Passwords are obsolete and it's just a matter of time before they're completely killed off, new reports suggest. What's more, we even know (approximately) when that time will come.
The prediction was made by mobile identity solutions company TeleSign, which released a new report entitled 'Beyond the Password: The Future of Account Security'.
In it, the company says 69 per cent of security professionals believe usernames and passwords are insufficient security measures in today's world. What's more, 72 per cent of them believe this type of authentication will be phased out by 2025. Behavioural biometrics and two-factor authentications are the most likely replacements, it was said.
“The vast majority of security professionals no longer trust the password to do its job,” said Ryan Disraeli, Co-Founder of TeleSign. “Thankfully, most companies aren¹t resigning themselves or their users to password-only account security. They are implementing two-factor authentication in droves and newer technologies such as behavioural biometrics are emerging to address many of the concerns developers have around adding new tech to their applications.”
Nine out of ten companies experienced fraud in the past 12 months, with pretty much everyone (97 per cent) feeling the consequences. Companies are most worried about account takeover, as it increases costs, makes companies lose customers, and hurts their brand.
“The business of fraud has become public enemy number one for mobile and online companies,” Disraeli continued.
“Cybercrime such as account takeover is affecting businesses of all sizes by incurring financial losses, loss of customers and users and ultimately brand damage. In order to address the failing password, enterprises need to add additional account security technologies to keep user accounts safe. Behavioural biometrics technology and two-factor authentication are emerging as leading candidates to bridge the gap.”
Photo credit: Ai825 / Shutterstock