We all use passwords on a daily basis to access bank accounts, social media, and more. Businesses also use passwords, but the unfortunate truth is that not enough people (or businesses) take their passwords seriously. In fact, a large percentage of people actually recycle their passwords across multiple accounts, and some even use one password for everything!
Passwords act as a first line of defense against intrusion, and a good password can actually prevent hacking altogether. Strong passwords act as a barrier between the hacker and your information, so you want to make it as difficult as possible for the hacker to get over that barrier.
Let’s take a look at seven reasons why businesses should take passwords much more seriously.
1. Most Breaches Occur Via Passwords
Passwords are used by billions on a daily basis, but for all of their security measures, they’re still the top cause of data breaches. Why? Because people don’t practice good password habits. Poor password storage, management, and bad password creation habits are all some of the top reasons that passwords become compromised. With nearly half of all internet users recycling their passwords, it’s easy to see why so many breaches occur.
If we all practiced better password habits, there’s a good chance that the number of breaches would drop dramatically. Remember that passwords shouldn’t include self-identifying information like birthdays or anniversaries, and should contain at least 11-13 characters, with a mix of letters, numbers, and symbols.
2. Passwords Are Actually Excellent Security Measures
A complex and well-crafted password is actually one of the simplest and most effective security measures for a business or individual account. Hackers use all kinds of methods to crack passwords, but the more lengthy and complex it is, the more difficult it is to get a lead on. Let’s take a look at two examples for comparison.
Mike has two passwords: one for his personal Facebook account and one for his work email. Which do you think will hold up better to a hacker’s assault?
Facebook: 1985Mike1985
Work Email: $rT^fm02@pon$1
When compared, the two passwords have startling differences. The first password has both Mike’s name and birthday in it. The second password is a completely random assortment of letters, numbers, and symbols, with no repeating characters. Which do you think is the better password?
3. Financial Implications
Cybercrime costs small businesses an average of about $80,000 per year, and the global economy about two trillion dollars. The financial implications of not practicing good password habits are staggering, and could potentially put you out of business altogether if the attack does enough damage.
What’s unfortunate is that such financially damaging attacks can be prevented by simply managing and creating better passwords. Businesses should be encouraging good password habits among employees and providing them with the tools to do better. A password manager for Android, iOS, PC, and Mac is a good start.
4. Hackers Are Always Getting Better
Don’t forget that hackers are always improving their skills. It’s up to us as businesses and individuals to make sure we’re staying one step ahead by securing our passwords. This is especially important in an organization with hundreds of employees; one bad password can put the entire system at risk.
If you’re storing customer information, you could be held liable for any damages done when a hacker gets into your system. If identities are stolen, bank accounts are compromised, etc., it’s your responsibility because you didn’t secure your accounts.
5. Passwords Can End Up On The Dark Web
Somewhere on the dark web is a list of passwords floating around for sale. This is a common practice on the dark web, and passwords and other credentials aren’t hard to come by. This is a scary thought, but also a good reminder of why you should not only be creating good passwords, but changing them often.
Businesses should have users change their passwords at least every few months, though some change them as often as every 60-90 days.
6. Password Managers Are Easy And Affordable
The most glaring fact about password management is that it’s so much easier than people think nowadays. With password managers like Keeper and BitWarden, you can store, manage, and secure your passwords like never before. These tools also provide a password generator tool to help create better passwords, and the autofill feature means you never have to manually type them in.
7. Security Should Always Be A Priority
Regardless of the size of your organization, security should always be one of your top priorities. The security of your business can literally mean the difference between going out of business and continued success within your industry. It all starts with passwords. Teach your employees good password habits, and provide them with the tools they need to do better in the cybersecurity department.
Remember—your passwords can either be your most stalwart defense or your weakest link.