Today marks World Password Day, raising the question: will 2023 be the year that puts an end to passwords? Here’s a look into the future of authentication and online security.
Online authentication and security are critical issues for protecting data and privacy. As we move toward the future, advanced authentication methods are gaining ground, which begs the question: is this the end of passwords as we know them?
Cybercriminals are always devising new strategies to crack passwords. Unfortunately, users often make it easy for them, putting both individuals and businesses at risk. World Password Day, celebrated on the first Thursday of every May since 2013, aims to promote good habits that help maintain privacy and online security.
Despite its growing popularity, many companies still don’t prioritize creating a strong password policy. A study by Nordpass reveals that too many people use easily guessable passwords. “Millions of people use some of the most common passwords, including ‘12345’ and variations thereof.” Furthermore, it takes less than 1 second to crack most of the passwords on the list of the most common ones.
“To create a strong password policy, minimum security requirements must be established, such as a minimum length and the inclusion of a combination of letters, numbers, and special characters. Common words or personal information, such as birthdates or pet names, should also be avoided. Additionally, passwords should be updated periodically and not reused across different accounts,” explains Pablo García, a cybersecurity consultant at KPMG Spain.
The Risks of Weak Passwords for Businesses
For a business, having weak access passwords poses a significant cybersecurity risk. Some of the negative consequences include:
- Security breaches: Weak passwords are easier to guess or hack, increasing the risk of unauthorized access to sensitive or confidential company information. This could include financial data, customer information, intellectual property, and more.
- Reputation loss: If a security breach occurs due to weak passwords, it can negatively affect a company’s reputation. Customers and business partners may lose confidence in the company and seek more secure alternatives.
- Recovery costs: The company may incur significant costs to investigate the cause, fix the issues, and recover compromised information. If the breach is large, the recovery costs can be even higher.
- Regulatory non-compliance: In many industries, specific regulations require companies to protect their customers’ and partners’ information. If weak access passwords lead to a security breach, the company may face financial and legal penalties for not complying with these regulations.
“It is essential for companies to implement robust password policies and educate their employees on the best computer security practices to avoid unnecessary risks,” explains Pablo García.
Biometric Passwords: Your Body is the Key
The future of passwords may see them become obsolete due to the growing popularity of more advanced authentication methods, such as two-factor authentication (2FA) and biometric authentication. These methods rely on unique biological traits, such as fingerprints, facial recognition, or iris scans, to confirm a user’s identity.
While it is unclear whether traditional passwords will completely disappear, it is evident that the future of online authentication and security is rapidly evolving. As technology advances and the threat landscape becomes more complex, it’s crucial for individuals and businesses to stay informed and adopt more secure methods to protect their data and privacy.