Despite the pace of technological change, the use of passwords has remained the same since the earliest days of computing. And yet there is strong evidence that passwords not only present a significant security risk, but also create a financial burden.
Today, there are more than 300 billion passwords being used by humans and machines worldwide, with 83% of data breaches attributed to password compromises. Along with this volume and scale, the administrative costs of password maintenance are unsurprisingly high—averaging around US$1M in annual costs per business.
Aside from helping enable organizations to operate in a more robust and resilient manner, the passwordless journey can offer an enhanced user experience—reducing the need for passwords and easing access.