Each year, there are many hacking attempts

on companies. Some of these attempts are successful. Bad passwords and user

error are usually to blame. Websites like

There are three ways to authenticate. They

are:

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[naviga:li]What you know – passwords, pins, security questions etc.[/naviga:li]

[naviga:li]What you have – phone, bank card etc.[/naviga:li]

[naviga:li]Who you are – biometrics (face scan, fingerprint) etc.[/naviga:li]

[/naviga:ol]

We love passwords, almost to the point of fixation. Many users may not want to use other methods out of “fear”. However, passwords are the weakest authentication link. The fact is, passwords are stored on servers, and that can spell all kinds of trouble. Entities like the want to create a world free of passwords.Fido Alliance

The Fido (Fast Identity Online)

Alliance is a group of companies dedicated to creating “authenticationstandards to help reduce the world’s over-reliance on passwords.” TheAlliance includes Samsung, Google, Amazon, Microsoft, Facebook, Mastercard,Visa, among many others. But why is there a syndicate solely dedicated togetting rid of passwords?

According to the Fido Alliance:

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[naviga:li]Password issues cause more than

80% of data breaches.[/naviga:li]

[naviga:li]Many users have more than 50 online

accounts[/naviga:li]

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“Up to 51% ofpasswords are reused.”[/naviga:li][naviga:li]It costs companies a lot todeal with password resets[/naviga:li][/naviga:ol]

It costs US companies an average of US$70 (per call) in customer service labour to reset a password. Multiply that number by the hundreds of customers calling multiple times a year, and that figure expands.

Also, data breaches can cost companies millions of dollars in damages. Yahoo agreed to pay US$117.5 million in a settlement due to data breaches that affected millions of users around the world from 2012 to 2016.

Fido is

trying to create standards they hope will become widespread and change the way

we authenticate. These standards should alleviate a company’s need to spend

millions on developing new standards from scratch and making verification

easier for users worldwide. Nobody wants another complicated, lengthy, interrogative

security hurdle to browse Instagram.

The Fido Alliance is not the only entity concerned about the password issue. Apple Computer has been championing biometric security for years. Biometric Security refers to any security technology that uses a unique characteristic of an individual to gain access to a system. These can be facial recognition, fingerprint scanning, voice pattern recognition, among others.

A great example of this is the fingerprint sensor or Face ID technology on your smartphone. Microsoft has face and fingerprint scanning technology “Windows Hello” that allows its users password-free entry. Banks like FirstCaribbean and Bank of America enable biometric authentication. The best part is that the biometric information is stored locally on devices, so they can’t be accessed in a data breach.

There are also other methods of access. Multi-Factor Authentication complements passwords with another form of identification. Physical security keys like look like thumb drives that you stick into or near your computer as a way of verifying that you are you. YubiKey

You’ll also have to touch the to prove you’re present physically. There are also apps like Google or Microsoft Authenticator that generate one-time codes for access to your accounts. You can also use your smartphone as an authentication device. Many companies now rely on biometric or device authentication.Yubikey

In today’s digital economy, cybersecurity

is critical to the smooth operation of companies across the globe. Adoption of

new and emerging tech may be slow. Hopefully, passwords will make way for more

convenient and more secure methods of verification.