Security pros name behavioral biometrics and two-factor authentication (2FA) as leading strategies to address deficiencies in password-only account security.
Los Angeles, June 29, 2016 – TeleSign, the leader in mobile identity solutions, today released a new report Beyond the Password: The Future of Account Security. The study found that 69 percent of security professionals believe usernames and passwords alone no longer provide sufficient security and a majority (72 percent) predict passwords will be phased out within nine years. The report also shows that security professionals are increasingly turning to effective, easy to implement technologies such as behavioral biometrics and two-factor authentication (2FA) to secure user accounts.
“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.”
More key findings from TeleSign’s The Future of Account Security Report include:
Trust in passwords is waning, most companies plan to do away with them
Poor security can lead to increases in fraud, having multiple impacts
Behavioral biometrics and 2FA increase account security and are on the rise
Online fraud remains a top concern for companies, with 86 percent reporting they are extremely or very concerned about authenticating the identity of web and mobile app users. In the past year, 9 in 10 companies have experienced fraud and almost 8 in 10 (79 percent) are concerned about account takeovers (ATOs). ATOs occur when unauthorized access is gained to a web or mobile end-user account – often due to stolen credentials, weak passwords or bot-based attacks. Overall, the impact of fraud remains high, with 42 percent of companies saying they experienced financial losses and 45 percent experiencing increased employee time to correct the fraud.
“The business of fraud has become public enemy number one for mobile and online companies,” Disraeli continued. “Cybercrime such as account takeover is affecting businesses of all sizes by incurring financial losses, loss of customers and users and ultimately brand damage. In order to address the failing password, enterprises need to add additional account security technologies to keep user accounts safe. Behavioral biometrics technology and two-factor authentication are emerging as leading candidates to bridge the gap.”
Commissioned by TeleSign and conducted by Lawless Research, the study surveyed 600 security professionals across 15 industries in the U.S. and revealed that securing consumer accounts is a top concern for businesses.
The Future of Account Security Report: https://www.telesign.com/resource/beyond-password-future-account-security
The Future of Account Security Infographic: https://www.telesign.com/resource/future-account-security-report-infographic