Password reuse bans can fire up to 50% of customers
Solutions to this password problem
If so many people are turning away from using websites because they don’t want to vary their passwords, what can we as a company do to encourage proper web security? Well, Beyond Identity itself is looking for a solution to this problem. Most recently, they released a product that allows businesses to configure password-less authentication methods:
âThe tool allows visitors to opt for passwordless authentication by registering with their username (usually an email address). They then receive a link; when they click, a public-private key pair is made and an X.509 certificate is issued. Therefore, when the visitor accesses the site, he can enter his e-mail address and is fully connected.
Of course, this comes with its own issues. While it is much easier for people to log into their accounts, it is also much less secure. Since even the most insignificant online accounts (for things like delivering pizza or streaming shows online) can include things like credit card information, people should be very careful about it. use of this method.
âAnd then consumers will ask for a password for their most valuable and important online accounts: banking and shopping. Then, they’ll want the same convenience and security for their business accounts. – Jack Poller, Senior Analyst at Enterprise Strategy Group
Many cybersecurity professionals are concerned about this method. From the above report, businesses may start to lick their chops and think about how removing passwords can lead them to optimize sales and limit the number of abandoned carts, but if anything anything is wrong, it will probably be the customer who pays for it. .
âWhat helps account takeovers is true multi-factor authentication and the use of password managers, which can help minimize password resets or allow takeover detection. account. While e-commerce sites want to maximize order flow, this priority cannot lead to a race to the bottom of security.
– John Bambenek, Senior Threat Hunter at Netenrich