In today’s crowded and fast-paced technology environment, finance organizations must efficiently and securely manage access to an ever-increasing range of digital services and resources. This puts tremendous pressure on their IT and security teams to keep operations running smoothly and cyber defenses ironclad, even as their exposure to cyberthreats grows. At the core of this challenge is identity security, which ensures authorized individuals gain access to systems and that imposters and threats are shut out.

The Workplace Identity Security Trends and Challenges report investigates the identity security landscape and challenges facing organizations today. The research finds that many struggle to build an integrated and comprehensive identity security strategy, relying on disconnected tools and practices that create inefficiencies and leave organizations seriously vulnerable to attacks and breaches.

This report shines an important spotlight on the perceptions of global financial institutions around authentication. As the study findings show, these remains much to do to close these security gaps, and traditional MFA methods are not delivering the security that we all need.

The 2022 State of Passwordless Security Report is based on a comprehensive survey of 411 technology professionals to explore the state of conventional and passwordless authentication, key drivers and barriers to adoption, and organizations’ technology preferences. Respondents range from technical executives to IT security practitioners, representing a cross-section of organizations of varying sizes across multiple industries.

This report discusses the problems with passwords, “The problem is that passwords, 2FA and legacy multi-factor authentication solutions have one thing in common – they rely on shared secrets. That means that a user has a secret, and a centralized authority holds the same secret. When authenticating, those two secrets are compared to approve user access. If a malicious 3rd party intercepts the secret, they can impersonate the user. The bad news is that this reliance on shared secrets has kept large populations of users vulnerable to phishing, credential stuffing attacks, and password reuse while contributing to the steep rise in Account Take Over (ATO). The good news? The Digital Identity landscape is about to change very quickly.”