Password-based authentication is a pain point for many small- and medium-sized businesses (SMBs). Not only can passwords be easily compromised, but password-related downtime can also cost companies up to 1.27 million CAD annually.
This is why enterprises are looking to simplify identity management, and a good way to start is to eliminate passwords. Doing so allows businesses to implement better zero trust access security solutions while making it easier for users to log into apps and information systems.
But what does a passwordless future look like, and what does it mean for your business?
Exploring password alternatives
Businesses are undoubtedly moving toward a future where passwords are not the standard of identity verification. If you don’t want your SMB to get left behind, you must start implementing password alternatives soon.
The good news is that when it comes to passwordless technologies, there is no shortage of options. Biometrics, such as face IDs and fingerprint scans, are already incorporated into many smartphones' security features. SMS text codes and other time-sensitive PINs are also a popular way to sign in to accounts tied to email addresses or devices. Besides these, using multifactor authentication allows your company to provide a more secure identity verification process by requiring at least two ways to authenticate user identity.
Focusing on users
One problem with using passwords is that it can be difficult for users to keep track of all of them. When your SMB shifts to passwordless authentication, focus on user experience to eliminate the burden of having to memorize and/or manage passwords.
If your workplace plans to implement passwordless authentication, make sure your systems are as efficient as they are secure. Look also for options that empower users by making their credentials reusable for different services and devices, and properly train users to master passwordless verification processes. Take advantage of decentralization and blockchain technologies that make authentication hassle-free for users without compromising privacy and security. You can also ensure better employee buy-in by taking into account users’ preferred password verification methods.
Streamlining the customer identity experience
Customer attrition is a major issue for SMBs, so identity experiences, including the authentication journey of a customer, should be a priority in your organization. Any hurdle a customer encounters is one more annoying prod until they take their business somewhere else. In fact, research shows that customers are likely to abandon a website because of poor login experiences, such as when asked to create a username and password.
App-less, passwordless authentication eliminates these obstacles. By leveraging biometric-capable devices like smartphones, users can immediately get and retain access to an SMB’s services. This removes the barrier between the SMB’s services and the customers' desires to engage with them, but without making the company less secure.
Many companies today offer passwordless authentication services to their customers through various technologies, such as SMS and email links sent via smartphone applications. It's still an emerging trend, but one that businesses should consider if they want to keep their current customer base and provide all of their services without password checks.
How can your SMB go passwordless?
Enabling passwordless login eliminates the need for traditional password-based authentication without sacrificing security by allowing every user to only be authenticated once for multiple applications. It is a secure form of user identification that’s quickly becoming an industry standard.
However, many SMB owners are still asking themselves if passwordless authentication is something they should consider. This is because setting up a seamless and effective passwordless authentication process is not as easy as it seems. Fortunately, you can get started with passwordless technology with the help of a managed IT services provider (MSP) like XBASE Technologies. As your IT partner, we’ll evaluate how your business can greatly benefit from passwordless authentication and implement your chosen solution.
If you’re interested in passwordless authentication but aren't sure how to get started, call XBASE. Our MSP team is ready to guide you through creating a passwordless system for your business without breaking your budget. Drop us a line today.