When we spend time online, we accumulate many accounts, from setting up online banking to testing a free trial of an online service, like an online casino, without any commitment. Each site we create an account with requires some form of verification to gain access to our accounts.
Typically, this access is granted with a password. However, as we rely on digital platforms and need more security to protect our information, how we gain access to our accounts has changed. First, two-factor authentication (2FA) was introduced, which requires two pieces of information to log into your account. Another method that is also gaining popularity is passkeys.
It is important to know that some ways to access our accounts are better than others. Below, we’ll compare passwords versus passkeys and password management methods, including password vaults, single sign-on (SSO), and 2FA as part of account log-in processes.
Passwords vs. Passkeys
Most of us are familiar with passwords and how they work. However, passkeys are relatively new, so many of us might not be as familiar with how they work. For that reason, let’s compare and contrast their features.
Passwords are combinations of letters, numbers, and special characters used to log in to accounts. Ideally, each password is unique and uses all three character types, which helps keep information safe if a password is compromised.
Passkeys were developed to be more secure than passwords. They use our devices and a personal authentication key, such as facial recognition, a fingerprint, or PIN, to give us login access to our accounts. A passkey doesn’t require you to develop a multi-character password or a username, as your device and key are used in their place.
What Are the Pros and Cons of Passwords?
While passwords are easy to set up and have been used for a long time, even before computers or the internet became so prevalent, they have several drawbacks that have led to the development of other security features we’ll explore here (like 2FA). The biggest drawback is that passwords can be hacked, jeopardizing our personal information since it’s far easier for malicious actors to log into our accounts.
Several other drawbacks include the fact that they can be hard to remember, which has led to the development of password vaults and managers. Following password best practices can also be a cumbersome task that many of us struggle to keep up with—in our personal lives, we have 168 passwords on average to keep track of, and in our businesses or workplaces, we average 87.
What Are the Pros and Cons of Passkeys?
Passkeys offer several benefits that make them valuable alternatives to passwords. They have much stronger security as the information is encrypted and doesn’t require people to remember multiple passwords and usernames. Passkeys are also much harder for malicious actors to log into your accounts as they can’t be cracked or compromised.
The main drawback of passkeys is that they are still relatively new and not widely available. They also don’t offer the same ease of login for cross-browser or cross-device use as a password. Despite these drawbacks, passkeys are far more secure than passwords, and many tech giants, including Google and Apple, expect them to replace passwords and thus promote their use.
2FA vs. SSO vs. Password Vaults
As our need for multiple passwords has grown, so have solutions for managing them. This led to the creation of two-factor authentication, single sign-on, and password vaults. Let’s examine each more closely to compare how they work and determine the best option.
2FA
Two-factor or multi-factor authentication is a way to make our accounts more secure. It requires our passwords to log in and a code sent to another device or account (such as an email or mobile phone). This adds another layer of protection that keeps our accounts more secure by making it more difficult for them to be hacked. However, it adds another step to the login process, and many people find it frustrating as it can slow them down when completing tasks. Although 2FA adds another layer of security, it can still be compromised since a password is still used.
SSO
Single sign-on (SSO) uses the login credentials of a single account to access multiple accounts. Facebook and Gmail users have likely encountered or used this option when shopping or signing up for a new service. SSO can make managing account access easier by reducing the number of passwords needed. However, it can also become a major security concern. If one account is accessed or your password is compromised, it jeopardizes every account that uses the same login credentials.
When it comes to password management, the SSO method should be avoided, as it has too many security issues. SSO can be combined with passkeys, creating a more straightforward user experience without compromising security.
Password Vaults
Password vaults, which are also known as password managers or lockers, allow people to store login information for all their accounts. These usually come with autofill and autosave features, so we don’t have to remember the 100s of passwords we use regularly. Instead, we can access everything we need by logging into our password manager.
While password vaults offer exceptional convenience, they can be compromised because they still rely on passwords. You’ll still want to follow password best practices when using one. Some password vaults offer features that make following password best practices easier, such as password generators. Some developers have adapted password vaults to support passkeys, making them even more convenient.
What’s the Most Secure Way to Log Into Accounts and Store Information?
Passkeys are considered the most secure option for accessing online accounts. They grant us access to accounts without remembering logins or retrieving 2FA information. But since they’re not yet offered everywhere, the next best option is to use 2FA for each account, especially when using a password vault to manage all the passwords that need tracking.
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