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March 1, 2012
Confident Technologies CEO, Curtis Staker, recently wrote an opinion piece for SC Magazine. "The Password is Dead" describes how businesses and websites' reliance on static, text passwords is not strong security. One main reason for this is the fact that people tend to use the same password for multiple online accounts. Therefore, when a large password leak happens at a site like Gawker or Sony, nefarious people then take those leaked account credentials and try using them to access user accounts on other sites.
For that reason, businesses, websites and mobile applications need to use strong authentication methods that create dynamic, one-time passwords so people can't use the same account credentials on multiple accounts.
As Curtis Staker explains in the article,
Until more websites eliminate “dead” password schemes in favor of strong authentication methods that are easy for users, we'll continue to see poor password practices, enabling hackers to take a data breach at one website and use the revealed credentials to compromise accounts and commit fraud on a number of other websites.