Most companies still rely on passwords for protecting their users and data. The attackers are continuously adapting with time. They are always looking for new vulnerabilities. In this article, we are going to talk about password security.
Why Password Security is important for your business
The easiest way to get into any system is by stealing passwords. If an attacker has access to your user’s password, then they can access your entire network. Poor controls and insufficient attention over password protocols will lead to various security issues. Password security will ultimately help you in protecting your business from attackers.
What is Password Hacking?
It is difficult to describe password hacking as some simple method. Some hackers can use simple methods like brute force and guess for attacking your users. However, there are various advanced methods that attackers can use for targeting your users.
Risks of Unsecured Passwords
Organizations are spending a lot of their resources and time into securing their data. They want to protect their confidential information like customer data, strategies, and financial reports from attackers. Password hacking is the easiest way to steal this data.
More than 81% of security breaches occur due to compromised breaches. You don’t need to dig deep for finding stories of exposed passwords. Sometimes one compromised account can lead to a big data breach.
Some businesses like Facebook can absorb the hit of security and data breaches. However, most SMBs can’t absorb the hit of serious breaches. If the credit cards of your customers are exposed, then you need to deal with potential files and legal costs. The financial impact of these data breaches can shut down your whole business. Currently, the average cost of mega data breaches is $4 billion.
The long term impact of these data breaches is devastating. You will lose most of your customers due to the data breach. Also, it will become very hard to attract new customers. Most customers will think that you can’t protect their data. This will lead to long-term revenue issues for your business.
It is difficult to estimate the cost of the data breach as you need to think about the long-term effect. However, most companies can’t bear this cost. Your proprietary data, applications, and research will get leaked. Due to this, you need to rebuild your applications and your research work will go to waste.
Who is at risk?
Most companies think that only high-value businesses are at risk. If some company has more employees, then they can easily get breached. However, this is a misconception. Even small businesses get breached due to monetary reasons.
Most SMBs don’t care about their security. Thus, it is easy to hack into their main systems. They won’t have access to security professionals and the security team. Attackers can use already known vulnerabilities for targeting their business. Thus, it is like free money for attackers.
Smaller businesses will have access to critical computer networks, customer data, and systems. They will act as a backdoor to main companies. Thus, companies will first attack smaller businesses and then use them for entering bigger companies’ networks.
The healthcare industry is becoming the prime target for attackers. They are mostly using legacy software and hardware. Thus, attackers can easily steal their data. These healthcare organizations have access to highly valuable data. This is becoming a big concern for most healthcare organizations.
How to improve your Password Security?
These are some simple steps that you can take for improving your password security:
Use special symbols:
One of the easiest ways to increase your password strength is by adding special characters. You can use special symbols like $ and * for increasing your password security.
Mix up your password:
Most people use simple words for creating their passwords. Their password will be in lowercase only. A good way to increase your password strength is by mixing lowercase and uppercase letters. You can use numbers and special symbols for increasing the strength of your password. For example, you might be using Roxy as your password. You can convert it to a complex but simple string like RoXy20$20. If you are using complex passwords, then attackers can’t use brute force attacks for guessing your password.
Avoid common words:
Make sure that you are not using common words as your passwords. If these words are available in the dictionary, then it will take few seconds to crack your passwords. You should never re-use your passwords. If you are using the same password on your FB and bank account, then the attacker will simply steal your Facebook password. They can use your FB password for accessing your bank account.
Use Password manager tools:
It is difficult to create and remember strong passwords. Thus, you should consider using password manager tools. Most big companies are already using these tools for protecting their employees. These password manager tools will help you in generating strong passwords. You don’t need to worry about remembering these passwords as these will be stored in the password manager tool.
Increase your password length:
Your password should be at least 10 characters long. If you want to take your security to the next level, then you should create a password of 20 characters. Even the FBI recommends this practice as it will help you in protecting your employees from strong brute force attacks.
These are some security recommendations that will help you in protecting your passwords. However, you should also ensure that your employees are changing their passwords after every 90 days. This will ensure that your employees are regularly changing their passwords. You can easily enforce this step if you are using password manager tools.
These are some tips that will help you in protecting your business from attackers. You should also consider working with a good MSSP. Experienced MSSPs like Bleuwire can help you in protecting your business from most attacks. They will help you in creating a security strategy for your business. Bleuwire will also help you in training your employees. This will ensure that your employees know about basic security practices. If you need more information regarding IT security services, then you can contact Bleuwire.