Passwords have served us for decades, but they’re quickly becoming a thing of the past. From weak passwords and phishing attacks to the sheer hassle of remembering dozens of logins, it’s clear that traditional passwords just aren’t cutting it anymore.
So, what’s the solution? Passkeys—the secure, easy-to-use alternative that tech giants like Google, Apple, and Microsoft are adopting. But what exactly are passkeys, and are they the best option for your business? Let’s find out what makes passkeys the new best thing and why companies should start making the switch.
What are passkeys, and how do they work?
Passkeys are a passwordless authentication method based on public-key cryptography. Instead of relying on user-created passwords, passkeys use a combination of public and private cryptographic keys to authenticate users. Here’s how it works:
Public Key: Stored by the service or website you’re trying to access.
Private Key: Securely stored on your device and only unlocked via biometric data (like your fingerprint or face ID) or a PIN.
When you log in, the website sends a challenge to your device, and your private key verifies the request using biometrics or a PIN. The beauty of this system is that your private key never leaves your device, making it far more secure than traditional passwords.
Why are passkeys more secure?
Passwords are riddled with vulnerabilities. Weak passwords, password reuse, and phishing attacks are rampant. A single data breach can expose millions of passwords, putting users and businesses at risk. Here’s why passkeys provide a superior alternative:
Phishing Resistant: Since you don’t type in a password, there’s nothing for attackers to steal. Even if someone tricks you into visiting a fake site, they can’t get your credentials.
No Password Reuse: Passkeys eliminate the habit of using the same password for multiple sites, a common vulnerability.
Biometric Security: Biometrics like fingerprints and facial recognition add an extra layer of security, and even if someone steals your public key, they can’t use it without your device and biometric information.
Cost implications of implementing passkeys
Transitioning to passkeys may require upfront investment, but the long-term benefits outweigh the costs. Here’s how businesses can expect costs to break down:
Initial Setup: You may need to upgrade your systems or invest in third-party authentication solutions to enable passkey support. However, many devices already have passkey compatibility, reducing the need for expensive infrastructure upgrades.
Reduced Maintenance Costs: Passkeys eliminate the need for frequent password resets, help desk interventions, and password managers, which can save businesses money in the long run.
Enhanced Security: Businesses can save on the hefty legal and reputational costs associated with breaches by drastically reducing the risk of data breaches caused by weak or stolen passwords.
Other passwordless technologies to consider
While passkeys are a standout option, they’re not the only passwordless technology on the market. Here are a few other emerging solutions:
Biometric Authentication
Fingerprint scanners and facial recognition are already widely used in smartphones and laptops. Biometric authentication is convenient, but it does require compatible hardware and might not be suitable for all businesses.
Multi-Factor Authentication (MFA) with Tokens
Hardware tokens like YubiKeys or USB security keys offer strong two-factor authentication (2FA) without passwords. They’re highly secure, but requiring users to carry physical devices can be cumbersome.
Behavioral Biometrics
This emerging technology analyzes a user’s behavior—like typing speed or mouse movements—to continuously verify identity. It’s highly secure but still in its infancy and may require more sophisticated systems to implement.
Magic Links and One-Time Passwords (OTPs)
Magic links, sent via email or SMS, provide temporary, passwordless login access. They’re simple but not as secure as passkeys, since attackers could intercept these messages.
Why passkeys are the best choice for businesses right now
Although various technologies are emerging, passkeys are currently the most practical and accessible option for most businesses. Here’s why:
User-Friendly: Passkeys eliminate the need for complex passwords or physical tokens, relying on familiar tools like fingerprints or facial recognition.
Widespread Support: Major platforms like Apple, Google, and Microsoft are already building passkeys into their systems, making them easy to implement without needing to overhaul your entire IT infrastructure.
Security and Convenience: Passkeys strike the right balance between strong security and a seamless user experience, offering both customers and employees an easier, safer way to log in.
What should business owners do now?
To stay ahead of the curve, business owners should start preparing to transition to passkeys and other passwordless technologies. Here’s a step-by-step guide to get started:
Evaluate Your Current Systems
Assess your existing authentication systems and identify where upgrades are necessary to support passkey technology.Plan for Implementation
Work with your IT team or consultants to create a roadmap for implementing passkeys. Consider the technical changes, costs, and timeline required.Train Employees
Educate your staff about how passkeys work and provide training to ensure a smooth transition. Training will reduce resistance and improve adoption rates.Enhance Customer Experience
Implement passkeys for your customers to improve their login experience and security. A seamless, secure login process can enhance customer satisfaction and loyalty.
The bottom line
The days of traditional passwords are numbered. As businesses and users face increasing digital threats, passkeys offer a powerful, secure, and user-friendly alternative that is ready for widespread adoption. With reduced security risks, lower maintenance costs, and built-in support from major tech companies, passkeys are the most practical option for businesses looking to improve their security while streamlining user access.