Winsage
October 16, 2024
Sangeeta Ranjit from Microsoft reported a significant increase in password attacks, with incidents rising to over 7,000 per second and a 58% rise in phishing attempts. She projected that by 2027, the global cost of cybercrime could reach one trillion dollars. Ranjit proposed the adoption of passkeys as a biometric alternative to passwords and indicated that Microsoft plans to phase out password creation for new accounts. Research shows users are frustrated with passwords, and major companies like Mastercard and Visa are adopting passkeys. Visa's Mark Nelsen noted that passkeys could enhance transaction security through immediate facial scans. Adam Lowe from CompoSecure/Arculus highlighted the security advantages of hardware-bound passkeys over cloud-stored ones, especially in banking applications.
