“Cryptographically-backed” means that one of multiple authentication factors uses public key cryptography and isn’t susceptible to phishing, man-in-the-middle and/or other attacks targeting credentials; all known vulnerabilities with passwords and one-time passwords (OTPs).
Since 2018 the reliance on passwords has declined significantly for both consumer and enterprise applications (44% to 31% and 56% to 47% respectively) as these organisations increase their adoption of both traditional MFA and strong authentication.
That’s the positive news, but on the other side of the coin, according to the State of Strong Authentication 2019 Report, the data shows that strong authentication holdouts still think password-only authentication is “good enough,” despite cybercriminals’ continuing to target a wide variety of consumer and business information.
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