In 2016 alone, millions of records have already been exposed that include usernames and passwords. This is in addition to past breaches such as MySpace and LinkedIn, which are now resurfacing old data and wreaking havoc on users who secure multiple sites with the same credentials. No one is immune…not even Mark Zuckerberg. Here at TeleSign, this widespread awareness of the vulnerability of password-only account security has left us wondering: What new types of security are in-house security professionals looking at to help increase end-user account security for their companies? To find out, we commissioned a survey of 600 security and fraud professionals at US companies.
This new report entitled Beyond the Password: The Future of Account Security found that 69% of security professionals believe usernames and passwords alone no longer provide sufficient security and a majority (72%) predict passwords will be phased out within nine years. In response to this, security professionals are increasingly turning to effective, easy to implement technologies such as behavioral biometrics and two-factor authentication (2FA) to secure user accounts and address deficiencies in password-only security.“
The vast majority of security professionals no longer trust the password to do its job,” said Ryan Disraeli, Co-Founder of TeleSign. “Thankfully, most companies aren't resigning themselves or their users to password-only account security. They are implementing two-factor authentication in droves and newer technologies such as behavioral biometrics are emerging to address many of the concerns developers have around adding new tech to their applications.
”The report found that 90% of the companies surveyed experienced online fraud in the past year. The most common fraud types were spam or phishing attacks, payment of credit card fraud, fake account fraud and account takeovers (with 79% reporting being extremely or very concerned of the latter).
Beyond the Password: The Future of Account Security reveals that passwords alone are failing us and new technologies are needed to help secure consumer accounts. See TeleSign's comprehensive approach to account security solutions at TeleSign.com/Products.
The full report is available for download, here.