What Are the Benefits of Replacing Passwords with Passkey Authentication?

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Many people use passwords for all their online accounts. But with the number of cyber-attacks, identity theft cases, and security breaches happening as a result of stolen passwords, could they soon become a thing of the past? Passwords have been difficult for users to manage safely due to inherent usability issues.

According to statistics from Finance Online,  81% of company data breaches were a result of weak and stolen passwords. These shortcomings in security and usability have fueled the search for alternative approaches. This is where passkeys come in.

Passkeys, developed in collaboration with Apple, Google, and Microsoft, have come to replace passwords. They are safe and easy, especially in the area of authentication. As a result, many businesses are advised to migrate to the passwordless option, known as passkeys.

Continue reading to find out what passkeys are and the benefits of replacing your passwords with them.

What Are Passkeys?

Passkeys are a type of passwordless authentication, an alternative to passwords, that is seeing increasing focus and adoption. They are set to become a vital part of security in the coming years. Passkeys signify a more secure foundation for enterprise security. They can be harmonized to an insecure OS device and are far safer than passwords for customers and employees.

Passkey authentication solves the various problems caused by password logins. Passwords are not only challenging to remember, but they are also often easily guessed by criminals. In contrast, passkeys allow you to sign in or log in to an account without authenticating with your username or password details. Simply put, passkeys require no letters or digits typed in to gain access to an account.

This is because passkeys use “biometric unlock” authentication access, working similarly to Touch ID or Face ID. Replacing passwords with passkey authentication is essential for businesses that rely on passwords to keep their business information safe, as it is a solution that provides a more secure way for you and your employees to access your data and other online services.

How Do Passkeys Work?

Passkeys authenticate your identity using cryptographic methods. Every one is cryptographically strong and unique because it is generated using an algorithm. When you use a passkey to create an account, two keys are generated: public and private keys, which are typically used to encrypt and decrypt user data. Both are needed to access the account.

The public key is not kept secret and is stored on the server, whereas the private key is required to sign in. The server never knows what the private key is. Instead of requiring a username and password, the passkey enables users to validate their identity on the device via biometrics (fingerprint or faceprint) or a PIN.

What happens behind the scenes is cryptographically secure,  allowing   each user  to   avoid   the   risks   connected   with   using   weak passwords

Benefits of Replacing Password With Passkey Authentication

Passkeys provide the same benefits as biometric authentication in general, such as one-step account creation, a seamless user experience, and increased security. Here are some significant benefits of replacing passwords with passkey authentication.

●       Increase Application Security

Passkeys aid in the protection of user accounts from unauthorized access. When no password is used, it is much more challenging for cyber-attackers and hackers to gain access to a user’s account through brute force attacks, phishing attacks, or stolen credentials. Each one is distinct and linked to the user’s device via a public/private cryptographic pair, making it much more difficult for an attacker to gain unauthorized access without physical possession of the device.

●       Improve Onboarding and User Experience

Passkeys also enhance the user experience by removing friction from the account creation, authentication, and recovery processes. This shortens onboarding times and reduces the number of hoops users must jump through to gain access to their accounts.

●       More Convenient to Use Than Passwords

Passkey authentication reduces user registration friction, resulting in lower drop-off and faster onboarding. Users can log in to their accounts more quickly and easily because they don’t have to remember long, complicated passwords. This saves time and reduces frustration, especially for users who manage dozens of online accounts.

●       Reduced Risk of Phishing Attacks

Passkey authentication can help reduce the risk of phishing attacks, a common tactic hackers use to steal passwords. Since passkeys are not typed in, they cannot be intercepted by phishing scams.

●       Protects Against Sophisticated Password-based Attacks

 Passkeys protect against credential stuffing and other password-based attacks by allowing businesses to authenticate users without a shared secret.

●       Cost Saving

Passkey authentication can be less expensive than password-based authentication because it eliminates the need for expensive password management systems and support staff.

Can Passkeys be used with a device that you do not own?

Passkey systems can be useful if you need to log in to a device you do not own. To authenticate the login, the Passkeys system will display a QR code you can scan with your phone. The negotiation is handled at the system level and via Bluetooth proximity between the browser and the device.

●       Enhances Online Privacy and Security

Passkeys are a powerful and effective method of securing user data. Passkey can be used to protect applications or websites from unauthorized access while providing a better user experience in the digital world.

Is it Time to Migrate to a Passwordless Option?

Copperband Technologies focuses on providing our clients with solutions that increase productivity and performance. With our industry experience, we can assure you that we will only provide you with the best service possible. Contact us today!