• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

Mobile ID World

Mobile ID World

Identification Revolution

IDEMIA banner
  • Mobile ID
    • What Is Mobile ID?
    • Identity Associations
    • Premier Partners
    • FAQ
  • News
  • Solutions
    • Behavioral
    • Facial Recognition
    • Fingerprint Biometrics
    • Iris Biometrics
    • Second Factor
    • Smart Cards
    • Smartphones
    • Vital
    • Voice
    • Wearable Tech
    • Other
  • Applications
    • Access Control
    • Cloud Technology
    • Commerce
    • Enterprise
    • Healthcare
    • Identification
    • Internet of Things
    • Law Enforcement
    • Strong Online Authentication
  • Exclusive
    • Interviews
    • Featured Articles
    • Podcasts
  • Companies
  • Events

World Economic Forum Promotes Use of Password-Free FIDO Technology

January 23, 2020

World Economic Forum Promotes Use of Password-Free FIDO Technology

The World Economic Forum (WEF) is encouraging organizations to adopt the FIDO Alliance’s passwordless authentication standards with a new paper that was published during this week’s annual meeting in Davos. The paper was put together with input from the FIDO Alliance and a number of member organizations, and specifically highlighted the fact that password-free authentication technology is ready to be implemented on a massive scale. 

To that end, the report notes that passwords and other forms of knowledge-based authentication are at once highly vulnerable and difficult to maintain. That makes them far less effective as a primary security option. According to the paper, approximately 80 percent of cyberattacks are related to passwords in some way, and password resets account for around 50 percent of IT help desk costs.

Thankfully, alternatives like security keys and biometrics are now readily available, and have been shown to reduce the financial losses and the amount of time needed for the authentication process. The paper cited several case studies to that effect, including a Nok Nok study that found that a mid-size U.S. bank saved $2.9 million every year and lowered payment times by nearly a third after adopting passwordless authentication.

Project leader Adrien Ogee argues that such technology is increasingly becoming a necessity for any organization that is hoping to mitigate cybercrime, which carries a $2.9 million price tag per minute at the global level. The FIDO Alliance credited the WEF for raising awareness about the latest practices in the field of identity verification. 

Google, HYPR, Microsoft, Yubico, and Onfido were some of the other contributors to the report in addition to Nok Nok Labs.  

The FIDO Alliance emphasized the expansion of the FIDO2 program in its year-end report for 2019. The organization also closed the year with another round of certifications that brought the total number of FIDO-certified products to 688.

Filed Under: Industry NewsTagged With: Davos, FIDO, FIDO Alliance, FIDO standards, industry standards, passwordless authentication, strong online authentication, WEF, white papers, World Economic Forum

Related News & Articles

Fingerprint Cards to Issue Year-End Report

Samsung Pay and PayPal Team Up

IHS Says Fingerprint Sensor Shipments To Hit 1.6 Billion by 2020

Primary Sidebar

Premier Partners

Read the Latest Year in Review Analysis:

FacePhi Selphi

Tweets

FacePhi Selphi

Sponsored Links

FACEPHI is a global leader in Facial Recognition technology and in Mobile Biometrics technologies. With a strong concentration in the financial sector, FacePhi's product is rapidly becoming a service used by banks all over the world. Its implementation doesn’t just save money, it is also a way to attract clients and build loyalty, while increasing the security of transactions for both the customer and the business. To learn more about FacePhi, visit https://www.facephi.com/en/
FacePhi Selphi

Events

View All Events

FacePhi Selphi

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives

Follow Us

Copyright © 2021 MobileIDWorld