Passwords are bad for business. Organizations lose millions of dollars every year due to inherently unsafe password-based authentication. People will abandon transactions, refuse to register for services, and leave websites that ask them to sign up with a username and password. 

Consider this: 

• 92% of consumers would rather abandon a website than recover or reset their passwords; 
• 88% of consumers have been locked out after trying to log in too many times; 
• 80% of all data breaches are due to weak passwords;
• 66% of consumers leave websites when registration processes become too complex; 
• 65% of consumers abandon websites just because they are asked to create an account; 
• 20%-50% of all help desk calls are related to password resets; 
• Help desk labor to reset a single password costs upwards of $70.

Israel-based Transmit Security recently gained “double rainbow unicorn” status after what may be the largest series round A ever at $543M, giving the company a $2.3B pre-money valuation and a fully-funded chance to rid the world of passwords.

Transmit is on a mission to rid the world of passwords and replace them with biometric face and fingerprint recognition, taking advantage of the sensors and cameras that come embedded in IoT devices. 

Organizations adopting biometric authentication generate more revenue and garner more goodwill with a better customer experience.

‘By eliminating passwords, businesses can immediately reduce churn and cart abandonment and provide superior security for personal data,” said Transmit Security CEO Mickey Boodaei.

FIND OUT MORE: Register for our upcoming event with Transmit Security and a panel of CISO and cybersecurity experts as we explore “Designing the Next Generation of Authentication Experience“ on Thursday July 8 from noon-1pmET: https://cdoclub.com/designing-the-next-generation-of-authentication-experience

Join us, register below!

Transmit Security’s record-breaking Series A round was led by Insight Partners, the leading global venture capital and private equity firm investing in enterprise-ready innovation.

Check out our series of events with Insight Partners below and here: https://cdoclub.com/insight-partners-the-data-revolution

• June 30 2021: Is the Chief Digital Officer Really the Chief Experience Officer?: Register Now!
• July 13 2021: Data Access Myths Busted: Register Now!
• Sept 22 2021: Automation: Beyond the Hype: Register Now!
• Nov 17 2021: So You’ve Democratized Data…Now What?: Register Now!