Passwords: a Security Risk for Your Business

Advancing technologies have been a great asset for business productivity and growth. However, they have also exposed a new set of security-related challenges. As cyber threats continue to evolve rapidly, your business security programs and procedures must constantly improve if you want to stand a chance of protecting your critical systems and data. One of these vital security components is moving beyond single-layer security systems.

The Dangers of Single-Layer Security and Passwords

The “password” has been the status quo for user authentication for years. However, as technology and communications capabilities advance, the password on its own has failed to keep up as an adequate security measure.

Credentials are the most common way for a bad actor to gain access to an organization, accounting for over 60% of breaches. In 2021, almost a third of employees wrote down their passwords so they can remember them and only 5% of employees said they used a password manager.

Cyber Criminals Don't Need a Back Door When They Have The Key to the Front

Unfortunately, even with strict company policies requiring unique or complex passwords, relying on passwords alone for identity and access authentication can spell trouble. Password stuffing and phishing schemes easily trick users into unintentionally sharing their privileged credentials. Third-party application breaches can result in password exposure while additional cyberthreats, such as keystroke logging or brute force attacks, can be used to systematically identify or capture even the most complex passwords.

In 2021, over 4% of employees clicked on a link provided in a malicious email, exposing their organization to attacks. Many employees who admit to being duped into clicking on a phishing email said it was because it appeared legitimate. Poor password practices led to data leaks and security breaches in 30% of businesses.