The password is remnant of an era before hacking and credential-based attacks became a widespread problem. Although the internet has changed significantly since the early days, passwords have practically remained the same. In parallel, cybercriminals have targeted operating systems with increasing sophistication and frequency as computers have become more accessible worldwide.

For years, IT professionals have discussed the idea of passwords becoming obsolete. The issue with passwords is that they can easily be stolen and compromised. In addition, passwords can be costly, time-consuming, difficult to manage, and result in poor user experience. Furthermore, the fact that password reuse is a common practice among customers and employees only exacerbates the problem.

  • The use of the password dates back to an era before hacking and credentials-based attacks became a common and pervasive problem.
  • As long as passwords continue to be used, businesses and organizations will remain vulnerable to identity attacks.
  • Geopolitical tensions and global disruptions have made organizations more susceptible to account takeover attacks and fraud cases.
  • A passwordless MFA solution should be able to provide a frictionless login experience and eliminate the reliance on passwords or other easily phishable factors.
  • The creation of open standards such as FIDO2 and WebAuthn have increased adoption of passwordless technologies.
  • The Passwordless Authentication market is a dynamic, exciting, and competitive space where different vendors provide similar but unique solutions.