Forgotten your password? Not having one will make you safer, says World Economic Forum

Thursday, 23 January 2020 00:00 - - {{hitsCtrl.values.hits}}

Four out of five global data breaches are perpetrated from weak and stolen passwords, driving the rising cost of cybercrime
Cybercrime is set to cost global economy $ 2.9 m every minute in 2020
Average annual large company spend on password resets is over $ 1 m
Six principles proposed to guide and advocate adoption of password-less future

A new report released by the World Economic Forum finds that freeing ourselves of passwords will actually make us safer and businesses more efficient.

Cybercrime is set to cost the global economy $ 2.9 million every minute in 2020 and some 80% of these attacks are password-related. Knowledge-based authentication – whether with PINs, passwords, passphrases, or whatever we need to remember – is not only a major headache for users, it is costly to maintain. For larger businesses, it is estimated that nearly 50% of IT help desk costs are allocated to password resets, with average annual spend for companies now at over $ 1 million for staffing alone.

Password-less authentication does not mean removing all security barriers to the digitalised society. It means harnessing tools such as artificial intelligence and machine learning to save users time and save company money.

“With the growing availability of biometrics and next-generation technology consumers are demanding a better digital experience while wanting to be secure online,” said World Economic Forum Platform for Shaping the Future of Cybersecurity and Digital Trust Project Lead Adrien Ogee. “Better authentication practices are not just possible they are a necessity.”

The report, produced in collaboration with the FIDO Alliance, introduces five top password-less authentication technologies, ready for implementation by global companies. They are biometrics, behavioural analytics, zero-knowledge proofs, QR codes and security keys.

“Relying on passwords as the primary means for authentication no longer provides the security or user experience that consumers demand,” said FIDO Alliance Executive Director and Chief Marketing Officer Andrew Shikiar. “The path forward is with standards-based, cryptographically secure authentication that keeps login info secure and private, while providing a fundamentally better user experience.”

Password-less Authentication – the next breakthrough in secure digital transformation is part of the Future of Authentication project led by the Platform for Shaping the Future of Cybersecurity and Digital Trust.

Global enterprises and public bodies can engage in this important strategic issue via the Forum’s Platform for Shaping the Future of Cybersecurity and Digital Trust at www.weforum.org/centre-for-cybersecurity.