Quick Bit: Businesses are ready to embrace a passwordless future, with 92% having a plan to move to passwordless technology within five years or less.
Businesses are actively moving to eradicate passwords from employees’ lives, with 89% of IT leaders expecting passwords to represent less than a quarter of their organization’s logins within five years or less, according to a FIDO Alliance and LastPass report.
Moving to passwordless technology
Businesses are ready to embrace a passwordless future, with 92% having a plan to move to passwordless technology and 95% currently using a passwordless experience at their organization.
Businesses believe passkeys will help make them more secure: 92% believe passkeys will benefit their overall security posture, and 93% agree that passkeys will eventually help reduce the volume of unofficial (i.e., “Shadow IT”) applications.
However, many recognize that work still needs to be done: A majority of businesses surveyed are still using phishable authentication methods, such as passwords (76%) and multi-factor authentication (MFA) (43%) when it comes to authenticating users within their organization.
The majority recognize that this transition will take time and education: 55% of IT leaders surveyed feel they need more education on how passwordless technology works and/or how to deploy it, and 28% cited concerns that users may be resistant to change or using a new technology.
When making this transition, businesses made it clear they want to choose where they store passkeys, with 69% of IT leaders anticipating storing them in a third-party password manager.
“These survey results demonstrate that businesses are excited about the prospect of a passwordless future, and all the benefits that future will bring. And the clear majority also recognize that a password manager plays an important role in that future,” said Mike Kosak, Senior Principal Intelligence Analyst at LastPass.
“While the adoption of passwordless authentication will take some time and coaching, LastPass is proud to support forward-thinking leaders like these on that journey – ushering their organizations toward security that is stronger and more effortless than ever,” Kosak concluded.
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