Are Passwords Really Dead?

For many years, we’ve heard: “The death of passwords is nigh!”

Now, after years of watching the decline, we shouldn't be surprised that everyone is proclaiming: “Passwords are dead!”

The real question is: What have you done to prepare for a passwordless future?

Before you answer, here’s a tidbit of history.

Did you know that digital passwords have been failing almost since they were invented?

One of the earliest examples of this dates back to the 1960s when MIT students began using passwords to log into a pioneering new computer.

Time on that shared computer was rationed at MIT. Each user was allotted only a few hours per week.

That is until one student located the file storing all the passwords. This wily student then began using multiple accounts to get all the usage time he wanted!

Fast forward to several decades later.

Unsurprisingly, with the proliferation of online passwords, the issues produced by their use—and misuse—have only multiplied.

Here are the most common password FAILS:

Too. Many. Passwords.

Most of your customers hate forgetting and resetting passwords. That’s why they reuse passwords! But, by choosing weak passwords, they put their sensitive data and your enterprise at risk.

Password fatigue is real.

If your customers have to reset a password, they’re likely to abandon whatever online service or product they were originally trying to access. Yes, the struggle is real when it comes to how this affects your revenue!

Passwords are easily cracked.

Weak passwords and the use of password dictionaries are a hacker’s dream. These allow hackers to use brute force attacks to gain access to your customer accounts. This can take seconds and can be done with cheap or free black-hat plugins.

Most hacks target passwords.

It’s no surprise that bad passwords are the easiest target for hackers. Even if most of your customers have exceptional password hygiene—using unique, complex, and randomly generated passwords—their data and your enterprise are still at risk. A previous hack on a different site may have released victim credentials that allow a “credential stuffing attack” to occur on your site.

Thankfully, there are secure, seamless solutions to these problems that LoginRadius can implement. Many of the options don’t require your customer to create a new password or remember an old one. Check these passwordless options below.

Passwordless authentication

Some passwordless options include multi-factor authentication where a one-time passcode and email link will allow account access. It’s just copy, paste, and enter—no passwords to remember.

Other options include social login or third-party login—again, no new password to set (or forget)!

What’s the face of the future? Passwordless fingerprint sign-in and face ID login—AKA biometric login, if you’re fancy.

These methods can either replace passwords or double down on security (or both). Plus, they’ll help prepare your enterprise for a passwordless future.

For more facts about the death of passwords and how it affects you, check out this handy infographic, created by LoginRadius, a customer identity and access management solution.