Intuit has made a name for itself in financial management by spearheading digital efforts to help accountants and others manage finances digitally, making finances faster, more efficient, and more secure. They are already well known in financial circles for software such as Turbo Tax, Credit Karma, and QuickBooks, which have served individuals and companies alike. Now, according to Yahoo Finance, Intuit has a suite of innovations to make digital financial management even more convenient, all of which point to an increased need for cybersecurity.

Commerce Accounting

A recent survey indicates that a lot of accounting is still carried out through a combination of software and pen-and-paper activities. Commerce Accounting is a new function from Intuit that seamlessly integrates more possible commerce channels into a digital stream to reduce the manual work required.

For example, now sales from retailers such as Amazon, eBay, and Shopify can track and add transactions and other interactions directly into QuickBooks so that users no longer have to enter these transactions into their business financial records manually.

More Cybersecurity Integrations For Mid-Market

Intuit is introducing new features and functionality for mid-market software to help larger companies get more efficient financial accounting and even help to improve sales. QuickBooks, for example, is introducing “Spreadsheet Sync,” which works with industry standards like Microsoft Excel to integrate two-way syncing and help streamline the accounting and reporting of activities.

Other innovations include “Custom Report Builder with Chart View,” which can help to track key performance indicators in sales activity, letting businesses get a more accurate picture of what sales are doing and which factors matter to them.

QuickBooks Online Expansion

QuickBooks itself is increasing its range of services, including software suites for human resource management and centralized online resources for accounting, and even training portals to help businesses and entrepreneurs at different stages of development to incubate important skills and business practices that can be crucial to long-term success.

However, with this emphasis on more convenient online resources, this also means a need for companies to have better cybersecurity. While easy to implement, traditional password systems are increasingly vulnerable to being compromised. Single-factor authentication using a password system introduces a risk of password theft. Many users choose easy-to-guess passwords to make things easier for themselves without realizing this also makes it easy for criminals to guess or “brute force” these passwords. Increased cybersecurity, such as multifactor authentication or passwordless systems like passkeys, can circumvent this.

If you’re interested in passkeys and increased cybersecurity, learn more here about Nok Nok’s multifactor authentication technology and passwordless security measures.

Traditional passwords, especially those that are only single-factor authentication systems, continue to be one of the weakest ways to secure devices, accounts, and important digital data. It’s one of the reasons why many of the big technology companies such as Google, Microsoft, and even Apple are now embracing passwordless authentication systems that are both more convenient and more secure than the old password system.

Apple, in particular, is now encouraging users to use multifactor, passwordless authentication systems, and many technology outlets, such as Tom’s Hardware, are now showing Apple users how to implement these “passkey systems” on their iPad, iPhone or Mac device.

Encrypted Device-Specific Security

The passkey system adds multiple layers of security to data and devices. It uses two encrypted “keys” that are paired with each other. One is the “public key,” which is encrypted and stored online, while the other, the “private key,” is encrypted and stored only on a specific device, such as an iPad, iPhone, or Mac.

When a user attempts to access an account, device, or data protected by a passkey system, the public key communicates with the private key over encrypted communication channels. When combined with existing biometric measures on Apple devices like TouchID or FaceID, this combination of biometrics and device-specific passkeys mean that stealing access strictly through online means is impossible, while even stealing the device won’t yield access without biometric authentication.

Setting Up Passkeys

Creating a passkey for an Apple device is comparatively simple. The first steps involve:

Going Online

Go into the settings section, select “Password,” then “Password Options,” and toggle on Autofill Passwords. Then tap iCloud Passwords & Keychain.

Enable Passkeys

Click the Apple logo and then go to “System Settings.” Select your name, then “Select iCloud.” Toggle on “Password & Keychain.”

Create Your Key

Your Apple device is now ready to accept a passkey. Use the supporting website or app of your choice, and follow the specific directions for the service you are using.

Changing Security

It’s also possible for accounts with an existing password system to transition to the more secure passkey passwordless authentication system. This varies from service to service, but you can always check by going into the account area of the service or website you use and seeing if a “Set Up Passkey” option is available. If so, tap on that to switch to passwordless authentication on your Apple device.

If you’re interested in passkeys and increased cybersecurity, learn more here about Nok Nok’s multifactor authentication technology and passwordless security measures.

Multifactor authentication continues to be a new and more secure way for people to access devices, accounts, and data. While the traditional, single-factor authentication password system is fast, cheap, and easy to implement, it is also by far the most vulnerable security system.

As a result of digital security advances, newer and better systems are coming online. According to Gadgets 36-, Google is one of the major players in the technology industry that has decided to help its users enjoy greater security by implementing passkey systems for password-free security.

No More Stolen Passwords

For Chrome users on Android and Mac devices, Google now has a password-free system, known as a “passkey,” that users can use instead of traditional password systems. A single-authentication password system is extremely vulnerable because stealing or guessing the password alone grants total access to a device or account. Moreover, most passwords are considered “weak” because people choose easy-to-guess or remember passwords rather than endure the greater security and inconvenience of the recommended random string of alphanumeric characters that many find too difficult to remember and thus fail to comply with.

Multifactor authentication methods mean more than one form of verification is used. So even if a password is part of that system, stealing the password alone is not enough to grant total access.

How Passkeys Work

Passkey systems operate by pairing together two digital “keys” that must communicate with each other to grant access. A “public key” is first encrypted and stored online. The second, known as a “private key,” is generated for a specific device, such as a phone, tablet, laptop, or desktop computer.

When a user attempts to access an account, data, or device that is passkey protected, the private key in a device must communicate via encrypted channels with the public key. Only after encrypted interaction and confirmation of private and public keys is access granted, but at no point is a passkey required.

Google Spreads The Word

Google is now making it easier for Chrome users to transition from passwords to passkeys. Chrome users who have Android devices can enjoy device-wide usage of passkeys. However, passkeys generated on Chrome for macOS or Windows devices will not have those passkeys shared online, only locally stored on specific devices. However, passkeys are still a stronger form of password-free security, especially when combined with other authentication factors such as biometrics.

If you’re interested in passkeys and increased cybersecurity, learn more here about Nok Nok’s multifactor authentication technology and passwordless security measures.