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Industry Experts Weigh in on the Failure of Passwords

MIRACL Technologies Ltd

Passwordless Day 2022

MIRACL - the world’s only one-step multi-factor authentication provider - today, Thursday 23 June, announces the second annual World Passwordless Day - in recognition of the increasingly vulnerable use of the Password, and as a perfect opportunity to showcase better, more secure means of online authentication - and the real possibility of a future without Passwords.

Passwords are celebrated annually on World Password Day. But what about those who believe Passwords are outdated and have no place in today’s complex internet ecosystem? World Passwordless Day was created by MIRACL in 2021 on Alan Turing’s birthday, and continues today with growing support.

  • Recent reports highlight that there are 24 billion stolen password credentials on the dark web - providing cybercriminals with ready made access to personal data, and exploitation 
  • Today’s modern authentication does not need passwords - so is now the time to re-set the authentication button?

The highly acclaimed Professor Bill Buchanan, OBE, Phd, FBCS, PFHEA,CEng, BSc (Hons) and Professor of Applied Cryptography, Edinburgh Napier University agrees and states today:

“Passwords are generally a legacy of the days of mainframe computers, and when computer security was so much simpler. Unfortunately, for the past few decades the Number 1 threat has always been spear phishing, and thus in the harvesting of passwords. In the news, we often hear that we should increase the complexity of our passwords. But, if a user is tricked into giving away their password, there is little that the complexity of a password can do to protect against this. 

This often succeeds, too, as many organisations only have a single factor of authentication. We thus need to look at multiple ways of properly identifying and authenticating our users that is not just based on the knowledge of something, but on things such as a location, wearable devices (such as your watch), biometrics, and a whole range of other methods. These approaches will see the rise of MFA (multi-factor Authentication), and hopefully put in place significant barriers against those who may wish to gain access to our data. So, here’s to a passwordless world. The password has helped us boot up the Internet, and created a digital world built around computers. Now, let’s build a world built around us.”

In a recent YouGov survey, commissioned by MIRACL, it was revealed that 25% of UK adults will leave a website and purchase from a competitor if they can’t remember their password. Using a seamless verification process eliminates this threat, helping organisations to maximise their profit potential, simply by switching to passwordless authentication.  

UX specialist, Simon Richards, CEO at UX Agency Limited and ex Global Creative Director, Tryzens ecommerce comments:

“I’ve got a few decades experience working on customer experience with everyone from governments to global retailers. These businesses are vastly different, but they have a common challenge – getting people to sign up. And the thing that always makes it hard? The security and usability nightmares of passwords and multi-factor authentication.  If we could replace the ancient problems with a modern solution like MIRACL, there’s every chance user accounts are going to become a whole lot easier … and more valuable to organisations of all types.”   

Irina Rusakova, Director at Inclusive by Design says:

“Based on my 14 years of working in UX and user research, a complex login experience and password handling process can overwhelm customers and even trigger anxiety. This will also affect the performance of subsequent pages in the user journey (i.e. checkout) due to cognitive overload. This can also result in incomplete purchases. By making the password handling process more simple and intuitive we can optimise the full user journey.”

Rob Griffin, CEO at MIRACL added,

“Never before have we been so reliant on the internet for both business and our personal lives. Passwords are no longer a secure means of protection. Authentication needs to change, which is why, today, we’re hosting World Passwordless Day to highlight the many flaws in password based authentication  - using it as an opportunity to highlight  safer alternatives that are available that still require multiple factors but can’t be phished or brute-forced. Passwords are outdated and it is essential to all of us that they become a thing of the past so we can finally stop cyber criminals capitalising on this vulnerable authentication process." 

Well respected and industry guru, Dr Michael Scott, Chief Crypotographer Officer at MIRACL surmised his views as regards his support of World Passwordless Day succinctly,

“The password is dead - long live the PIN!” 

Organisations are asked to show their support for World Passwordless Day on social media sharing why they are going #passwordless. A social media kit is available for those who would like to support the campaign at https://miracl.com/passwordless/index.html

Interesting Stats when it comes to Passwords:

  • 95% of logins still use passwords
  • 90% of users would chose not to use MFA
  • 75% of enterprise users don’t want to use authenticator apps
  • 91% of people understand the risk of password reuse but 59% do it anyway
  • 60% of people reuse passwords (13% use the same for all sites and services!)
  • 38% of users don’t have a mobile phone present
  • 20% of people abandon a site with just a 1 second delay in page loads
  • 19% CAGR password manager growth from 2017 to 2025

MIRACL is the world’s only one-step multi-factor authentication provider. It can easily be integrated into current company platforms and is a low cost verification option. It boasts clients such as Experian, Domino’s and Cashfac and has been licensed by big tech names such as Google and Microsoft. 

For further press information, interviews or photography please contact the MIRACL press office:

sarah.sawrey-cookson@miracl.com

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