Hi, it’s Edmund.
In today’s world where Web3 is gaining traction, data breaches are becoming a common occurrence. In theory, Web3, as a decentralized version of the Internet that leverages blockchain-based technology, is supposed to be more secure. But hackers always seem to find a way in.
Nobody is safe. Not even the gatekeepers. Look at Okta, the leading user authentication services cybersecurity firm, which got hacked earlier this year.
This is why the need to develop and improve effective authentication and authorization systems is important.
And this is an ongoing challenge. One significant issue is the frustration experienced by users when it comes to complex authentication processes. This can lead to a poor customer experience, lower brand loyalty, and other consequences such as reduced guest conversions.
As business organizations and consumers carry out more transactions online and in the cloud, there is a growing need to balance user experience and security. In the “The Future Of Authentication In Financial Services” survey carried out on 2,700 consumers, respondents say security and user experience are now equally important when accessing their digital accounts.
CEO and founder of Silence Laboratories, Jay Prakash, concurs. He believes next-generation authentication solutions will be able to do this by fusing cryptography with physical space.
You can read what Prakash had to say about the cybersecurity conundrum and where authentication methods and technologies are headed, here.
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