By Ryan Klund - Business Development Associate
If we’re being honest with ourselves, the title of this article is not a shock. There’s a point in all our lives where we used the same memorized password for more than one online account. Statistics from multiple sources tell us that most of you reading this article – around 80% of all people - are using the same password for multiple accounts. For some of you, you’re using the same password for every account.
We Probably don't need to tell you why its a bad idea to reuse passwords
Most people understand that using the same password for multiple accounts compromises online security, but many continue to use the same password anyways. It’s mind-boggling that people aren’t more concerned once you begin to understand the consequences. Just in case you didn’t know why it’s a bad idea to reuse passwords, we’ll go over it again.
Passwords are stolen all the time. In 2019 alone, millions of records with dozens of major software companies and online companies were breached; including Adobe, Facebook, DoorDash, Capital One and Canva. Some estimates are that 8 million passwords are stolen each day.
After they’re stolen, passwords and credentials end up on the dark web where hackers can access them. (If you haven’t checked to see if your credentials are available on the dark web, at SWICKtech – we’ll check for free.) From here, they use a technique called “Credential Stuffing” where they’ll try your password from a compromised site and try it on other sites – if they get access to your email, they can change passwords to several sites, like banking sites or other sensitive platforms and information. The consequences are real. If a cybercriminal gets access to a workplace environment – a ransomware attack could bankrupt an entire business.
The Solution is Your passwords themselves
While facial scan and fingerprint authentication methods are hitting the market and Multi-Factor Authentication can and should be used on all sensitive sites, passwords are not going away any time soon. Never use the same password for multiple sites and always use a strong, complex password. SWICKtech recommends a mix of uppercase and lowercase letters, numbers, symbols, phrases and punctuation.
Password management software can help
A Password manager will solve most password issues, whether you’re looking for a personal solution or a solution to protect your company. Dozens of password management solutions are available over the internet like KeePass, LastPass, Pass Portal (etc.)
Password managers store all your passwords (most will even generate unique ones) and protect them with an encrypted master password that can be protected with Multi-Factor Authentication. There will always be a small risk that your master password is compromised but the alternative – reusing passwords – is much riskier. Also, using a password manager in conjunction with Multi-Factor Authentication or other security defenses will further protect you from cyber threats.