Cybercrime to cost global economy $2.9m every minute in 2020—WEF

A new report released by the World Economic Forum finds that freeing ourselves of passwords will actually make us safer and businesses more efficient. The report said that Cybercrime is set to cost the global economy $2.9 million every minute in 2020 and some 80 per cent of these attacks are password-related. Knowledge-based authentication, whether with PINs, passwords, pass-phrases, or whatever we need to remember, is not only a major headache for users, it is costly to maintain. 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 $1 million for staffing alone.

The report said that Passwordless authentication does not mean removing all security barriers to our digitalised society. It means harnessing tools such as artificial intelligence and machine learning to save users time and save company money. “With the growing availability of biometrics and next-generation technology consumers are demanding a better digital experience while wanting to be secure online,” said Adrien Ogee, Project Lead, Platform for Shaping the Future of Cybersecurity and Digital Trust, World Economic Forum.  “Better authentication practices are not just possible they are a necessity.”

The report, produced in collaboration with the FIDO Alliance, introduces five top passwordless authentication technologies, ready for implementation by global companies. They are biometrics, behavioural analytics, zero-knowledge proofs, QR codes and security keys. “Relying on passwords as the primary means for authentication no longer provides the security or user experience that consumers demand,” said Andrew Shikiar, Executive Director and Chief Marketing Officer of the FIDO Alliance. “The path forward is with standards-based, cryptographically secure authentication that keeps login info secure and private, while providing a fundamentally better user experience.”