Download Free Whitepaper for Passkeys @ Australian Organizations Here

Why Passkeys are Crucial for Australian Organizations

In the face of increasing cyber threats, Australian organizations are under immense pressure to enhance their security protocols. The Essential Eight framework by the Australian Cyber Security Centre mandates the implementation of phishing-resistant multi-factor authentication (MFA) methods, with passkeys emerging as the only viable solution. Passkeys are not just a regulatory requirement; they are important for preventing data breaches and reducing costs associated with traditional MFA methods like SMS OTP.

Benefits of Passkeys for Australian Organizations

• Regulatory Compliance: Adhering to the Essential Eight framework, Australian organizations must deploy passkeys to meet stringent cybersecurity standards. This compliance is crucial for avoiding penalties and ensuring the safety of sensitive information.
• Preventing Data Breaches: Passkeys provide a robust defense against phishing attacks, which are a leading cause of data breaches. By leveraging passkeys, organizations can significantly enhance their security posture.
• Cost Efficiency: Compared to SMS OTP, passkeys are more cost-effective. They eliminate the recurring expenses associated with sending OTPs via SMS, leading to substantial savings.

Success Stories in Australia

Several leading Australian organizations have successfully implemented passkeys, setting benchmarks for others to follow.

• myGov: The myGov platform, a major public sector service, adopted passkeys in June 2024, adding over 20,000 passkeys within the first two weeks. This move has fortified their authentication mechanisms, providing a safer user experience.
• Telstra: As a critical infrastructure provider, Telstra has integrated passkeys to comply with the Essential Eight Maturity Level 3 requirements. This ensures that their customers are protected by the most secure authentication method available.
• UBank: UBank, categorized under the Essential Eight Maturity Level 3, has implemented passkeys to safeguard its high-value target customers from phishing attempts. This move underscores the importance of robust security measures in the financial sector.

Implementation Insights

To ensure a seamless implementation of passkeys, organizations must focus on several key areas:

• Understanding Business Impact: Implementing passkeys not only enhances security but also positively impacts business operations by reducing fraud-related losses and improving customer trust.
• Avoiding Common Mistakes: Organizations must avoid common pitfalls such as inadequate user training and poor integration planning. Ensuring that both technical and non-technical stakeholders understand the benefits and functionalities of passkeys is crucial for success.
• Adoption and Usage: High adoption rates are essential for the effectiveness of passkeys. Strategies to encourage user adoption include intuitive user interfaces, clear communication about the benefits, and providing adequate support during the transition phase.

Build vs Buy Passkeys: Making the Right Choice

When deciding between building a custom passkey solution and purchasing a ready-made solution like Corbado, organizations must consider factors such as development effort, user experience, and overall cost.

Corbado Passkeys

• Sophisticated Intelligence: Offers advanced features out-of-the-box, reducing the need for extensive development 
• User Experience: Provides a best-in-class UI/UX, ensuring high adoption and login rates (10x higher than DIY).
• Cost Savings: Significantly reduces costs compared to DIY solutions.

DIY Passkeys

• High Effort: Requires substantial self-development, from designing the solution to testing.
• Lower Adoption: Typically sees lower adoption and login rates, impacting overall effectiveness.
• Increased Costs: Higher long-term costs due to ongoing development and maintenance efforts.

Conclusion

Find out if passkeys are relevant to your organization and determine the right implementation approach. Download our comprehensive whitepaper to learn more about implementing passkeys efficiently and avoiding common pitfalls. Download the whitepaper here.