How FIDO Authentication Can Help Reduce Your Operational Expenses?
The rapid advancements in generative AI have significantly enhanced the capabilities of hackers, enabling them to execute more sophisticated attacks such as credential stuffing, brute force, and phishing to steal passwords at a much larger scale, in much shorter time. This alarming trend was highlighted by Digital Shadows in 2022 when over 24 billion passwords were exposed.
In response to this escalating threat, major technology organizations have coalesced to establish a universal, global standard for authentication: FIDO (Fast Identity Online).
What FIDO Adoption Means
FIDO represents a paradigm shift in authentication methods, moving away from traditional username and password systems to a more secure, passwordless authentication experience. Utilizing public-key cryptography, FIDO eliminates the need for passwords by employing a public-private key pair for each user account. To elaborate, the private key is securely stored on the user’s device, while the public key is registered with the online service provider, stored on a trusted public server. Not only does this method enhance security but it also simplifies the authentication process for end-users by leveraging on-device biometric functions.
FIDO is Ideal for Cost-effectiveness
One of the key advantages of FIDO over certificate-based authentication is its streamlined infrastructure. Managing and maintaining digital certificates can be both complex and costly, involving significant time and resources for businesses. FIDO, by contrast, requires less time and effort needed to manage. This indicates FIDO as an attractive and cost-effective authentication solution for large enterprises.
While traditional password-based authentication is susceptible to various attacks, including brute-force, password reuse, and phishing, FIDO’s robust security features significantly reduce the risk of security breaches. The mechanism’s reliance on public key cryptography for user identity verification offers a much higher level of security. Furthermore, its multi-factor authentication approach adds an additional layer of protection, making unauthorized access exceedingly difficult.
In addition to enhanced security, FIDO offers economic benefits in different ways. By eliminating common password-related issues and the operational efforts needed for resets, forgotten passwords, and account lockouts, businesses can achieve substantial cost savings. Reports suggest that password reset reduction can be as high as 95%, underscoring the cost-effectiveness of FIDO’s passwordless authentication system.
FIDO - A Big Milestone in Online Authentication Security
To sum up, FIDO stands as a revolutionary step in online authentication, offering a secure, efficient, and cost-effective solution that addresses the growing challenges posed by sophisticated cyber threats. Despite the technological gap between businesses and new innovations, FIDO adoption represents a significant advancement in protecting user identities and sensitive data in the digital realm.
With strong and secure support from a trusted, global authentication standard such as FIDO, your business is ready to navigate the evolving digital landscape with confidence, ensuring both user convenience and top-tier security. Embrace the future of authentication with FIDO and fortify your digital defenses while optimizing operational efficiency. Contact us today to integrate FIDO and/or passkey into your infrastructure and take a decisive step towards a more secure, cost-effective, and user-friendly authentication experience.
