FIDO Alliance predicts rise of passkey usage in 2023

The FIDO Alliance is predicting that more cloud service providers will transition to the passkey method of passwordless security in 2023 as the number of cyberattacks targeting those that continue to use traditional multi-factor authentication continues to rise, SDxCentral reports. Cloud service providers are growing in size, data, and influence, making them prime targets for cyberattacks. In 2023, well see a lot more high-profile, sophisticated attacks that bypass legacy MFA," said FIDO Alliance Executive Director and Chief Marketing Officer Andrew Shikiar. Shikiar pointed to 2022 incidents affecting Cloudflare and Twilio, which circumvented one-time password codes by targeting employees with text messages. The FIDO Alliance and its partners, which include Microsoft, Google, and Apple, have coined the term passkey to refer to a password replacement method in which passkeys are stored and managed by a user's phone or computer operating system. It uses a cloud service to automatically sync passkeys between a user's devices and stores an encrypted copy of the FIDO credential.