On May 5, 2022, Apple Inc. (AAPL), Alphabet Inc.'s Google division (GOOGL, GOOG), and Microsoft Corporation (MSFT) announced a "joint endeavor to make the web safer and useable for everybody." They are specifically taking the lead in broadening acceptance for a global password-free sign-in standard developed by the FIDO (Fast ID Online) Alliance and the
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| Microsoft, Apple, and Alphabet Promote Password-Free Sign-Ins |
World Wide Web Consortium. This standard is intended to enable websites and apps to provide users with consistent, safe, and simple password-free universal sign-ins across devices and platforms.
Amazon.com, Inc. (AMZN) and Facebook parent Meta Platforms, Inc. (FB), as well as seven significant financial services businesses, are among the 40 corporations that comprise FIDO's highest, "board level," category level of membership.
The influence of the aforementioned technology-driven firms on future financial performance is unknown at this time. Their partnership, on the other hand, promises to accelerate the deployment of significant breakthroughs that are intended to provide widespread advantages to the public globally. This may improve their reputations, especially given the US government's important sponsorship of this initiative, as indicated below.
Apple, Google, and Microsoft are leading the charge to push password-free sign-in standards.
These offer faster, simpler, and more secure sign-ins that are immune to phishing assaults.
Amazon and Facebook parent Meta Platforms are also strong advocates of the FIDO Alliance's new standards.
According to FIDO, passwords are the underlying cause of more than 80% of data breaches.
The Password Issue
Password-only authentication is one of the most serious security issues on the internet. Consumers find it difficult to manage many passwords, which prompts them to repeat the same ones across services.
As a result, expensive account takeovers, data breaches, and stolen identities can occur. Password managers and existing kinds of two-factor authentication, on the other hand, only provide modest improvements.
According to FIDO research, passwords are the underlying cause of more than 80% of data breaches. Because the average user has more than 90 online accounts, up to 51% of passwords are reused, and around one-third of online purchases are abandoned due to forgotten passwords. A support desk will normally charge $70 to reset a password.
FIDO's Solution
FIDO's solution is intended to provide access to all participating services using a single device, eliminating the need to remember or input passwords. It is also intended to be immune to phishing and other typical threats.
In general, with FIDO's new method, the user will sign in using the same action they presently take to unlock their devices, such as a simple verification of their fingerprint, voice, face, or device PIN.
When compared to passwords and other multi-factor technologies such as one-time passcodes given through SMS or voice messages, it claims to be far faster, simpler, and more secure.
FIDO's Most Recent Innovations
Previously, users had to login into each website or app with each device before they could utilize the password-free capability. On May 5, 2022, the company announced two new features for more frictionless and secure password-free sign-in.
One enables users to immediately access their FIDO sign-in credentials (referred to as a "passkey" by some) on a variety of devices, including new ones, without having to reenroll in each account.
The other allows users to utilize FIDO authentication on their mobile device to sign in to a nearby app or website. These new features are scheduled to be available this year on Apple, Google, and Microsoft platforms.
The US Government Applauds 'Innovative Companies'
According to Jen Easterly, director of the United States Cybersecurity and Infrastructure Security Agency (CISA), "The standards developed by the FIDO Alliance and the World Wide Web Consortium, which are being implemented by these forward-thinking companies, will ultimately keep the American people safer online. I admire our private-sector partners' dedication to open standards... Today marks a crucial turning point in the security journey, encouraging built-in security best practices and assisting us in moving beyond passwords."
