Feb 27, 2024 - Technology

Exclusive: Companies flock to passwordless tech

Illustration of an opened briefcase revealing glowing asterisks inside

Illustration: Annelise Capossela/Axios

Most companies plan to have their employees ditch passwords soon, according to a survey released Tuesday by LastPass and first shared with Axios.

Why it matters: Hackers increasingly rely on leaked login credentials and reused passwords to break into corporate networks.

  • Ditching phrase-based passwords for other login tools, like biometrics or authentication codes, could help crack down on the number of hacks.

By the numbers: 55% of organizations said they had a plan in place to move employees away from passwords.

  • Among those organizations, 32% said they plan to reduce password reliance in the next year and 54% plan to do so over the next two years.

The big picture: More websites are starting to support passwordless technologies for online accounts — making the transition away from phrase-based passwords possible.

  • Password managers, including those from LastPass, 1Password and others, can now store passwordless login keys.
  • And websites like Google, PayPal and other major sites now let users log in using a passkey.

Yes, but: Passwordless technology is still working out some of its friction.

  • Not all password managers or websites support passkeys or other passwordless logins yet.
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