With an estimated damage of US$10.5 trillion annually from cyberattacks projected by 2025, a significant surge from 2015 levels, the demand for stronger cybersecurity methods has never been more pressing. According to Geoff Schomburgk, the Regional Vice President, Asia Pacific & Japan (APJ) at Yubico, a leading provider of phishing-resistant authentication hardware solutions, this escalating threat is prompting the need to steer away from traditional, insecure password mechanisms.
“Passwords, which are highly vulnerable to theft, continue to be a major security concern. Stolen digital identities not only enable cybercriminals to impersonate compromised users but also provide access to additional credentials and sensitive information, which incur considerable costs for everyone,” claimed Schomburgk.
Current Multi-factor authentication (MFA) methods, such as SMS or mobile authentication, have shown to be susceptible to phishing attacks. Phishing-resistant MFA, specifically passkeys, are emerging as a more robust and efficient way to safeguard businesses and individuals.
As defined by Yubico, passkeys are FIDO (Fast Identity Online) credentials that allow users to…
