The tech industry is now evolving past security systems reliant on passwords in favor of more advanced biometrics and passkeys, a new survey on corporate cybersecurity has found.
Security software provider LastPass learned that 78% of companies surveyed agree to the removal of passwords to "help reduce the threat of social engineering."
The response was made in light of increased cyberattacks and data breaches in the tech industry via social engineering and deceptive methods.
According to the survey, first reported by Axios, 81% of tech companies have seen an increase in phishing attacks in the past year as threat actors and cybercriminals employ more sophisticated methods in their attacks.
The survey indicated that the introduction of password-less security systems and password managers could prevent employees from unknowingly exposing their credentials to bad actors.
LastPass, which also offers password managers and digital security hubs, stated that at least 86% said they plan to reduce password-based security technology within two years.
For the survey, the software provider asked 1,000 small- and medium-sized tech businesses from the United States, United Kingdom, France, Germany and Australia.
AI Feared to Speed Up Cyberattacks, Online Scams
Another topic raised in the survey was the increase of AI applications in cybercrimes, particularly in phishing and online scams.
LastPass reported that cybercriminals are using generative AI technology to make it "harder to identify" phishing emails or automate coding operations.
Last year, ransomware attacks were reported to have reached $1.1 billion from private companies.
This does not account for money lost from the attacks when companies refused to pay the ransom demanded for stolen data.
Related Article : Ransomware Attacks Stole Over $1.1 Billion from Companies in 2023
Safeguards to Combat AI-Powered Crimes Still at Infancy
Despite growing concerns about the technology and its impact on cybersecurity, safety guardrails against such abuse are few and limited.
It is also only recently that more state agencies have adopted their own AI team that will assess dangers posed by AI to the population, businesses and the country's defense.
Just this month, the Justice Department announced that it is starting to explore the uses and dangers posed by AI to the judicial system.
A standardized regulation on the technology also remains in the process as the U.S. government awaits recommendations from tasked departments.
