Intelligent CISO Issue 29 | Page 33

� PREDICTIVE INTELLIGENCE Passing on passwords: How to embrace the new identity era The username and password have long been the baseline method for protecting accounts, but for consumers and businesses alike, they’ve become a lose-lose. Nick Caley, Vice President, UK and Ireland, ForgeRock, explains why. or consumers, F the tipping point passed when the number of online accounts they held reached the hundreds, meaning they can no longer be expected to remember credentials for them all. Consumers now often reuse a single set of log in details, which they can remember across accounts. According to First Contact, 51% of people use the same passwords for work and personal accounts. This jeopardises the security of every account because they are all only as secure as the weakest link. Recycled passwords and usernames are leading attack vectors used in data breaches; the World Economic Forum (WEF) found that four out of five breaches are caused by weak/stolen passwords. The scale of this problem is clear from a range of research. Our Identity Breach Report found that over five billion US consumer records were breached in 2019 alone, with personally identifiable information (PII) accounting for 98% of all cases. With the pandemic having forced more of our everyday lives online, these numbers will surely only grow. For businesses, research by Mastercard showed that the friction introduced by usernames and passwords can lead to lost revenue as a third of users forced to recover their password will abandon the log in process altogether. Additionally, password and username recovery leads to higher help desk costs; WEF estimates that the average annual large company spend on password resets is over US$1 million. The foundation for passwordless, usernameless authentication has already been laid So why the slow progress, especially since the technology and regulatory bedrock for passwordless and usernameless authentication is mostly in place? Over the last 10 years, smartphone manufacturers, like Apple, have paved the way for this type of authentication and access technology to evolve from a vision into an everyday reality, beyond its initial application of mobile devices. Now software-based biometrics, which takes advantage of the high-quality cameras used in mobile phones, can allow for www.intelligentciso.com | Issue 29 33