72% of Businesses Plan to Kill Passwords By 2025 (Infographic)

Businesses are getting wise to the weak password system and plan to transition to other authentication methods over the next 10 years.

In an increasingly sophisticated infrastructure, username/password combinations are a standard but persistently weak link in digital security. Not even Facebook co-founder and CEO Mark Zuckerberg is immune to poor password practices and sensitive user information leaks. A report from Telesign examines the future of the password and of online security.

Telesign surveyed security experts across 15 industries in the U.S. and found that 70 percent believe passwords are an insufficient security measure. Internet users still don’t diversify their passwords enough, with 73 percent of all online accounts guarded by duplicate passwords.

What’s more impactful is the amount of fraud that happens as a result of leaks and hacks. 90 percent of companies surveyed had been victims of fraud, and fraud accounted for 42 percent of company financial losses. 42 percent of these attacks were related to phishing or spam, and 39 percent related to payment or credit-card fraud.

However, strategies are emerging, and companies are changing their ways. The report predicts that by 2025, 72 percent of companies will stop using passwords, and 36 percent will stop using them in as little as four years. The two main avenues of change are two-factor authentication and behavioral biometrics.

While 85 percent of companies plan to use 2FA within the next 12 months, users have historically been reluctant to implement the technology. Behavioral biometrics, on the other hand, could increase security dramatically without impacting user experience.

According to the report:

Behavioral biometrics is designed to prevent account takeovers by continuously authenticating web and mobile application users. The technology works by recognizing users based on their behavior patterns, such as keystrokes, mouse dynamics and screen interactions.

Additional factors, such as geolocation, could add subsequent layers to security protocols, making the technology even more secure. 83 percent agree that behavioral biometrics would increase security without compromising user interfaces, 54 percent plan to implement it this year or later and 22 percent are already using this method to improve security.

Passwords may still stick around for a while, but with better solutions adding more complex layers to security protocols all the time, the days of the password may be numbered.

For more information view the infographic below  or check out the full report.


Image courtesy of Shutterstock.