The report ‘Beyond the Password: The Future of Account Security’ revealed that 69% of respondents believe usernames and passwords are insecure and 72% predict passwords will be phased out within nine years.
The report also found that 79% of security professionals are extremely or very concerned about account takeovers (ATOs). Costs were higher for companies who had experienced ATOs in the past year, with 51% experiencing financial losses, 42% experiencing loss of customers or users, 42% experiencing damage to the company brand and 45% experiencing increased employee time to correct the fraud.
In terms of biometrics-based solutions, nine in 10 companies said behavioral biometrics would be extremely or very valuable for increasing security and 8 in 10 say it would increase security without degrading the user experience. More than half of companies (54%) plan to implement behavioral biometrics in 2016 or later.
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