With increasingly digitized systems, securing user authentication has become an important priority. HYPR and Vanson Bourne released the 2023 State of Passwordless Security Report. The report found that insecure authentication is a primary cause of cyber breaches and that cumbersome login methods take an unacceptable toll on employees and business productivity.
The cost of breaches to organizations is profound, with 35% suffering reputation damage, 36% losing customers to their competition, 53% experiencing critical data loss and 56% facing significant financial loss. Despite these tremendous costs, 58% of organizations said they kept the same insecure authentication methods after facing a breach. Legacy authentication has other material consequences. User experience is a major pain point as reported by 64% of IT and security leaders with nearly one third (31%) of organizations finding workforce resistance towards using authentication technology.