Why Do Businesses Need To Offer Passkeys?

According to research by Ponemon Institute, 59% of organizations rely on human memory to manage passwords. Humans often tend to forget complicated passwords, resulting in a more simplistic approach involving easy words, dates or memorable phrases as their passwords. This approach by users makes it easier for hackers to engage in successful phishing attacks, retrieving sensitive information of the users.

Passkeys - The Safer Alternative to Passwords

FIDO Alliance, backed by major technology giants like Google, Apple, and Microsoft has developed a new standard of authentication that aims to minimize the world’s over-reliance on passwords. With the advent of a new digital credential-based protocol (also known as Passkeys), FIDO strives to change the nature of authentication with open standards that offer maximum security along with a frictionless user experience.

Passkeys are digital credentials created according to WebAuthn Standards that enable a one-step login experience by leveraging the user’s biometrics (face ID, touch ID), proximity badges, security keys etc as parameters for authentication. Passkeys work on the basis of public key cryptography - the public key is generated and stored within the website’s database whereas the private key is stored within the user’s device and accessible only by the user. 

When a user tries to log in to a passkey-compatible website, the website verifies the private key stored within the user’s device using authentication parameters. Once the private key has been confirmed, it is matched against the public key. Once verified, the user can smoothly log into the website without any hassle. Logging in using Passkey is a one-step procedure that is cross-platform, user friendly and easily synchronized to the user’s Cloud keychain, allowing the user to access the same passkey on various other devices belonging to them.

Passwordless authentication using passkeys paves way for a strong online ecosystem that is governed by the best authentication standards. Of all the advantages provided by passkeys, user experience and security are at the top of the list.

Read more about Passkeys and Passwordless Authentication in our recent blog

Why Do Businesses Need To Offer Passkeys?

Passkeys are the future of authentication standards across the world. While companies like PayPal, eBay and Uber are set to adopt passkeys, it has been predicted that by 2023, over 80% of global devices will be compatible with passkeys. Needless to say, with this rate of progress it will be imperative for most companies to integrate passkeys into their websites within the next couple of years. Here are a few reasons why your business needs to offer Passkeys in 2022:

1. Craze Among Users
   Google has strongly supported the integration of Passkeys and emphasised a passkey rollout at Google I/O organized in May 2022. With the release of iOS 16 for iPhones and macOS Ventura for Macbooks, Apple has already launched Passkey-based authentication for their user base. 
   When tech giants are so keen on adopting new technology, several companies are likely to walk in the same direction. Due to the frictionless UX of Passkeys, the demand for this technology will increase among users, indicating that companies that fail to provide passkey-based authentication will slowly become obsolete.

2. Competitive Advantage
   Offering passkey-based login for users will automatically keep businesses ahead of their competitors. Passwordless is the future of authentication and with time, all companies will slowly ditch password-based login protocols and switch to passkeys. However, if businesses can provide this revolutionary authentication feature now, it will give their website a significant competitive advantage. The influx of users and a boost in revenue can be the byproduct of integrating passkeys into websites today.

3. Frictionless Integration
   Integrating Passkeys into the website can be expensive for companies in terms of resources and time. However, TrillBit’s pioneering product, SoundAuth helps in frictionless integration and offers a sophisticated user management solution for companies who are looking to switch to the passwordless authentication protocol. With SoundAuth’s no-code integration features, passkeys can be easily integrated within the website/mobile applications in no time. Our user management tools will help you provide hassle-free customer service and ensure that your clients are safely guided to experience passwordless authentication with enhanced online security features.

To know more about how SoundAuth can help your business jump into the passwordless bandwagon and help you save  money in the process, contact our team at contact@trillbit.com.

‍