern, or biometrics authenticationto be unlocked.
Using FIDO 2.0 authentication solutions or other passwordless login credentials, companies can gain a competitive advantage over other industry players. Furthermore, leveraging advances in authentication and security technologies allow companies to reduce security risks, strengthen brand loyalty, improve workforce productivity, and enable stringent regulatory compliance.
Here is an infographic by Ipsidy, which discusses the benefits of eliminating passwords.