Forgot your password? This WEF study reveals not having one is safer

With weak or stolen passwords accounting for an average of four out of five global data breaches, a new study has said it is safer not to have a password.

The new report released by the World Economic Forum, here during its 2020 annual meeting, said that freeing ourselves of passwords will actually make individuals safer and businesses more efficient.
Cybercrime is set to cost the global economy US2.9 million every minute in 2020, and some 80 per cent of these attacks are password-related.
Knowledge-based authentication whether with PINs, passwords, passphrases, or whatever we need to remember is not only a major headache for users, it is costly to maintain, the study found.
For larger businesses, it is estimated that nearly 50 per cent of IT help desk costs are allocated to password resets, with average annual spend for companies now at over US1 million for staffing alone.
"Passwordless authentication does not mean removing all security barriers to our digitalized society. It means harnessing tools such as artificial intelligence and machine learning to save users time and save company money," the WEF said. Read More