Why is Interoperability the Stepping Stone to Going Passwordless?

The increasing number of cybersecurity threats has created endless challenges for CISOs and IT experts, especially when attackers discover new ways to exploit sensitive data. And when we talk about the most significant risk for an organization, it’s the use of conventional password-based authentication.

Enterprises relying on traditional authentication methods are at a higher risk of compromising their crucial business information and customer details. But what’s problematic from a business point of view is that stats reveal that approximately 33% of account compromise victims have terminated their business with enterprises that leaked their credentials.

Passwords mostly fall susceptible to today’s common cyberattacks and are prone to various credential-stealing frauds, including password spraying, phishing, and MitM (Man in the Middle) attacks.

Hence, removing the most significant growth barrier in the form of passwords is perhaps the ultimate solution for businesses embarking on a digital transformation journey.

Yes, incorporating robust security mechanisms in the form of passwordless and multi-factor authentication (MFA) is undeniably the need of the hour that helps businesses secure sensitive business and user information without hampering user experience.

However, when businesses incline towards cutting-edge authentication methods, interoperability between various systems, including MFA, FIDO protocols, and hardware security keys, is vital.

The Increasing Demand for Passwordless Authentication

Passwordless authentication isn’t necessary from a security point of view; but also from a usability perspective.

Users enjoy one-click authentication through magic links received in their emails or smartphones that allow them to log in to any platform without the hassle of entering passwords.

Apart from this, the IT teams can also stay relieved and could focus more on other crucial aspects concerning security and operations since they no longer have to put their efforts into maintaining passwords.

Furthermore, opting for an MFA solution with a passwordless authentication mechanism doubles the security layer for businesses, and they can prevent data breaches, identity exploitation, and account takeovers.

The Crucial Role of FIDO

FIDO (Fast Identity Online) is a set of protocols that provide secure authentication by reinforcing existing password-based login processes.

The authentication standards act as a critical element in addressing the security issues. It allows users to securely and quickly authenticate via devices that have built-in security tools, including fingerprint reader, facial recognition, and hardware-based security keys that will enable smooth information access.

Since businesses are already adopting multi-factor authentication solutions, FIDO is becoming a global standard and is widely supported by organizations and operating system platforms.

Hence, businesses thinking about reinventing their security practices must put their best foot forward in incorporating FIDO protocols and stringent security layers in the form of multi-factor authentication.

How Can Businesses Go Passwordless?

Based on the business requirements, passwordless authentication can be implemented since this solution doesn’t follow a one-size-fits-all approach.

Moreover, going passwordless shouldn’t emphasize just security; it should address user experience and usability issues.

In a nutshell, various vital steps need to be followed by businesses to enhance security and user experience through a passwordless authentication mechanism.

And when it comes to incorporating a passwordless solution to an online platform, businesses can choose a reliable consumer identity and access management (CIAM) platform that can help them deliver a seamless experience reinforced with robust security.

A CIAM platform helps businesses secure their customers’ sensitive information that doesn’t hamper the user experience. This helps them build trust and engage many users that further convert.

Apart from this, a reliable CIAM helps businesses meet all the requirements for various data privacy and regulatory compliance, which builds trust in the long run.

In Conclusion

Gone are the days when businesses relied entirely on password-based authentication; innovative and secure authentication systems are now becoming the new normal.

And going passwordless is undeniably the need of the hour for businesses concerned about the security of their crucial information and customer details.

Also, going passwordless via a CIAM solution offers endless benefits to businesses in terms of security, compliance, and user experience.

Organizations can ensure maximum benefits through a passwordless approach by leveraging interoperability by incorporating multi-factor authentication into their platforms.

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