Passwords have become a staple in the modern business world, but their flaws are becoming impossible to overlook. According to research, more than 80% of data breaches can be traced back to either weak or compromised passwords.
For businesses striving to maintain efficiency and trust in today’s competitive landscape, these challenges can be detrimental. Password-related inefficiencies slow growth, increase costs and leave companies vulnerable to cyberattacks.
As the digital economy evolves, enterprises need a more secure and streamlined approach to authentication, one that eliminates these challenges.
Enter passkeys: A new solution to replace passwords, is faster, safer, and much more user-friendly.
How Passkeys Benefit Businesses
Passkeys work differently from passwords. Instead of needing to remember a password or write it down somewhere, passkeys let you log in securely using something you already have, like your phone or computer, and something you are, like your fingerprint or face scan.
There’s no need to store or type in a password, which means hackers can’t steal what doesn’t exist. They rely on public-key cryptography, which may sound complicated but works in a surprisingly simple way.
Imagine a lock and a key: the “lock” is stored securely by the service you’re logging into (like your email provider), and the “key” stays on your device (like your phone).
When you log in, your device uses the key to prove it’s you, but the key itself is never sent over the internet. This makes it impossible for hackers to steal the key, even if they break into the service’s database.
By removing passwords entirely, passkeys protect businesses and users from phishing attacks, weak passwords, and other security risks. And the best part? Logging in becomes as simple as scanning your fingerprint or using facial recognition, no typing is required.
For businesses, adopting passkeys delivers immediate advantages:
These benefits are already being realized by leading enterprises. Tech giants like Apple, Google, and Microsoft have implemented passkeys across their platforms, demonstrating their viability and scalability. Businesses of all sizes can now follow their lead and capitalize on this innovative approach to security.
A Practical Guide to Implementing Passkeys
For business owners and project managers, the idea of adopting passkeys may seem complex, but modern solutions make the process accessible, even without technical expertise.
Here’s how to get started:
Step 1: Evaluate Your Authentication Challenges
Take a closer look at how password management impacts your organization. Are IT teams overwhelmed with reset requests? Are customers abandoning registration processes due to security hurdles? Understanding these pain points will help you build a case for adopting passkeys.
Step 2: Choose the Right Provider
Several platforms now offer no-code or low-code passkey solutions tailored to business needs. For example, providers like OwnID simplify implementation, allowing businesses to adopt passkeys without requiring extensive technical resources.
Step 3: Learn the Basics
Before rolling out passkeys across your organization, equip yourself with the knowledge needed to make informed decisions. A valuable resource to consider is a tutorial, which provides detailed guidance on implementing passkeys, from setup to integration.
Step 4: Start with a Pilot Program
Introduce passkeys in a controlled environment, such as a specific team or customer group. This phased approach allows you to gather feedback, identify potential challenges, and refine your strategy before a full-scale rollout.
Step 5: Educate Stakeholders
Clear communication is key to successful adoption. Highlight the benefits of passkeys to employees, customers, and stakeholders, focusing on how they improve security, efficiency, and user experience.
Step 6: Monitor and Measure
Track key metrics like reduced password reset requests, fewer security incidents, and improved user satisfaction to evaluate the impact of passkeys on your business. Use this data to make adjustments and demonstrate ROI.
Passkey Adoption Across Industries
Passkeys are no longer an emerging technology, they are becoming a standard. In addition to tech companies, industries such as finance, healthcare, and e-commerce are adopting passkeys to strengthen security and improve user experiences.
Early adopters are already seeing measurable results, including reduced costs, fewer security breaches, and higher customer retention rates. For businesses seeking to stay ahead of the curve, now is the time to act.
Secure Your Business’s Future
Passwords are a relic of the past, and clinging to them will only hinder your business’s growth. By adopting passkeys, enterprises can eliminate vulnerabilities, improve user experiences, and save valuable resources.
With accessible tools and resources, even non-technical teams can take the first step toward implementing this transformative technology.
Don’t wait for a security breach or lost revenue to force change, embrace passkeys today and future-proof your business for tomorrow’s challenges.
