Why Your Business Should Consider Password Alternatives?

In 2022, cybersecurity is vital for businesses of all sizes. With a majority – if not all – of your customer base existing online, it’s on you to keep them protected and defend your company and its reputation from ruin. Luckily, there are lots of ways to do this. For every method hackers find to breach your defenses, IT experts come up with a solution to guard against it. It’s a continuous cycle and ensures businesses have plenty of options to stay safe online.

However, there’s a particular vulnerability that most businesses don’t even realize is posing a danger. We’re talking about passwords. Not only can managing and remembering these negatively impact the customer experience, but it can also leave you open to hackers. In fact, with around 65 percent of people reusing passwords across multiple – if not all – websites, it’s no wonder that a staggering 44 million accounts are vulnerable to takeover due to compromised or stolen logins. Thankfully, there are some useful alternatives out there.

Why you should stop using passwords in 2022

For businesses operating in our modern world, there are many new and novel challenges to consider. With companies increasingly moving online, it can be difficult to deliver a remote customer experience on a par with in-store browsing. Passwords only compound the difficulties, and not just because they can pose security issues.

They also make it harder and more onerous for customers to verify their identities. Nonetheless, they must do this to ensure their safety when buying goods or services over the internet. However, entering passwords isn’t merely time-consuming.

It can also be difficult for customers to keep track of all their logins, making them more likely to compromise their safety by reusing words and phrases and increasing the likelihood of them being locked out of their accounts. This all combines to create a negative customer experience that may put them off shopping with your company again.   

Exploring the alternatives

Luckily, there are some handy solutions out there. If you’re looking into password alternatives, one option you’ll stumble across is knowledge-based questions. Most of us are familiar with these, as they’re commonly used in password recovery.

Essentially, you provide a list of pre-set questions and have users answer a selection. You then randomly show one or more of these at login and have them respond to gain access to your site. Another option that’s increasingly used is one-time passcodes.

These are typically sent to a device or communication channel owned by the account holder, such as their mobile or email address. They can be either a chain of numbers or a mix of numbers and letters.

Perhaps the best alternative, however, is biometric authentication, which identifies individuals using unique biological characteristics, such as their face, voice, or fingerprint. This information is almost impossible for a hacker to replicate, making this an arguably secure option for businesses to explore. Biometric login is also faster and more convenient than inputting a password. The only real downside is it can be costly to implement.

When it comes to exploring alternatives to passwords, the three listed above are well worth considering. While each has its various upsides and shortcomings, all are far more secure than traditional methods of authentication. Isn’t it time you considered the options for your business?     


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