Enterprise security attackers are growing in number and sophistication. Organizations are only one password away from it being their worst day. To that point, is it time to ditch all those annoying, hackable passwords and live in a passwordless society?
Passwords have been the primary method of authentication for decades. While they have served their purpose and served it well, there may be better alternatives for protecting your mission-critical data and digital resources. As technology advances, cybercriminals find new ways to steal corporate credentials, making password security less effective.
In fact, according to a recent study, 81% of company data breaches were due to poor passwords. Password reuse is of particular concern as it could lead to credential stuffing attacks where threat actors take advantage of reused credentials by automating login attempts against systems using known emails and password pairs.
The same report revealed that 80% of hacking incidents were caused by stolen or reused login information.
These attacks weren’t on small companies with limited resources and weak cybersecurity protocols. They were on household name enterprises such as Ticketmaster, GoDaddy, Microsoft, SolarWinds, and even the New York City Law Department. In the case of SolarWinds, the hackers could get in with a weak password an intern had been using (“solarwinds123”), which was publicly accessible via a misconfigured GitHub repository.
Not only are passwords less secure, but they are also productivity inhibitors. In another recent report on passwordless security, 45% of respondents indicated that a passwordless approach to security would increase productivity.
In addition to weak passwords and credential reuse, passwords can be a hindrance to enterprise security in several ways:
- Passwords can be easily compromised: Bad actors can steal or hack credentials using various methods, such as phishing, brute force attacks, or social engineering.
- Password Sharing: Employees may share their passwords with others, which can put enterprise data at risk. Password sharing is especially problematic when employees leave the company or change positions, as they may be disgruntled or their old passwords remain active.
- Human Error: Employees may inadvertently reveal passwords through phishing scams or other social engineering tactics, which gives attackers access to enterprise data even if they do not have the correct login credentials.
- Lack of Two-Factor Authentication: Passwords alone may not be enough to secure enterprise accounts. Two-factor authentication can add an extra layer of security.
- User frustration: Password policies can frustrate users who must remember multiple passwords, adhere to strict complexity rules, and change them frequently.
- Cost of password management: Organizations need to invest in password management systems, such as password policies, training, and resets. These systems can be costly and time-consuming.
Given these reasons, enterprises should consider more secure alternatives to password security, such as Zero Trust, biometrics, multi-factor authentication, and certificate-based authentication. As compromised credentials continue to be a common attack vector, it only takes one nefarious login to bring a company to its knees. Of course, enterprises can’t just suddenly pull the plug on passwords altogether, but it is an option worthy of consideration.
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