
By Byron V. Acohido
As a tradeoff for enjoying our digital lives, we’ve learned to live with password overload and even tolerate two-factor authentication.
But now, at long last, we’re on the brink of eliminating passwords altogether, once and for all.
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A confluence of technical and social developments points to username-and-password logons becoming obsolete over the next few years. What’s more, this shift could very well kick into high gear as part of the solidifying of post Covid-19 business practices and online habits.
I had a chance to discuss this seminal transition with George Avetisov, co-founder and chief executive officer of HYPR, a Manhattan-based supplier of advanced authentication technologies. For a full drill down on our eye-opening conversation, please give a listen to the accompanying podcast. Here are a few big takeaways.
Password tradeoffs
Passwords have always been a big pain. They must be convoluted to be any good, which means they’re difficult to remember, especially since the average person has to juggle passwords to access dozens of online accounts. From a business perspective, managing and resetting passwords chews up scarce resources, and yet even with the best possible maintenance passwords are trivial to hack.
For most of the Internet era, we’ve learned to live with these tradeoffs. However, in the last couple of years the harm wrought by the abuse of passwords has spiked exponentially. The reason: credential stuffing. This is a type of advanced, brute-force hacking that leverages automation.
By deploying botnets pre-loaded with stolen data, credential stuffing gangs are able to insert stolen usernames and passwords into web page forms, at scale, until they gain access to a valuable account. Credential stuffing has enabled criminal hacking rings to turbo-charge their malware spreading and account hijacking campaigns. And when Covid-19 hit, these attackers opportunistically pivoted to plundering Covid-19 relief funds at an ungodly scale.