The need for passwordless authentication is profoundly imminent. We’ve seen constant affirmations of this fact from a wide spectrum of tech journals, magazines and investors. Today, we’re thrilled to be recognized by Fast Company for driving progress in the passwordless space, ranking third on their list of the 10 most innovative companies in security.
Fast Company’s list highlights the importance of security solutions that address the human aspects of risk. “While some security breaches do arise from sophisticated hackers harnessing previously unknown flaws in software,” Fast Company reports, “many also involve humans being tricked into falling for scams or simply making mistakes: 85% of breaches studied by Verizon for its 2021 Data Breach Investigations Report ‘involved a human element.’” The “human element” is a driving factor for everything we do, especially with passwordless authentication.
Fast Company’s prestigious listing underscores the momentum pushing the world toward a passwordless future. Customers yearn for safer, easier and lower-friction logins. Companies crave manageable systems, lower overhead and future-proof security. Our customer authentication service BindID meets all these needs at the intersection of smooth customer experience and ironclad security — comprehensively providing both and compromising on neither.
The future is passwordless, and the transformation has already begun
At the close of last year, Gartner reported our passwordless technology as the only entry meeting the “Now (0-1 years)” category in their Emerging Technology Horizons report. Just a week ago, passwordless authentication was listed first on MIT Technology Review’s Top 10 Breakthrough Technologies of 2022. We’ve received dozens of nods and rankings in the last year alone, and we’re now honored to be included in Fast Company’s prestigious list.
But the real spotlight should be on the future of passwordless authentication. In many ways, we are just the forerunners of a monumental paradigm shift in how people log in. Awards like this serve to not only demonstrate how pivotal our technology is, but they also draw attention to the inevitable transformation that passwordless authentication will bring. More and more companies are becoming aware of the fact that the future is passwordless and the transition has already begun.
In fact, Mastercard partnered with researchers from Oxford University as far back as 2017 to gauge consumer sentiment toward biometric authentication. More than 9 in 10 said they preferred it over passwords; other studies have shown a growing preference for passwordless authentication over the years since. Consumers demand a better way to log in, manage their identities and interact online. Passwordless authentication is a gateway to a better, safer Internet experience — one that doesn’t care what you know, only who you are.
Building a better and safer Internet, together
We have cultivated a passion for helping companies and the people they serve to achieve their goals without disrupting their own autonomy or agency. While our products and services are comprehensive, we don’t dictate how to use them. They are powerful tools to help you reach the milestones you set for yourself. Ultimately, we’re driven by the successes of our customers, and it’s the only metric that matters when we look at how far we’ve come.
Moreover, we’re reaching out to help more people access the resources they need. Recently, we helped a European bank, BRED Banque Populaire, bring more convenient and accessible authentication to their clients who need extra assistance getting online. This also underscores one of our most critical missions: protecting people online who cannot protect themselves. We have a responsibility to defend vulnerable people from fraud, scams and cyberattacks — and we’re taking every opportunity we can to build an Internet that is free from these threats.
We believe that everyone’s identity is unique and significant. We — like our customers — are people with authentic quirks, talents and tastes that make us wholly human and different. These are things to celebrate, and we want to protect unique identities no matter where people take them. Let’s get rid of the barriers like passwords that separate us from the communities that bring people together, and let’s start embracing identities.
We will continue to innovate the identity experience for our customers and their consumers. This recognition will surely be yet another milestone in our journey to completely reinvent that experience.