Why it’s time to leave passwords in the past

Passwords may seem like the obvious choice to keep digital accounts safe, but they don’t solve all security concerns, and they certainly don’t make life easier for users. Simply put – we’re overloaded with passwords. 42% of consumers have more than 20 active online accounts, so it’s unsurprising that almost two-thirds of consumers feel overwhelmed with the number of passwords they have to manage. Frustration around password creation is resulting in careless cybersecurity habits, such as using weak or easy passwords or the same password for all accounts. 80% of web application breaches are caused by compromised credentials. With password and phishing attacks on the rise, and the cost of these attacks growing as organizations become increasingly digitized, it’s time we left passwords in the past to allow organizations to reap the benefits of better user experiences, higher productivity, lower support costs and enhanced security.

Stephen McDermid

Chief Security Officer for EMEA at Okta.

The impact on users

33% of UK consumers state feeling overwhelmed and frustrated when asked to create a password, and even once set up with one, problematic user experience persists. In Okta’s 2023 Customer Identity Report, 63% of UK respondents stated that at least once a month they’re unable to login to an account because they’ve forgotten their username or password. 24% encounter this issue at least once a week and for over 1 in 20 it’s a daily occurrence. This is a problem for businesses as well as individuals, with workplace password logins failing over 8% of the time, creating unnecessary hurdles, wasting time and driving up help desk requests.