When we finally got around to doing our diligence and exploration of this opportunity, this is a big one.
Passwordless was sort of the inspiration of where we started, but this idea has gone so far beyond that now. In fact, thus our name Beyond Identity as we really understood that it's all about identity management and what this technology can do to really change the way that companies and people are able to interact with security and their identity.
Passwordless is just the start
So the passwordless feature to start with was necessary. You know, it was a step that you had to take because it is the bane of people's existence on computers today. There's no question, it's been around 50 years and it's 5,000 years of trouble. There's hundreds of millions of passwords out there and hundreds of billions of problems that go with it.
But now we have the tools. There's been advances in the endpoint technology. There's been advances in server technology, in the networking technology, all the pieces are there. I can take that technology that's working today from server to server and trillions of dollars of transactions going on every second, and I can take that and I can move it to the user and I can make you the master of your own domain on the Internet and your own security system now.
So you go into a corporation, they've got a hundred thousand employees, those employees all need to access precious applications and resources within the company, we can solve that. We walk in, we drop in our technology, and they don't have passwords anymore, they don't have liability, they don't have friction for the users, easy use case.
Beyond Identity’s approach
Our approach to it is we're gonna address the enterprise market first. They have the single greatest financial need right now to be solved for themselves. They have a huge liability hanging over their company because of these centralized databases of people's passwords and records, and then that's a target for all these hackers out there and you read about it every day.
So-and-so got hacked, five hundred thousand records exposed, five million records exposed, 300 million records exposed. You can imagine what the CISO in a company is hearing from their CEO, "How did you let this happen?"
And that's the downside of their job and they're all looking for what's the solution and think, "Oh companies are coming in saying oh well we'll protect it further by adding this, we'll add this, we'll add this," and all you're doing is putting further layers of complexity on. Now I got to hire more IT staff, I got to hire more help desk staff, I got to have more servers, I got to have more cloud infrastructure, whereas somebody like us comes in and says no, no, no, no, no.
The solution is get rid of all that stuff. Eliminate the password, eliminate the liability from your life. Go back to worrying about what you do for a living with your company. We're solving an extremely well understood, well known problem. People don't like passwords, they suck.
Read more about the benefits of passwordless authentication.