In a move that follows 18 months of advocation for passwordless logins, holding a seat on Fast IDentity Online (FIDO)’s Board of Directors, business and individual customers will now be able to access accounts solely through using the LastPass Authenticator.
The organization claims that the announcement makes LastPass the first password manager with its own authenticator.
For enterprises, the introduction of this new feature eliminates the password as a potential point of failure, and prevents threat actors from targeting users with credential-based attacks and phishing scams.
"Longer-term, LastPass is actively building FIDO2 compliant components and supporting authentication mechanisms, such as biometric face and fingerprint ID and the addition of hardware security keys, like YubiKey," says Christofer Hoff (opens in new tab), Chief Secure Technology Officer at LastPass. "That passwordless offering will be added later this year."
This will allow users to access and manage important account credentials in their LastPass vault without ever having to enter a password, in turn reducing strain on IT teams that would otherwise spend hours helping employees resetting their passwords to regain access.
In line with the release, the company is actively building FIDO2 compliant components and supporting authentication mechanisms, such as biometric face recognition and fingerprint ID.
Additionally, the subsequent release of hardware security keys is expected to be added to the passwordless offering later this year.
LastPass’s release is well-timed, given the global passwordless authentication market was valued at $12.79 billion in 2021, and is predicted to grow rapidly to a valuation of $53.64 billion by 2030 as more organizations look to move away from password-based authentication and improve their security posture.
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