No matter what industry you’re in, you’ve got to be prepared to grow and evolve over time. What worked five or ten years ago isn’t necessarily what’s best for your company now, and it’s always smart to look ahead—especially when technology is involved, and definitely if data protection is an issue.

Password-based technology worked reasonably well for a long time, but hackers have made passwords vulnerable in a way that can seriously harm your business and your customers. Fortunately, there’s a better way to protect data with BlokSec. Here are five reasons to transition your business to passwordless authentication right now.

To avoid fraud

When data is compromised, identity theft is a significant threat to everyone involved. In addition to potential financial loss due to fraud, hackers can gain access to sensitive personal information including contact information, health records, and more. There was a 773% increase in peer-to-peer payment fraud between 2016 and 2019, and 81% of organizations report being a target to fraud attempts. Those figures are astounding and businesses need to implement serious preventative strategies. Going passwordless with BlokSec is an effective, user-friendly way to protect data and avoid fraud. After all, when there are no passwords involved, hackers are stopped before they can get started.

To save money

Your business could lose money as a result of a data breach but perhaps more commonly, businesses lose money due to lost productivity related to password-based account access. IT departments spend an average of 2.5 months per year dealing with lost or forgotten passwords. Employees spend hours on end dealing with similar issues while on the clock. By eliminating passwords, that time loss is eliminated. Better productivity results in better profits, and your business can thrive. 

To be more efficient

Even when passwords aren’t lost or compromised, using them slows down workers and customers alike. It is exponentially more efficient to tap your finger on a sensor or look at a facial scanner instead of typing in a combination of letters, numbers and special characters. The future of business is faster than ever, and it doesn’t involve passwords.

To create a better user experience 

Eliminating passwords gets rid of all of the pain points associated with identity and data protection. It’s intuitive, efficient and incredibly secure, so employees, business partners and customers alike are delighted by the experience. There is truly no downside to going passwordless—just a long list of benefits. 

To keep up with the pace of innovation

According to research by Gartner, 60% of large and global businesses and 90% of medium-sized businesses will implement passwordless methods in more than 50% of use cases by 2022. That percentage has shot up in the past three years and will only continue to grow. The implication is huge.

Passwordless authentication isn’t a passing trend. In the years to come, it will be the predominant way individuals authenticate their identity online. Passwordless organizations today benefit from increased security, reduced operating costs and an improved user interface. It’s time to join them or fall behind — there really is nothing in between. To learn how to transition your business to BlokSec’s passwordless authentication, please contact us – we would be pleased to help you get started. To learn more, please contact us.