TeleSign released a report that found that 69% of security professionals believe usernames and passwords alone no longer provide sufficient security and 72% predict passwords will be phased out within nine years.
Beyond the Password: The Future of Account Security shows that security professionals are turning to behavioral biometrics and two-factor authentication to secure user accounts.
Additional findings from the report include:
- Behavioral biometrics and two-factor authentication increases account security and are on the rise
- Nine in 10 companies say behavioral biometrics would be extremely or very valuable for increasing security and eight 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
- Eighty-five percent of companies will be using two-factor authentication within the next 12 months, with four in ten already using it for their consumer accounts and another four in ten planning to adopt it in the next year
- Ninety-two percent of security pros agree two-factor authentication significantly increases account security on top of passwords
Online fraud remains a top concern for companies, with 86 percent reporting they are extremely or very concerned about authenticating the identity of web and mobile app users. In the past year, 9 in 10 companies have experienced fraud and almost 8 in 10 (79 percent) are concerned about account takeovers.
Commissioned by TeleSign and conducted by Lawless Research, the study surveyed 600 security professionals across 15 industries in the U.S. and revealed that securing consumer accounts is a top concern for businesses.