Alexandra Borgeaud
Research expert covering cybersecurity and tech in Latin America
Password security - statistics & facts
You keep forgetting your passwords? You are not alone! In our vastly digitalized world, we must juggle every day with an ever-increasing number of usernames and passwords to access some of the most basic services. What is more, and thanks to technological innovations, cyberattacks are becoming more sophisticated every day, putting even the strongest password at risk of being cracked. Despite the vulnerability that password security currently presents in the face of the increasing number of cyber breaches and the variety of cyber threats, it remained the most used security method by companies worldwide in 2023. Moreover, the password management market is expected to exceed seven billion U.S. dollars by 2030.
A long history
In one form or another, passwords have existed for centuries, making them one of the oldest security and authentication methods. Passwords were first introduced in the computing environment in the early 1960s by Fernando Corbato, while working at the Massachusetts Institute of Technology. This led to the idea of encrypting passwords, developed in the 70s by Robert Morris. His method, named hashing, was based on translating passwords into numbers using one-way encryption. Almost half a century later, his method is still used in some operating systems. But what made passwords the best available option for security in a world where much of our confidential or sensitive data is available online? Although they can be predictable, passwords are flexible and easy to use. Moreover, users are constantly encouraged to create stronger passwords and change them regularly, and companies are finding innovative ways to manage workplace passwords for increased security. Nevertheless, faced with the threat of cyberattacks, a growing number of organizations are opting for passwordless authentication methods.Is the future passwordless?
While passwords remain widely implemented worldwide, passwordless methods, which allow users to access applications or IT systems without typing in a password or answering security questions, have increased in popularity over recent years. Under this approach, users can provide alternative forms of evidence, such as fingerprints, smart cards, or hardware passkeys. Passwordless authentication is typically used alongside multi-factor authentication (MFA) and single sign-on (SSO) solutions to improve user experience, increase cybersecurity, and simplify IT operations. While passwordless adoption is expected to continue to grow, some key security risks and vulnerabilities will endure and will require innovative solutions to ensure individuals’ and companies’ data security worldwide. The future will tell if passwords continue to coexist alongside new, passwordless methods.
