Passwords are Costly" - a post on MojoAuth explains why relying solely on passwords for online security can be costly. Learn about the risks of password-based authentication and why adopting multi-factor authentication is crucial to protect your personal information.

1. HowPasswordsare
costly
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Just because you don’t have to
pay anything extra to buy this
common form of authentication, it
doesn’t mean that passwords are
free. Far from it, quite often
passwords end up costing
enterprises much more than what
they have bargained for.
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LEARN
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Passwords have become an integral
part of our lives, with the average user
having around 100 passwords to
manage.
A password breach can jeopardize
personal and financial information,
making it overwhelming and risky.
Reusing passwords across multiple
accounts can further escalate the
security risks.

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Once the password database is
compromised, all passwords become
useless, and a single breach can
compromise security credentials and
private resources.
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Organizations have to ensure password
security as a lot is at stake if an
attacker gets access to the password
database.

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What is the problem with
passwords?
Password attacks are evolving and are
responsible for 81% of breaches, with
insider threats costing upwards of
$600,000 per incident. Organizations
relying on third-party services are at
higher risk of breaches and may be left
unaware of their vulnerability. Password
issues and resets are a significant cause
of support calls, costing a 10,000-
employee organization an average of
$100,000/year.

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LEARN
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What is the problem with
passwords?
Password attacks are evolving and are
responsible for 81% of breaches, with
insider threats costing upwards of
$600,000 per incident. Organizations
relying on third-party services are at
higher risk of breaches and may be left
unaware of their vulnerability. Password
issues and resets are a significant cause
of support calls, costing a 10,000-
employee organization an average of
$100,000/year.

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What are typical attacks
against passwords?
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Attacks on passwords vary in cost and
complexity. Some of the most popular
episodes are:

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Brute force attacks
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An encrypted blob is obtained
containing credentials of interest (such
as the SAM database). It can then use a
computer rig to crack through the
database until the passwords are
revealed.

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Credential stuffing
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A database of compromised credentials
is loaded and tested against the system
hoping that one or more credentials in
the database match a legitimate user.

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Shoulder surfing
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Personal information or confidential
information is stolen by peering over
the target’s shoulders. By its nature, it’s
often used by insider threat actors.

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Password spraying:
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A list of commonly used passwords is
replayed, hoping that one of them is
being used by a legitimate user. It is
estimated that 16% of password attacks
are performed using password spraying.

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Phishing:
Phishing attacks, where an attacker impersonates
a trusted source or creates a sense of urgency,
are responsible for the majority of password
breaches. Attackers use links to exploit kits or
malware-infected documents to exfiltrate
credentials from unsuspecting users..
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What is the Solution?
To avoid password leaks, passwordless
authentication verifies the user based on a
possession or inherent factor, removing the need
to memorize multiple passwords. This can be
done with options like magic links, email OTP,
webAuthn, and phone login.
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MojoAuth offers a reliable, secure, and convenient
passwordless authentication feature.