What are long-term benefits: passkeys vs traditional MFA?

Passkeys offer several advantages over traditional multi-factor authentication (MFA) methods that often involve passwords and OTPs. These benefits become increasingly significant over time, providing better security, cost efficiency, and user experience.

• Phishing Resistance: Passkeys eliminate the risk of phishing attacks by binding authentication to the service’s domain.
• No Credential Sharing: Public-private key cryptography ensures no sensitive credentials are transmitted or stored, making passkeys highly secure.
• Reduced Account Takeovers: By removing vulnerabilities like password reuse or SMS interception, passkeys significantly lower the risk of account takeovers.

• Reduced SMS Costs: Passkeys eliminate the reliance on expensive SMS OTPs, saving enterprises up to 90% in operational authentication-related expenses.
• Lower Support Costs: Fewer issues with account recovery reduce operational overhead for customer support teams.

• Faster Logins: Users can authenticate with biometrics or a device PIN, avoiding the delays of SMS OTPs or password input.
• Seamless Recovery: Passkeys leverage cloud synchronization, making account recovery straightforward and less stressful for users.

• Passkeys align with modern cybersecurity regulations like NIST and Essential Eight, ensuring compliance and reducing legal risks.
• Enterprises can future-proof their authentication systems to meet evolving standards.

• Passkeys are suitable for large-scale deployments and can seamlessly adapt to changing technologies.
• They integrate with WebAuthn standards, ensuring compatibility with future updates and devices.

• A secure and convenient authentication experience enhances customer satisfaction and loyalty.
• Offering passkeys can differentiate enterprises from competitors still relying on outdated MFA methods.

By transitioning to passkeys, enterprises gain a robust, cost-effective, and user-friendly authentication solution that scales with their needs and keeps up with the latest security standards.