Forgot your password? This WEF study reveals not having one is safer
With
weak or stolen passwords accounting for an average of four out of
five global data breaches, a new study has said it is safer not to
have a password.
The
new report released by the World
Economic Forum,
here during its 2020 annual meeting, said that freeing ourselves of
passwords will actually make individuals safer and businesses more
efficient.
Cybercrime
is set to cost the global economy US2.9 million every minute in 2020,
and some 80 per cent of these attacks are password-related.
Knowledge-based
authentication whether with PINs, passwords, passphrases, or whatever
we need to remember is not only a major headache for users, it is
costly to maintain, the study found.
For
larger businesses, it is estimated that nearly 50 per cent of IT help
desk costs are allocated to password resets, with average annual
spend for companies now at over US1 million for staffing alone.
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