The Wi-Fi Alliance has officially announced the successor to Wi-Fi Protected Access (WPA) 2, which debuted over a decade ago. Like its predecessors, WPA3 will feature both Personal and Enterprise security modes, but with a new algorithm that makes offline dictionary attacks impossible.
WPA3 is currently optional for all newly produced devices, but it will become the de-facto Wi-Fi authentication standard for all Wi-Fi capable devices in the coming years. A date has not been set yet, but the new WPA3 will retain interoperability with older WPA2 devices to ensure as less friction as possible during the transition to WPA3.
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Source: [H]ardOCP – New WPA3 Wi-Fi Standard Released