Businesses face cyber risks, ranging from ransomware to knowledge theft. Cybercriminals gain access to an organization’s systems in a variety of ways. However, cybercriminals generally follow the trail of least resistance, and organizations’ reliance on password authentication provides enough opportunity for the attack. Passwords are known to be a form of weak authentication, and the widespread use of weak and reused passwords puts businesses and their consumers at risk.
CISOs are striving to fight the risk vectors that have been attacking their staff for years. Labor is the most prevalent vector of ransomware, knowledge theft, and many other breaches. However, with the rise of the virtual driven by the pandemic, consumers are a developing risk vector. CiSOs are increasingly expected to “protect what they sell,” introducing a new security domain. To protect this visitor domain, CISOs want to solve the same challenge they faced on the workforce side: passwords.
Passwords are the most commonly used form of visitor account authentication. Customers use passwords to log in to mobile apps, websites, and other visitor channels. However, while passwords are ubiquitous, they are a low- and high-friction form of authentication. Friction damages the security and visitor experience of an organization’s virtual channels.
The security effects of password friction are highlighted because consumers will retreat to avoid painful and time-consuming processes, such as generating and storing unique and random passwords for all their online accounts. As a result, passwords are weak and reused from account to account. , which makes account takeover (ATO) attacks possible. Think about your own use of passwords for the Internet sites and applications you use. If you don’t use a password manager, you’re probably reusing user IDs and passwords on many disparate sites.
Lack of visitor access to passwords also harms an organization’s activities. Password friction can lead to guest user conversions, motivate cart abandonment, cause abandonment when switching from one logo or channel to another, and require greater effort from the visitor (which is a primary indicator of logo loyalty). Passwords are bad for security and bad for visitor fun.
To reinforce the low security of passwords, companies typically implement additional protections that barely protect, but further damage the user experience.
Common examples include:
At best, those password additions frustrate users and create more friction; at worst, they are accessibility issues for other people with cognitive or physiological disabilities. In any case, they are smoothly overcome through a determined cybercriminal who carries out an account appropriation attack.
Password authentication is not secure and never will be. Even if consumers used unique, random passwords for each online account, those passwords would still be vulnerable to phishing attacks, short passwords of knowledge, and other threats.
Create a secure and simplified user experience on calls for a choice approach. The most productive solution is to pass without a password with a FIDO-based approach. FIDO, or Fast Identity Online, is an open set of popular protocols promoted through the FIDO Alliance. [1] for strong authentication that employs client devices such as cell phones. While FIDO doesn’t solve the challenge overnight (it takes time for users to switch to passwordless authentication), when done correctly, it starts to eliminate its biggest business risk: visitors’ passwords.
FIDO-based authentication, as part of a well-designed client identity and access management (CIAM) service, provides coverage against the most common tactics used in ATO attacks, including:
The most productive implementations of FIDO-based authentication are absolutely passwords for users, from the time of registration to the visitor’s full journey. By completely getting rid of passwords, the right FIDO-based solution reduces friction with consumers and is a very common risk vector: stolen credentials.
In a January 2022 study report titled “Building the Business Case for Cybersecurity and Privacy,” Forrester states that other people “are drawn to brands with a strong reputation for security and privacy. “Increased self-service, consumers commented that the implementation of Customer Identity and Access Management (CIAM) has resulted in increased power in visitor acquisition, a reduction in shopping cart and visitor abandonments, and a higher conversion rate (consumers who register and shop on the site). Over time, those advanced visitor reports will obviously connect to an accumulation of visitor loyalty, satisfaction, and revenue. »
Your consumers are probably more informed than ever about protecting their accounts. They care about cybersecurity, but they also want to do business with corporations that provide exceptional virtual user experiences. By implementing the right passwordless CIAM service for your virtual channels, you can assume the risk vector of stolen credentials and drastically decrease the effort your consumers must make to log in and transact. Get greater security and a better experience.
To learn more about passwordless authentication, Transmit Security.
[1] Source
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