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New LastPass report finds 92% of businesses believe going passwordless is the future

New LastPass report finds 92% of businesses believe going passwordless is the future

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LastPass by LogMeIn has released findings of a new report commissioned to better understand the current state of passwords in organizations today, and how these trends are driving passwordless authentication models moving forward.

The report, From Passwords to Passwordless, was conducted in partnership with Vanson Bourne and highlights the critical need to address password problems as remote work becomes the new normal.  

The global study provides evidence that the need to migrate from traditional passwords and the risks they pose continues to grow and is even more apparent in a work from anywhere world. The report suggests that while passwords may not be going away completely, 92% of respondents believe passwordless authentication is the future of their organization. 

Passwordless authentication reduces password related risks by enabling users to login to devices and applications without the need to type in a password. Technologies such as biometric authentication, single-sign-on (SSO) and federated identity streamline the user experience for employees within an organization, while still maintaining a high level of security and complete control for IT and security teams.

Problems with passwords are still an on-going struggle for organizations. The amount of time that IT teams spend managing users’ password and login information has increased year over year.

In fact, those surveyed suggest that weekly time spent managing users’ passwords has increased 25% since 2019.Given this, the majority (85%) of IT and security professionals agree that their organization should look to reduce the number of passwords that individuals use on a daily basis.

Additionally, almost all (95%) respondents surveyed say there are risks to using passwords which could contribute to threats in their organization, notably human behaviors like password reuse or password weakness.

“As many organizations transition to a long-term remote work culture, giving your employees the tools and resources to be secure online in their personal lives as well as in the home office is more important now than ever,” said Gerald Beuchelt, Chief Information Security Officer at LogMeIn. “This report shows the continued challenge that organizations face with password security and the need for a passwordless authentication solution to enable both IT teams and employees to operate more efficiently and securely in this changing environment.” 

For more information and to read the full report click here.  

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