The escalation of cybercrime is a reality not exclusive to those deeply entrenched in high-tech circles. Its prevalence, becoming more formidable and pervasive, is evident through the frequent reports of both small and large companies falling victim to ruthless hacking by criminal organizations or individuals. Unfortunately, Okta found itself in the spotlight as the target of such malevolent attention this month.
On October 20th of this year, Okta detected fraudulent activity within their system, identifying the root cause as stolen credentials. This incident marks not the first major breach for Okta. Back in March 2022, the Lapsus$ threat successfully infiltrated the account of a customer support engineer employed by a third-party provider, leveraging this compromised account to pilfer customer data.
It’s a well-known fact that 80% of cyber breaches stem from weak or compromised passwords. Okta’s situation is no different. Now that we’ve identified the primary issue plaguing businesses, the question becomes: What is the most effective solution? In a word—passwordless.
The concept of “going passwordless” might seem daunting, particularly since passwords have been ingrained as a necessity since the advent of the internet. Passwords initially served as a means to keep unauthorized users out of our personal accounts. However, passwords, in essence, have seen minimal evolution since their inception, apart from the occasional “rules” required when creating a new password. While the internet and its user base have evolved, the landscape of cybercrime has similarly developed, surpassing the security measures of almost every platform.
Implementing passwordless authentication can mitigate nearly 90% of associated risks. Privakey’s unique software, leveraging an individual’s biometrics, ensures secure access to accounts, acknowledging only the authorized user. Additionally, Privakey enables the delegation of account access from the primary user to other authorized parties.
Our mission is to introduce the passwordless solution to individuals and businesses, empowering them to safeguard against the escalating cyber risks. Incidents such as the breach experienced by Okta are highly preventable with Privakey’s solution.