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I’m not convinced. Yet. However…
There has been recent news about a massive collection of leaked login credentials widely reported as 16 billion exposed credentials.
Here's what's important to understand about this:
It's not a single new breach: Cybersecurity researchers, particularly Cybernews, have recently discovered approximately 30 exposed datasets that collectively contain about 16 billion compromised login credentials. This isn't from one specific company being hacked right now. Instead, it's a compilation of credentials that have been stolen over time through various data breaches, phishing scams, and infostealer malware, and then compiled into these datasets.
Duplicates are very likely: Since 16 billion is roughly double the amount of people on Earth, it's highly probable that these datasets contain many duplicate entries and that individuals may have had credentials for multiple accounts leaked. It's impossible to tell the exact number of unique people or accounts exposed.
Widespread impact: The leaked data reportedly includes login information for a wide range of popular platforms, including Google, Facebook, Apple, GitHub, Telegram, and even some government portals.
Ongoing threat: This compilation highlights the continued and pervasive threat of infostealer malware and the importance of strong cybersecurity practices.
While the exact number might be debated or slightly different across various reports, the core message is that an enormous amount of stolen login data is circulating online, posing a significant risk to individuals and organizations. Making matters worse, one report I saw stated that only 6% of those exposed credentials were unique, which means 94% were the same pass codes used across multiple accounts.
So what the heck is a Passkey?
A passkey is a modern, more secure, and convenient alternative to traditional passwords for signing into websites and applications. It's designed to create a "passwordless" sign-in experience. Passkeys are a significant step towards a more secure and user-friendly online authentication future, widely supported by major tech companies like Apple, Google, and Microsoft.
Here's a breakdown of what a passkey is and how it works:
What it is:
How it works (simplified):
Key Advantages of Passkeys:
Enhanced Security:
Improved Convenience:
Argument for: Adopting passkeys now significantly enhances security by eliminating phishing and credential theft vulnerabilities inherent in passwords. They offer a far more convenient user experience, simplifying logins with biometrics or PINs, leading to increased adoption and reduced support costs. Early adoption positions organizations for the future of online authentication.
Argument against: Passkeys aren't universally supported across all websites, devices, and platforms, leading to potential user confusion and a fragmented experience. Account recovery can also be complex if a device is lost, and vendor lock-in remains a concern in some implementations. This lack of complete ubiquity might hinder a smooth transition for some users.
Operating System & Ecosystem Giants (who are driving much of the adoption):
Major Consumer & Enterprise Companies (deploying passkeys):
Password Managers (who are crucial for cross-platform passkey management):
If your password manager supports two-factor authentication and cross-platform passkey management, you're likely ready for passkeys. Even without them, if you avoid reusing passwords and have two-factor authentication enabled, your security is already robust. For most users, the best approach to adopting passkeys is to implement them one account at a time to evaluate the user experience.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Oliver Tearle Head of Technology Innovation at The ai Corporation
23 June
Katherine Chan CEO at Juice
Diederick Van Thiel Visionary Board Member | CEO | NED at AdviceRobo | IKANO Bank | Ikano Insight
Nkahiseng Ralepeli VP of Product: Digital Assets at Absa Bank, CIB.
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