World Password Day (WPD) is almost here (Thursday, May 4) and, according to the team at Yubico, the leading provider of hardware authentication security keys, it is the perfect time to remind people that every password needs a partner.
Cybercriminals have become more sophisticated in how they hack into accounts and WPD is another reminder about the importance of using security keys, in addition to passwords, to protect their online accounts.
A new research report conducted by S&P Global Market Intelligence showed a clear disconnect between the actions businesses are taking to stay secure amid the constant rising threats of sophisticated cyberattacks like phishing.
- 59 per cent of respondents reported having a security breach within the past year – up 6 per cent from just two years ago.
- There has been a significant increase in multi-factor authentication (MFA) deployment for customers, which jumped to 57 per cent from 45 per cent in 2021 (a 12 per cent increase).
- Only 46 per cent of respondents protect their enterprise applications with MFA.
- Nearly 74 per cent have some level of concern about the security of SMS or push-based authentication.
- In general, the least secure methods of authentication such as passwords and SMS-based MFA are deployed most frequently
- Username and password ranks at the top with 91 per cent response selection, while hardware-based USB security keys (62 per cent), biometrics (59 per cent) passwordless MFA (58 per cent) and smart cards (58 per cent) are the least deployed
- 69 per cent of respondents have some level of concern about the security of SMS or push-based authentication.
“With the continued rise of sophisticated cyberattacks like phishing and ransomware targeting organisations and individuals, we’re seeing successful attacks against the use of both stolen credentials and push notification systems,” says David Treece, VP of Solutions Architecture at Yubico
“To effectively protect identities globally, now more than ever it’s critical to adopt modern forms of phishing-resistant MFA such as FIDO hardware security keys. By using security keys as a second factor or as a passwordless solution, we can ensure credentials and digital identities are protected.”
With 81 per cent of hacks due to weak passwords, having MFA as a partner to your passwords is key. There are simple changes everyone can make to protect themselves, including:
- Using a password manager with a complex master passwords
- Turning on MFA wherever possible
- Using a security key, like the YubiKey, as an extra layer of protection
Learn more about how the YubiKey has changed the game for secure login.
