Passwordless Authentication Statistics 2024 – Everything You Need to Know

• % of US consumersfail to complete transactions due to authentication failure,and more than 18% abandon their cartafter forgetting their password and having issues with password reset emails. ^[1]

Passwordless Authentication Adoption Statistics

• Nearly one third (33%). ^[0]
• The US lagged the furthest behind, with 26% reporting adoption versus 31% for the UK. ^[0]

Passwordless Authentication Latest Statistics

• , 90% of Microsoft employees already use a passwordless authentication solution. ^[2]
• Microsoft said last year that MFA blocks 99.9% of all account takeover attacks and that MFA bypass attacks are so rare. ^[2]
• “Microsoft’s IT team switched to passwordless authentication and now 90 percent of Microsoft employees sign in without entering a password,” Chik said. ^[2]
• “As a result, hard and soft costs of supporting passwords fell by 87 percent. ^[2]
• Microsoft is also adding bonuses of between 15 30% on top of the general Microsoft 365 bounty for Office 365 products and Microsoft Account pages for Outlook, Teams, SharePoint Online, OneDrive, Skype, and more. ^[2]
• There are also 20% awards for unauthorized crosstenant and cross identity sensitive data leakage for both and. ^[2]
• Finally, there’s a 15% award for “Confused Deputy” vulnerabilities that can be used in a practical attack that accesses resources in a way that bypasses authentication. ^[2]
• Considering that up to 73 percent of passwords are duplicates, this has been a successful strategy for many attackers and it’s easy to do. ^[3]
• By providing an extra barrier and layer of security that makes it incredibly difficult for attackers to get past, MFA can block over 99.9 percent of account compromise attacks. ^[3]
• 50% of consumers have used other people’s passwords 42% share their phone passwords 12% use the same password for everything. ^[4]
• The End of the Password 50% of consumers have used other people’s passwords, 42% share their phone passwords, and 12% use the same password for everything. ^[4]
• Even though passwords account for more than 89% of web application breaches, many still have faith that a password will provide the security their organization requires. ^[1]
• Did you know that the average cart abandonment rate for businesses hovers around 70%?. ^[1]
• It was recently reported that businessessaw a 28% increase in eCommerce revenueafter eliminating passwords. ^[1]
• Companies experiencean average stock price decline of 5%immediately following the disclosure of their breach. ^[1]
• “By 2024, Gartner predicts that 60% of large and global enterprises, and 90% of midsize enterprises, will implement passwordless methods in more than 50% of use cases — up from 5% in 2018.”. ^[5]
• The majority of respondents (53%). ^[0]
• The consequences were severe; 44% reported financial loss stemming from these breaches, and nearly half (48%). ^[0]
• Just 8% of those surveyed reported no negative consequences from mismanaged employee credentials. ^[0]
• 70% of respondents to that survey said they expected remote work to increase the cost of a breach. ^[0]
• Nearly three quarters (70%). ^[0]
• These ranged from lost employee productivity (49%) and reputational or brand damage (48%) to financial loss (44%) and legal and regulatory penalties (43%). ^[0]
• 41% of respondents reported having to divert internal resources, including staff time and budgets, to addressing the consequences of credential mismanagement. ^[0]
• An average of 32% of help desk support requests are related to password issues, again pulling staff away from areas in which they could provide greater value, according to the survey. ^[0]
• Nearly three quarters (72%). ^[0]
• That was closely followed by security questions, another weak authentication method, reported by 68% of respondents. ^[0]
• More respondents cited that benefit in the US, at 56%, versus 47% in the UK, and 43% in the APAC region. ^[0]
• Improving user experience was the secondmost cited benefit, with respondents in the APAC region citing it at the highest rate (43%), followed by those in the US (41%) and UK (32%). ^[0]
• Reducing the burden on IT resources and staff was the thirdmost cited benefit of passwordless authentication, named by about a third (35%). ^[0]
• Nearly nine in ten (87%). ^[0]
• Only 1% said it was “not very important,” and no one said passwordless authentication was “not at all important” for a zero. ^[0]
• US based IT executives called passwordless authentication “critical” for zero trust at the highest rate, with 40% of respondents. ^[0]
• Respondents in the APAC region logged the highest percentage of those calling passwordless authentication “very important,” at 68% of respondents. ^[0]
• The good news is that nearly all survey respondents (95%). ^[0]
• An average of 60% of enterprise users rely on multi factor authentication, according to IT leaders surveyed. ^[0]
• The most cited benefit for MFA used in the enterprise is increased security for employees working from home, with about three quarters (74%). ^[0]
• Results from the UK dipped slightly, with 67% of respondents citing this benefit, but still amounted to the most cited benefit of MFA for UK respondents. ^[0]
• This perceived benefit just edged out security for remote work in the APAC region, cited by 79% of respondents there. ^[0]
• Well over half of respondents in the US (65%) and the UK (62%). ^[0]
• After passwords and security questions, onetime password emerged as the thirdmost popular authentication method, used by 65% of survey respondents. ^[0]
• Organizations deployed authenticator apps at the rate of 63% of those surveyed. ^[0]
• Half (50%). ^[0]
• Just 31% reported using biometrics, perhaps as a result of increased costs in deploying hardware that supports biometrics. ^[0]
• The APAC region reported the heaviest use of OTP, at 74% of organizations, versus 66% in the US and barely more than half (55%). ^[0]
• The APAC region is also ahead in using authenticator apps, with 72% of respondents there relying on them as part of an MFA strategy. ^[0]
• The US and the UK just about tied in authenticator apps, at 58% and 60%, respectively. ^[0]
• Survey respondents cited numerous challenges to implementing passwordless authentication, chief among them integration issues due to technological complexity, reported by 41% of respondents. ^[0]
• Respondents in the US cited integration issues at the highest rate (53%), followed by those in the APAC region (39%). ^[0]
• Not quite a third (30%). ^[0]
• Data privacy concerns, most likely specific to the use of biometrics, came next, cited by a third of respondents (33%). ^[0]
• This concern was highest in the APAC region, cited by nearly half (47%). ^[0]
• US respondents expressed concern about privacy at the lowest rate, with just over a quarter (26%). ^[0]
• Following data privacy concerns, nearly the same percentage overall (30%). ^[0]
• That finding was very similar across regions, followed by cost concerns (28% overall). ^[0]
• But significantly more APAC (33%) and UK (34%). ^[0]
• respondents cited concerns about cost as a factor inhibiting implementation than in the US (18%). ^[0]
• A quarter (25%). ^[0]
• That was followed closely by the related problems making the case for ROI (21%). ^[0]
• US respondents reported the most difficulty selecting technology, at 29% versus just 20% in both the UK and APAC regions. ^[0]
• However, the US appears to be catching up, with more than half of respondents (52%). ^[0]
• Security for remote work, the top perceived benefit of MFA, was cited as a benefit of Okta solutions by 78% of IT leaders versus 72% of leaders deploying solutions from other vendors. ^[0]
• Secure login with SSO was cited by 74% of Okta users versus 67% of users of other solutions. ^[0]
• Better compliance with regulations was cited by 73% of Okta users versus 63% of others. ^[0]
• Decreased or no credential breaches was cited as an important benefit of their chosen solution by 67% of respondents using Okta versus 45% for other solutions. ^[0]
• Okta was also competitive for cost savings, tied with other solutions at 53% of respondents reporting this is as an important benefit of the MFA solutions in use at their organizations. ^[0]
• Okta’s passwordless authentication solution is centered on “delighting and securing users,” saying it can cut authentication time by 50%, reduce password management operational costs and eliminate risks from phishing and credential stuffing. ^[6]
• A statistic from Verizon’s 2021 Data Breach Investigations Report cited by several passwordless vendors said that 61% of security breaches can be attributed to stolen credentials. ^[6]
• To read that another way, there’s no good reason not to consider passwordless security if it could reduce your chances of being breached by 61%. ^[6]
• According to Microsoft, 150 million people now use this passwordless functionality every month. ^[7]
• KnowBe4 estimates that passwords are currently supported by 99 per cent of services; alternatives aren’t supported in such larges numbers. ^[7]
• Additionally, only 24% of users opt to use a password manager, far less than the 65% that choose to reuse their password across platforms. ^[8]
• Between different launchers, platforms, and portals, gamers likely have more online accounts than the average user, surpassing the average 150200 accounts made up of online shopping, social media, entertainment, and work. ^[8]
• Even if the database security is airtight, passwords are sometimes predictable (24% of Americans use passwords like “Password” or “123456”). ^[8]
• Common customer journey issues, like entering login information multiple times or switching from a game environment to a browser, can decrease your conversion rate by 3.4%, costing you 34% more per lead in some cases. ^[8]
• Security Magazine cites that 92% of businesses believe that going passwordless is the future, so it’s wise to get ahead of the curve and switch over as soon as possible. ^[8]
• If not, Xsolla takes a 5% fee from every transaction that goes through the Xsolla Login portal. ^[8]
• Using a revenue share model of up to 5% and having no initial cost or monthly subscription model, you can get started with Xsolla Login today and set it up in no time with comprehensive documentation and support staff if needed. ^[8]
• 61% of data breaches involve the use of unauthorized credentials. ^[9]
• The 2021 Verizon Data Breach Investigations Report confirms this, finding that 61% of breaches in 2020 were executed using unauthorized credentials. ^[9]
• It’s estimated that the average user has 200 passwords to manage and that number could double by 2024. ^[9]
• Gift cards are a popular gift, estimated to account for $27.5B in holiday gift sales, according to the National Retail Federation. ^[9]
• More than 65% of us reuse the same password for many accounts, and hackers know it. ^[10]
• According to Aite Group, account takeover attacks, across all industries, cost more than $16 billion in losses — a 300% jump in 2020. ^[10]
• PerimeterX, a bot protection vendor, reports that 75 85% of all login attempts in the second half of 2020 were account takeover attempts. ^[10]
• Based on a survey by Ivanti, 74% of companies fell victim to phishing in 2020.Smishing simply replaces fraudulent phishing emails with SMS texts. ^[10]
• By getting rid of passwords, we could avoid 80% of all attacks — the percentage of security breaches linked to credentials. ^[10]
• In 2019 alone, 81% of hacking related breaches involved the use of lost or stolen credentials or brute force, according to the Verizon Data Breach report. ^[11]
• Predictions from Gartner set expectations that by 2024, “60% of large and global enterprises, and 90% of midsize enterprises, will implement passwordless methods in more than 50% of use cases up from 5% in 2018.”. ^[11]

I know you want to use Passwordless Authentication Software, thus we made this list of best Passwordless Authentication Software. We also wrote about how to learn Passwordless Authentication Software and how to install Passwordless Authentication Software. Recently we wrote how to uninstall Passwordless Authentication Software for newbie users. Don’t forgot to check latest Passwordless Authentication statistics of 2024.

Reference

1. okta – https://www.okta.com/resources/whitepaper/idg-report-passwordless-the-future-of-user-authentication/.
2. beyondidentity – https://www.beyondidentity.com/blog/password-statistics-what-are-passwords-costing-you.
3. zdnet – https://www.zdnet.com/article/microsoft-150-million-people-are-using-passwordless-logins-each-month/.
4. microsoft – https://www.microsoft.com/security/blog/2019/08/20/one-simple-action-you-can-take-to-prevent-99-9-percent-of-account-attacks/.
5. iproov – https://www.iproov.com/passwordless-authentication.
6. gartner – https://www.gartner.com/smarterwithgartner/embrace-a-passwordless-approach-to-improve-security.
7. techrepublic – https://www.techrepublic.com/article/a-passwordless-future-isnt-close-its-here/.
8. techzine – https://www.techzine.eu/blogs/security/58043/passwordless-how-will-it-change-the-future-of-authentication/.
9. gamesindustry – https://www.gamesindustry.biz/articles/2021-08-04-improve-your-user-experience-with-passwordless-authentication.
10. pingidentity – https://www.pingidentity.com/en/resources/blog/posts/2021/what-does-passwordless-really-mean.html.
11. transmitsecurity – https://www.transmitsecurity.com/blog/the-rise-of-account-takeovers-and-how-to-prevent-them.
12. forbes – https://www.forbes.com/sites/forbestechcouncil/2021/04/20/why-is-passwordless-authentication-met-with-reluctance/.

How Useful is Passwordless Authentication

One of the key advantages of passwordless authentication is the convenience it offers to users. With traditional password-based systems, users are often tasked with creating and remembering a myriad of different passwords for different accounts. This can not only be a hassle for users but can also lead to them resorting to easily guessable passwords or reusing the same password across multiple accounts, both of which pose security risks. Passwordless authentication eliminates the need for users to remember passwords, streamlining the login process and making it more user-friendly.

In addition to being more convenient for users, passwordless authentication also offers a higher level of security compared to traditional password-based systems. Passwords are inherently vulnerable to cyber attacks, as they can be easily guessed, stolen, or phished. With passwordless authentication, these risks are significantly reduced. By utilizing biometric data, cryptographic keys, or other secure methods, passwordless authentication adds an extra layer of security, making it harder for malicious actors to gain unauthorized access to users’ accounts.

Moreover, passwordless authentication is also beneficial for businesses and organizations. Not only does it enhance the overall security of their systems and data, but it also helps mitigate the risks associated with password-related issues such as forgotten passwords, password resets, and account lockouts. By implementing passwordless authentication, businesses can streamline the authentication process for their users, leading to increased user satisfaction and productivity.

Another advantage of passwordless authentication is its potential to reduce the burden on IT support teams. With traditional password-based systems, IT support teams often find themselves inundated with requests for password resets and account recovery. Passwordless authentication can help alleviate this strain by eliminating the need for password-related support requests, allowing IT teams to focus on more critical tasks and improving overall operational efficiency.

While passwordless authentication undoubtedly offers numerous benefits, it is important to acknowledge that no authentication method is without its limitations. Some users may have concerns about the security of biometric data or the reliability of alternative authentication methods. Additionally, the implementation of passwordless authentication systems may require organizations to invest in new technologies and update existing infrastructure, which could be a potential barrier to adoption for some businesses.

Overall, passwordless authentication holds great promise as a secure and user-friendly alternative to traditional password-based systems. By offering a more seamless authentication process, enhanced security, and increased operational efficiency, passwordless authentication has the potential to revolutionize the way users access their accounts online. As technology continues to evolve, passwordless authentication may become increasingly widespread, setting a new standard for secure and convenient authentication methods in the digital age.

In Conclusion

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