Passwords have become an unavoidable nuisance to everyone. Users need help remembering them and organizations face challenges in keeping them safe. Hackers have access to sophisticated phishing tools with the ability to crack the most challenging passwords within seconds.
According to Proofpoint's 2022 State of the Phish Report, around 83% of companies were victims of massive phishing attacks in 2021. Millions of Americans have experienced the horror of cyberattacks when companies like Colonial Pipeline, American Airlines and Uber have faced massive data breaches, resulting in losses of $4.4 million. If we take a look at the list of Data Breaches that have taken place globally in 2022 so far, it’s shocking as multiple corporate giants have not been able to escape these tactful attacks.
Although passwords have undergone massive evolutionary changes within the last few decades, going from the age-old hashing to modern-day encryptions and OTPs, it’s time to accept that passwords have reached a dead end. Developers and companies inherently rely on their users to create intrinsic passwords, a responsibility that no user takes seriously. A survey by Google has revealed that 65% of people reuse one password on multiple platforms. According to a survey by NordPass, “123456” is the most common password in the world!
These figures clearly divulge the fact that our online security protocols are reminiscent of the last decade and no real progress can be made on the security front unless we think beyond passwords.
We, at TrillBit, are thrilled to introduce our pioneering authentication product: SoundAuth, a hassle-free passwordless authentication and user management solution built for developers and companies.
Advancement in technology is fast-paced and most devices these days have biometric authentication sensors such as fingerprint sensors or Face ID detection. Biometrics are known to be severely unique and one of the most secure forms of identity verification. It’s time to replace passwords and rely on a user’s biometrics to provide faster and more secure authentication, impenetrable to hackers.
FIDO Alliance, and its key members Apple, Google and Microsoft have been striving to create a passwordless ecosystem using a unique combination of digital credentials known as “Passkeys”. Passkeys work on Public Key Cryptography and generate two unique keys for every account- a public key (stored within the server) and a private key (stored within the user’s device). The private key is stored within the user’s device and is synced with say iCloud storage, available to any other device owned by the user. For signing in to any account, the website will verify whether the user’s public key matches their private key. Users can only verify their private keys using biometric verification on their devices. While the public key is available within the server database and can be accessed by a hacker, the inability to authenticate the private key will prevent them from hacking into the user’s account.
Passkeys are highly secure, user friendly and cross-platform. Passkeys are built to provide an easy one-step login solution, be accessed over multiple devices sharing the same iCloud keychain and provide proximity-based security against potential cyber threats and phishing attacks.
With tech giants like Apple, Microsoft and Google being hugely involved, several companies are set to work towards a passwordless future. At a recent FIDO conference “Authenticate 2022” held in October, corporate bigshots such as PayPal and eBay have announced the adoption of Passkeys and are about to release this feature in their upcoming updates. Looking at the industry hype and market prospects, it’s safe to say that Passkeys are predicted to penetrate 80% of devices and companies will brace themselves to adopt passkeys by the end of 2023.
However, adopting passkeys can be a real challenge for small-scale companies with limited resources and cash flow. Integrating passkeys involve adding long code bases that are prone to bugs and other frictions. Developers can find these integrations quite challenging. This is where SoundAuth comes in!
SounAuth is an Authentication-as-a-Service product that uses no code/low code and API in order to solve all passkey-related integration challenges for companies looking to adopt and launch passkeys within their signin portal. SoundAuth helps developers integrate passkeys within days without any hassle. We ensure that you can successfully guide your customers towards a secure and passwordless future.
If you’re interested to know how our product can help your companies make the switch to passkeys and save tons of money on research and resources, feel free to connect with us at firstname.lastname@example.org or Join the waitlist to get the early access.