Behind the Investment: Transmit Security – The Future of Passwordless Authentication
Research conducted by Google in 2019 revealed that 75% of internet users surveyed struggle to track and manage their passwords. 24% of users reported using “Password” or “abc123” or similar common phrases as passwords, while 59% indicated their passwords incorporate their name or birthday in some form. Similarly, the average internet user must remember an increasingly unmanageable number of passwords for their online accounts – by most accounts at least 100+ today and growing. Naturally, it is increasingly difficult for the average user to track and manage so many disparate accounts and logins and, consequently, users frequently re-use passwords or are forced to continually reset them.
On top of the security issues passwords present they also have an immense damaging effect on business. Sub-optimal identity experiences affect revenue and customer loyalty. When asked to create yet another username and password customers tend to flee - resulting in loss of potential revenue. Passwords are responsible for high customer churn due to account lockouts and frustrating recovery processes. 92% of users would rather leave a website than recover or reset their login credentials.
Companies of all sizes are continually looking for ways to create a better customer experience by avoiding needless password resets, while also maintaining the appropriate levels of security needed to protect customer information and other sensitive data. In the world of identity access management, increased convenience often comes with increased risk, reduced agility, and limited threat detection and migration capabilities. That is, until Transmit Security entered the market.
Transmit Security's aim is to assist organizations every step of the way by offering the most convenient, frictionless and secure customer experience solutions. Given the current state of authentication and the constant trade-off between security and convenience, they pioneered the market with the industry's first app-less mobile authenticator, BindID. Using innovative technology, customers can finally experience a truly passwordless method of authentication.
Insight is tremendously excited to back the entire Transmit Security team and be the company’s lead investor in its first-ever institutional fundraise. Mickey, Rakesh, and the team are on an exciting journey, and we look forward to being a partner on their ScaleUp journey.