Imagine the frustration of wanting to log into an app or website, but not receiving an OTP. There is an obvious tendency for customers to drop off your site, if they have to wait for a long time just to login; or worse, don’t receive the OTP at all. “Have no fear, SAWO is here to solve all your worries! But before that, let’s have a look at what the present scenario is like.”
We live in a new-age world, with the internet always at our fingertips. We are continually exposed to the dangers and vulnerabilities of unhealthy internet habits. This is where authentication comes into action! But whenever an upgraded authentication technique is introduced, illegal hackers find a way to gain unauthorized access to sensitive information.
‘’Data breaches now average $149,000 for Small to Midsize businesses (SMBs), and that amount is usually too much to overcome, with the government estimating 60% of small businesses will never recover from a cyber attack.’’
– Brian Fritton, CEO of Havoc Shield
Traditional passwords, one-time passwords, public-key cryptography, multi-factor authentication, and many other types of authentication have been in use thus far. However, the battle between security experts and cybercriminals is a never-ending one! Technology and security experts have come a long way in keeping the user’s information secure, but there are still loopholes in the authentication processes that need to be tightened.
Let’s have a look at what might go wrong in the authentication methods that exist presently!
Loopholes in authentication practices
Think about this, how many password logins do you have on an average? A lot, right? A sizable portion of the population reuse their passwords, which is no less safe than another part of the population that resets their passwords for every use. With the number of passwords an average individual needs to keep a track of, the tendency to forget passwords is high.
One-time passwords (OTP) allow the user to login to a system using a unique character string. They are safer compared to static passwords. OTPs are amazing tools that add a much-needed layer of additional account protection, but they aren’t foolproof either. Service representatives can be convinced easily to remove them by attackers pretending to be you. OTPs can still be phished if they’re not a hardware key which most people don’t have, and they still need to be enabled on every account, adding a step to user onboarding processes companies often don’t want to highlight due to the risk of abandonment.
Apart from being phished or hacked, OTPs have one other problem. Especially in India, there is a huge risk of OTPs getting lost, whether it be rural or urban India. This can put off the customers, and reduce the conversion rates for your businesses.
Data thefts and breaches happen when a user enters sensitive information on websites and applications to perform certain tasks like banking and shopping. But what if these websites don’t have the security mechanism in place to transmit or store this sensitive data? The result is a massive data breach and the ensuing financial loss.
The average overall cost of a data breach now accounts for approximately 40% of the entire cost, rising from $1.42 million in the 2019 study to $1.52 million in the 2020 study. This includes higher client churn, income loss due to system outages, and growing costs of acquiring new business as a result of a tarnished reputation.
Future of Authentication
Taking a big leap towards the future of digital security, SAWO stepped up to revolutionize authentication services. It is a product born out of an undeterred commitment to make passwords extinct. We strive to build exceptional user experiences with a seamless authentication solution.
We offer a customer-centric, standardized, and secure solution for apps and websites by removing the need for login passwords and OTPs. With our authentication solution, you will be able to provide a hassle-free experience for your customers and improve the bounce rate on your website. It’s a win-win situation! Our in-house technology experts envision creating a secure authentication experience by solving the software vulnerabilities posed by the traditional authentication methods.
Advanced security solutions are in huge demand these days owing to the ever-growing cybersecurity threats. It has become mandatory for decision-makers to build out a long-term security strategy. To think ahead and be at the front-line amidst this stiff digital competition, businesses need to start embracing smarter solutions.
Give your customers a stress-free and an upgraded authentication experience with SAWO! Are you ready to unlock our passwordless authentication solution? Get started with SAWO, and get 5000 free authentications now!