Do hackers already have your password? As 5G and IoT ramp up the number of endpoints, personal passwords will be more vulnerable than ever before.--A 5 minute read, Jane Lalonde CMO 9.9.20
Today, the most popular passwords include things like: ‘iloveyou,' ‘sunshine', and '123456.' I'm sure you can relate.
Let's face it. Our collective password hygiene is terrible. As a result, weak passwords are accountable for 81% of all data breaches and billions of dollars. The metrics and predictions are staggering, so let's dig into my top 5 reasons why the password is crumbling under the weight of this revolution.
Reason 1: Numbers don't and won't lie.
About 3.5 billion people saw their personal data stolen in the top 2 of the 15 biggest breaches of this century alone. So, it's pretty reckless to rely on a personal password. (SOURCE: USA TODAY) And in the future:
More than 75 billion devices will connect to the internet or cloud services by 2025. (SOURCE: STATISTA) This will be a hackers delight.
Reason 2: Passwords were not designed to scale.
It's hard now, but in the 5G world, creating a unique, complex password for each IoT device is unmanageable. Left unchecked, that connected garage, video doorbell, and smart fridge will compound the potential to open the pandora's box to your other accounts.
These entry points are like the wild west --exposing our accounts and open up more entry points than ever before.
Reason 3: Biometrics are the better way to ID, you.
The cornerstone of 5G will be the ability to create trust as a service (TaaS). Passwords don’t deliver that and never will. But advanced biometrics do. As biometric technologies become better, cheaper, more reliable, accessible, and convenient, they are increasingly being implemented in the human ecosystem at all levels creating a profound ripple effect.
"The rise of biometric technology and its use in human identification and authentication will likely have a profound impact on human society." (SOURCE: FORBES)
Reason 4: Biometrics are gaining wide-spread traction.
Companies including Microsoft, Visa, and Master Card are making moves to replace traditional passwords with biometrics and security keys. Others are beginning to realize that commonly accepted methods for creating strong passwords won't be effective with millions of new devices coming online. (SOURCE: TECH REPUBLIC)
Visa and Master Card are rolling out high-security EMV contactless biometric payment cards." (SOURCE THALES)
Reason 5: Consumers want better. And expect more.
A recent survey showed that 68% of U.S. shoppers have abandoned an online purchase due to forgetting a password, trouble logging in, or issues receiving a one-time passcode. (SOURCE VISA)
I believe consumers will come to expect always-on access to their identity, apps, services, finances, connections in the 5G and post COVID-19 world. They will come to expect SSO with contactless entry access. They will equate advanced biometrics with better commerce.
Perspective Summary
I believe the time has come to replace the password with the biometry of the person. There is a host of ways to do it as you know that include: fingerprints, eyes, vein patterns, facial shape and more recently the heart.
For me personally, if we could rely on the rhythm of the heart to help unlock and safeguard our digital indentity, that would be like digitizing the iloveyou password, into your heart beat.
Sound like science fiction? With blockchain, ecg-enabled devices, geo-location authentication with advanced algorithm's combining---It's more possible than you think.
As ecg-ready FDA approved smartwatches hit your wrist, so should the ability to identify you.
We are taking part in a digital revolution as significant as any other. One whose currency is communications, connection, and trust. Enterprises need to start preparing for a future without traditional passwords as do consumers. I think it's time to replace the 'what you know' with the 'what you are'--don't you?
