Some of the best password managers have teamed up with the FIDO Alliance to set new standards for secure passkey storage, even when switching between providers.
The new draft set of specifications were published by the Alliance’s Credential Provider Special Interest Group, which included major names in the password and identity management game, including 1Password, Apple, Bitwarden, Dashlane, Enpass, Google, Microsoft, NordPass, Okta, Samsung and SK Telecom.
Passkeys are a more secure and phishing resistant alternative to passwords, and are widely expected to replace passwords altogether in the near future.
Enhancing security, choice, and competition
Passkeys remove the need to type in a password, and instead use an authenticator app on a dedicated device, such as your phone, to check that the person attempting to log in is actually you, usually through some form of biometrics.
According to statistics presented by the FIDO Alliance, passkey adoption has been widely successful with 12 billion online accounts currently taking advantage of passkeys to log in. Moreover, passkeys significantly reduce the risk of phishing and improve log in speeds by 75%.
The new specifications hope to ensure users have a free choice of providers and are free to transfer their passkeys and passwords between their choice of service. This is the first standard of its kind to be introduced to the credential management industry. The draft specifications can be viewed on the FIDO Alliance blog.
Currently, the specifications are in a community review and feedback phase with regular updates to be published publicly for review until the final specifications are approved and implemented.
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