The U.S. digital economy, including financial institutions, needs stronger authentication and security to succeed. That message comes directly from a detailed plan delivered by the National Institute of Standards and Technology.

"Our reliance on passwords presents a tempting target for malicious actors. Consequently, we are making it too easy for those who seek to do harm, whether they be nation-states, well-organized criminal groups, or online thieves," the Commission on Enhancing National Security's maintained in its 100-page "Report on Securing and Growing the Digital Economy," published by NIST.

The report, which draws on advice from security experts across the U.S. and is the result of 10 months' research, covers a broad range of information security issues. A key component is how to encourage individuals and companies to carry out basic security measures, especially by preventing unauthorized access to systems and data.