The report's key findings show:

In most cases, the only thing between company IP and hackers is a password: The mass compromise of passwords has contributed to increased risk of fraud on consumer accounts and network-level attacks from credential-stuffing botnet attacks, yet over half of all businesses still use only passwords to protect company IP and financial data.
Companies are more likely to offer stronger authentication to their customers than their employees within the enterprise, but both segments lag in adopting high-assurance strong authentication: Half of businesses offer at least two factors when authenticating customers but only 35% of enterprises use two or more factors for authenticating employees to data and systems. For both, only 5% of businesses offer high-assurance strong authentication to customers or leverage it within the enterprise.
Companies still rely upon knowledge and not possession: The weakest authentication factors remain the most popular and common, and they're based on knowledge, not possession. Businesses use passwords plus static questions (31%) or SMS OTPs (25%) as their additional factors for customer authentication online. In enterprise, the next most common authentication method to passwords is static questions (26%). Factors predicated on possession, such as a security key or on-device biometrics, remain the exception and not the norm.
Integration and user experience are the priority: A solution's ease of integration mostly drives companies' implementation of authentication solutions, according to the report. Also, if a solution has a perceived negative impact on the user experience, companies resort to the easier second factors like static security questions.

Instant Insights /

Passwords Weaken Company IP & Financial Data Protection

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