According to a thorough survey conducted by Ponemon Institute and IBM, the average cost of a single data breach in the United States has spiked to 9.44 million dollars in 2022, up from 9.05 million dollars in 2021. The global average data breach cost is expected to reach 4.35 million dollars by 2023. The total breach cost includes a plethora of parameters such as lost business resulting from diminished trust or confidence of customers, costs related to detection, escalation, and notification of the breach; and ex-post response activities, such as credit report monitoring. Such data breaches can be a massive blow to the organization in more ways than one. Data breaches can lead to litigation and reputational damage to an organization, along with regulatory expenses and fines.
Although 2-Factor authentication (2FA) gained quite a lot of popularity in the recent past, user experience was still a major concern for most companies. The timed OTPS, email and phone number tokens and multi-step login procedure seemed cumbersome for most users, leading to poor user adoption and apathy towards the entire process. To address this concern and provide a foolproof solution, FIDO Alliance strived to create a truly passwordless authentication solution that not only solved the security concerns but also tended to the nitty-gritty of user experience.
As FIDO’s passwordless authentication emerged, the big players within the technology industry were the first to embrace this revolutionary solution. Companies like Google, Apple, Microsoft, Paypal, Ebay have not only backed the project but have also incorporated this technology into their latest software and product updates.
FIDO’s passwordless authentication is based on a standard known as Passkey. Passkeys work on Public Key Cryptography and WebAuthn standards to provide a highly secure, seamless and password-free login solution to the end users. Passkeys utilize parameters such as the user’s biometric identity (face ID, fingerprint), PINs, security tokens etc as a form of identity proofing, replacing passwords once and for all.
Passkey-based authentication is a phishing-resistant solution, providing maximized security to organizations and keeping sensitive information under wraps. Additionally, passkeys are highly user-friendly and are dedicated to providing a frustration-free login experience to the users. No lengthy passwords, no timeouts, and no additional phone calls! With Passkeys, users can successfully complete login within seconds through a simple face or fingerprint ID verification.
Speaking from the business perspective, switching to a Passkey-based authentication system can offer enterprises and corporations a range of benefits, including a competitive advantage over their peers. Business managers and executives bear the burden of ensuring steady business growth, both in terms of revenue and client base. However, with too many competitors in the global market, increasing the signup rates can be quite challenging. Additionally, integrating 2FAs and OTP-based authentication can be expensive, especially for small-scale enterprises and startups. Business managers are constantly in search of newer approaches to reduce IT expenditure and increase signups on their websites and applications. This is where passkey-based authentication can be of pivotal importance.
Signing in through passkeys can reduce the time taken to log in and improve customer experience, leading to higher signup volume and better conversions. Since passkeys are augmented by biometric authentication, most phones and tablets can support passkey-based authentication, without the requirement for additional OTPs. This results in a reduction in the unnecessary cost of authentication and ensures a much better bottom line for the business, with reduced IT costs.
The immense support and adoption of Passkeys by corporate giants like Google, Apple and Microsoft made a worldwide impact in favour of passkeys. Andrew Shikiar, the Executive Director and CMO of FIDO Alliance mentions “This new capability stands to usher in a new wave of low-friction FIDO implementations alongside the ongoing and growing utilization of security keys, giving service providers a full range of options for deploying modern, phishing-resistant authentication”
Following the footsteps of the tech giants, several organizations have started adopting passkey-based login for their websites/ mobile apps. PayPal, eBay, Nvidia, Robin Hood and Virgin Media are among the first companies to have announced the integration of Passkeys into their sign-in portal within 2023.
With the corroboration of high-profile technology companies and their promise to fully integrate the newer and more developed versions of Passkeys in the future, it is safe to say that the future of Passkeys looks promising! Accelerated adoption of Passkeys by enterprises and end-users alike can wipe off passwords once and for all.
Although Passkeys seem to be a ground-breaking authentication solution, integrating passkeys can be a real challenge for companies, in terms of resources and expenses. Integrating passkeys can be time-consuming and frustrating for developers and can be a financial burden for companies.
SoundAuth provides no code/low code integration solution that helps companies integrate passkeys within a day with almost no engineering effort! SoundAuth promises a highly cost-effective deployment of passkeys to website/mobile applications, ensuring to mitigate the risk of deployment of passkeys on website code bases. This makes the switch to passkeys a high-speed, low-risk journey for businesses. Additionally, SoundAuth also provides a complete user management interface that will help companies easily transition into the passwordless ecosystem and handle their users with ease. Redirect your user base to a safer and more seamless login experience with SoundAuth!
Interested to know how your company can integrate Passkeys without the hassle of building a new code base from scratch? Become a part of the SoundAuth ecosystem! Join the waitlist on SoundAuth.com