What’s the Best Account Security Solution? Passwords vs Passkeys
Passwords have existed for a while now, and their disadvantages keep increasing daily. One of its disadvantages is that people have to remember their passwords, and some will have to change passwords several times a week when they can’t remember the previous one. A report by Statista states that about 15% individuals have to change their passwords multiple times a week.
Furthermore, most of these passwords (former and new) are simple to guess because they include personal details that hackers can use to compromise accounts. Some of these details include the date of birth and initials. With its growing security concern, Microsoft, Apple, and Google have partnered to create an alternative to passwords called Passkeys.
Passkeys are password substitutes created to offer websites and applications a passwordless sign-in process that’s more practical and secure. Passkeys are requirement-based technological innovations that, in contrast to passwords, are immune to phishing attacks, consistently safe, and created without shared secrets. They make registering for accounts on websites and apps easier, are simple to use, and work with Apple and non-Apple devices.
Although passkeys seem like a permanent solution to password compromise and the best account security solution, it’s still new in the marketplace. This piece will briefly overview what passkeys are, passwords and passkeys’ weaknesses and differences, and lots more.
Passkeys – Overview
Passkeys leverage cryptographic techniques to verify your identification. Passkeys are algorithm-generated, cryptographically sound, and distinct. Two keys—a private and public key —are generated when you create an account using passkeys. Both are required to access the account.
Public keys are not hidden and are saved on the server. When a user wants to sign in, they will use the private key. The server knows nothing about the private key.
When a user logs in, the device’s biometrics (or PIN) are used to verify the user’s identity, then the private key will authenticate the user. The server does not protect public keys, and there’s no secret exchange.
Passwords are no longer ideal by any means. Multiple passwords are annoying to remember, particularly if they’re long and complex, which is how it should be to prevent a compromise.
Most of us have done this – we use one password for multiple accounts. When a cybercriminal discovers the passwords and tries using them for your other accounts, which will be successful, you might lose all you have. Also, you can save your different passwords using a password manager secured using a primary password.
It is possible to hack passwords. Consider the frequent reports of data breaches where user credentials were exposed. Individual users cannot stop these events from happening. In addition, passwords can be found via phishing attacks, in which users are deceived into handing over their login details to hackers. Furthermore, cybercriminals can employ brute force assaults to try many passwords, and accounts with vulnerable passwords are susceptible to these attacks.
Passkeys’ weaknesses are few but usually aren’t specific about protection.
The first is that you must always have your phone with you. You’re unlucky if it’s damaged, out of power, or forgotten at home; alternatively, you’ll have to endure a torturous device transfer.
Secondly, sharing logins gets more challenging, which might benefit Netflix but is annoying for many.
Passkeys vs Passwords
The main difference between passkeys and passwords is how they are stored and transmitted. Passwords are typically stored in a database on a server, and they are transmitted over a network when the user logs in. Passkeys, however, are stored on a hardware device, which means they are not susceptible to the same attacks that can compromise passwords, such as phishing, keylogging, or password guessing.
Passkeys are a more secure form of authentication than passwords, as they are stored on a hardware device and are typically longer and more complex. However, they also require additional hardware, which can be cumbersome for some users. On the other hand, passwords are easier to use and do not require additional hardware, but they are less secure and can be compromised more easily.
Are Passkeys Beneficial to Businesses Compared to Passwords?
There are several benefits to using passkeys over passwords in a business setting:
Passkeys are more secure than passwords because they are much harder to guess or crack. They are generated using algorithms designed to be challenging to predict or replicate.
Passkeys can streamline authentication processes, making it easier for users to access business systems and applications quickly and securely. They eliminate the need for users to remember complex passwords, which can be a significant time-saver for employees.
Reduced risk of password-related attacks
Passwords are a common target for cyberattacks and can be easily stolen or compromised. By using passkeys, businesses can reduce the risk of these attacks and improve their overall security posture.
Some industries and regulatory frameworks require more robust authentication measures than traditional passwords. By implementing passkeys, businesses can improve compliance with these requirements and avoid potential fines or other penalties.
Will Passkeys Replace Passwords?
When there are no passwords, there won’t be password compromise. Passkeys may replace passwords. Not immediately, though, but in the nearest future. Also, passkeys’ implementation among businesses is currently low as it’s still undergoing various modifications.
Prepare for a Passwordless Future for Your Business with AhelioTech
Our Columbus, Ohio-based company AhelioTech, has been providing technology-based services since 2006. As the world constantly evolves, preparing your business for its impact is best.
At AhelioTech, we take great pride in establishing a close relationship with our customers to provide cutting-edge business solutions and automation for you to focus more on other crucial business matters. Contact us if you need any help!