New year new password: why password hygiene should top your 2023 resolutions list

Cybercrime is becoming one of the biggest continuous threats to consumers and businesses alike and the threat continues to be on the rise. Every year that passes is setting new records for cybercrime activities, as the average costs associated with cybercrime are expected to rise 15% until 2025, costing consumers and businesses $10.5 trillion dollars annually.

Cyberthreats are borderless and today’s consumers and businesses have a higher chance of becoming the victim of cybercrime rather than experiencing physical losses due to a flood or a fire.

One of the best ways that consumers and businesses can protect themselves from cybercrime is by practicing good password hygiene and by investing in cyber insurance for their home or SME. Recent data from Verizon reveals that more than 80% of data breaches are a result of weak or compromised passwords, so it’s important that they are regularly updated per best practices to minimize these risks.

Read below about how you can ensure your passwords meet today’s security standards and our recommendations on how you can easily manage multiple secure passwords.

Why password safety needs to be prioritized by businesses & consumers

While passwords are a necessity to access many online and digital services, they are by no means foolproof. Former US Secretary of Homeland Security Michael Chertoff called passwords “by far the weakest link in cybersecurity” way back in 2016, and this statement continues to hold true today as hackers and cybercriminals get more sophisticated in their social engineering and phishing techniques.

With today’s technologies, hackers can crack a five character password instantly, however, there are ways for business and individuals to better ensure password safety. For example, technologies like MFA (Multi-Factor Authentication), authenticator apps and password managers are widely available and they significantly reduce the risk associated with single-point password use.

What is MFA?

According to TechTarget, Multi-Factor Authentication is a security technology that requires multiple methods of authentication from independent categories of credentials to verify a user’s identity for a login or transaction which combines two or more independent credentials like a password, security pin or biometric data. MFA is particularly important if your organization uses single sign-on (SSO) technology as it makes the entry point to your systems much more secure.

What is an authenticator app?

An authenticator app is a software tool that can be installed on a smartphone, computer or tablet to help implement multi-factor authentication (MFA) and secure access principles, whether for personal, educational or corporate use per Duo Security.

What is a password manager?

A password manager is a software tool designed to store and manage your online credentials in an encrypted database that is locked behind a single secure password. The benefits of password managers include convenience, strong password suggestions as well as ongoing phishing and security monitoring, among other services.

Why you need to create unique and strong passwords in 2023

Data from the 2019 Google Online Security Survey found that 52% of people reuse the same password for multiple accounts – and guess what? Hackers also know this information and will take advantage of known passwords across popular business and consumer accounts.

While passwords are regularly stolen, this doesn’t mean that they can be accessed by cybercriminals. For example, compromised passwords may be available on the dark web years or months later after the date they are stolen, or they might still be encrypted. This is why we recommend regular password updates every 3 months if you can’t use MFA.

Here’s how to create a strong password:

We also recommend that you regularly visit the website www.haveibeenpwned.com to see if your personal information or passwords have been compromised. Any accounts that have been compromised or where the password is reused should be updated accordingly or deleted to protect your online identify.

What does the future of passwords look like?

Consumers, employees and IT teams are getting fatigued with password use and hygiene; and tech giants like Apple, Google and Microsoft are offering password-less access to some of their consumer and enterprise products leveraging today’s technology.

For example, at Microsoft, customers don’t need to access services like Windows, Xbox and Microsoft 365 using passwords, and can instead use the Microsoft authenticator app or biometrics like fingerprints and/or facial recognition technology. And nearly 100% of the company’s employees use password-less technology to access their corporate accounts. Google also has a similar approach to their products and services through their authenticator app and MFA technology.

While the future of a password-less society looks promising, widespread adoption lags and there are still risks associated with using these newer technologies – as hackers can potentially intercept MFA codes or steal biometric data. That’s why we recommend regular password hygiene in addition to purchasing our all-in-one cyber protection insurance within our Cyberboxx Home and Cyberboxx Business products

Cyber insurance and protection for homes and businesses