Passwords are the most common form of authentication used to control access to information – but commonly impact peoples’ ability to be instantly productive.
Why? Because a password may have been forgotten so time is wasted calling IT help desks to support with logging into a machine.
“The average user has 6.5 passwords, each of which is shared across 3.9 different sites. Each user has about 25 accounts that require passwords, and types an average of 8 passwords per day.” – Microsoft Research
Whether that’s memorising a code for entry to an office, or a password for online banking, remembering your passwords can be quite the challenge.
We’re human; it’s only normal we forget our passwords, especially if we’ve not used them in a while.
“Password fatigue” is expensive and costs companies around £60 per individual reset – that’s the message from Veridium, who focus on authenticating identity and making transactions easier and more secure by eliminating passwords.
Jason Tooley, spokesperson for Veridium, says the process of resetting passwords can run up to £1.5m based on a business with 10,000 employees.
More than half of these people, 56 per cent, use passwords they know to be insecure and only 14 per cent create unique passwords for every account.
It’s believed by many technology companies that by 2022, 60 per cent of large businesses and almost every medium-sized company will have slashed how much they depend on passwords by half.
So, what’s going on with passwords?
Firstly, understand it is importance to keep your data secure.
Two-factor authentication has a role to play in keeping an account secure – but it can also leave a business vulnerable if a password is compromised.
It’s believed moving passwords to a more biometric solution [fingerprints, palm veins, face recognition etc.] may reduce calls by up to half and substantially improve productivity – saving millions of pounds for consumers.
This approach would eliminate the frequency someone would need to remember or manage a complicated password which could save time.
“Biometrics provide an efficient, friction-less alternative” says Tooley.
He continued: “Companies should start to plan their approach to reducing reliance on passwords now, making authentication via biometrics a crucial part of their digital transformation journey, improving both user experience and security.
“Transitioning to passwordless is now being viewed as a business differentiator.”
“This will allow organisations to achieve a continuous authentication strategy that fulfils both digital and cybersecurity requirements – at any time, not just festive lulls like Christmas.”