10 Important Things You Need to Know About Passwords

In the quest for online security, these password statistics will help you make wise decisions about how to keep accounts and personal information safe. Cybercriminals gain access to security information with startling frequency, but most of the risk comes from poor password choices and management.

1. Avoid Common Passwords

Experts warn against obvious passwords like ‘password’ and ‘12345,’ but you may not know the most common choices include names of related or famous people and characters, sports teams, places, and favourite foods. Avoid these if you want to stump data thieves.

2. The Leading Cause of Cybersecurity Incidents

“Weak and easily guessed passwords account for 80% of all security issues online.” Simple words and series of numbers are not enough to keep cyber criminals away from your private information.

3. Choose Passphrases Instead

Passphrases, a connected series of words and numbers, offer additional protection and save you time. You can remember them more easily even if they include capital letters, symbols, and numbers to satisfy current security rules. Do not use common sayings or adages. Instead, create your own and replace some letters with numbers or add punctuation. For example, “I hate lima beans and eggs” becomes “Ih8limab3ans+3ggz!” A virtually impossible passphrase to crack.

4 – Password Leaks Are Common

The vast majority of security breaches in the last several years have included password database leaks. In the first half of 2019 alone, over 41 billion were exposed in multiple cyber attacks.

5 – Few Completely Change Their Passwords

Company networks, bank accounts, and other private systems require regular password changes to maintain security. Unfortunately, less than half create new passwords or passphrases completely. Instead, they change one letter or number to keep things simple and easy to remember. To make matters worse, “people reuse passwords up to 14 times each and 69% admit they share passwords with coworkers.”

6 – Password Managers Add Security

The weakest link in password creation and control is the human element. People are much more likely to create simple passwords so they can remember and type them in more easily. When you choose a high-quality password manager instead, you remove the biggest security issue.

7 – Multi-factor Authentication Meets Requirements

Many industries and individual organizations that use passwords for private access must include multi-factor authentication (MFA) in the process. In other words, you need to both enter a password and complete another verification task in order to get to your personal data. MFA therefore meets regulatory requirements put forth with the goal of protecting consumers.

8 – MFA Creates Multi-Layer Protection

Multi-factor authentication also offers additional layers of protection. Even if a cyber criminal manages to access password databases, they will not gain access to private data immediately. The MFA process throws up another serious layer of protection.

9 – Entering and Resetting Passwords Takes Time

A 2019 Ponemon Institute Study found that “people spend an average of 10.9 hours annually typing in their passwords and resetting ones they forgot.” This wasted time and aggravation can be a thing of the past with a secure password manager.

10 – Password Sales Happen Regularly

The moment a cyber criminal gets their hands on password information from a database, they can head to the dark web and set up sales quickly. Selling passwords can bring in as little as two or three dollars but each database gets sold multiple times. It is a simple and passive way for these data thieves to make money continuously.