We saw a great deal of high-profile cyberattacks in 2017 like Deloitte, Uber , Equifax, and the WannaCry ransomware attack which literally made the cyber world cry! The happened, the hacking of the Winter Olympics, which started the 2018 year with a bang.

Businesses, as well as the cybersecurity industry as a whole, are not prepared for the growing number of cyber-attacks. No matter how many security patches and updates are released, there are still countless attacks.

Furthermore, the cybersecurity workforce is also having trouble keeping up with demand due to a lack of preparedness at the business level. The number of cybersecurity analyst to be filled globally is expected to reach 3.5 million by 2021. An average of 52 hours a week is too much for the staff to handle the constant threats they are faced with.

Why are we so resistant to the idea of exercising and eating a healthy diet that maintains a healthy weight? Similarly, setting strong passwords is something many people overlook.

The vast majority of companies don’t utilize strong passwords for both work and personal data, even though we know they are critical.

The Psychology of Passwords

Several studies have found that passwords have psychological effects, including:

• Despite knowing that reusing passwords is risky, 61% of respondents used the same password or similar ones anyway.
• A third made their passwords more secure than their work passwords.
• Passwords are usually changed because people forget them, not because they are worried about security.

Small and medium-sized businesses are more vulnerable to cybercrime today than ever because hackers are clever at exploiting our weaknesses and exploiting our vulnerabilities.

An independent Ponemon Institute report released in 2017 points out that companies and industries of all sizes face a greater risk of cyberattack than they did the previous year. 61% of small and medium-sized businesses have been hacked in the last year compared to 55% in 2016.

Sloppy passwords make it easy for cybercriminals to access your information. Despite this, most people choose passwords that are easy to remember as a way to make their lives easier. What makes people more afraid of losing their passwords than getting hacked?

What factors affect password selection? Are personal or business passwords more valued?

By Understanding Why We Choose Passwords, We May Be Able To Change Our Actions!

A psychology study on passwords found that “Most admitted knowing better, but still chose poor tactics and strategies in creating and managing passwords for their digital lives. Knowing what to do and doing it are two different issues when it comes to passwords.”

In the study, it was determined that there were 63% of breaches in 2016 where the passwords used were weak, defaulted, or stolen.

There were 82% of these passwords that contained symbols, numbers, and letters we knew or recognized like:

• 47%- an initial, a family name, or a friend’s initial 
• 42%- Dates and numbers important to one
• 26%- A pet’s name 
• 21%- Dates of birth 
• 14%- City of residence 
• 13%- The name or mascot of your school 

Many of the places with which we interact daily use the Internet like our workplace, banks, and vendors. Multiple users may be logged in to a single device with unique passwords.

Multiuser administrators are necessary to manage all users and make modifications to the software. It may be advisable to partner with a Cybersecurity Experts if that is not possible.

Use ‘Strong’ Passwords You Can Remember!

Using a phrase you won’t forget, such as “Don’t forget to love yourself”. For example, you can use DF2lyS as your password. However, conventional wisdom still holds when it comes to creating passwords:

• Do not use words that can easily be guessed.
• Using your name or the name of your pet as a password can make it easy to guess a password. On social networks, personal information is easily accessible.
• Create a clever misspelling by selecting PH for f.
• When you use a different password for each account or device, hackers will not be able to get access to other accounts if one is a guess.
• Multi-factor authentication, commonly known as two-factor authentication, is an extra step when logging into an account that requires two forms of identification. An example of this is when you enter your PIN (personal ID number) or login to a website that requires you to enter your cell phone number for access. It is much more difficult for hackers to break into your account with that additional layer of recognition. A password exchanged by a third party is not acceptable as multi-factor authentication.

Invest In a Trust-worthy Password Manager

Perhaps you think you will never remember all of these complex passwords that are constantly changing. Possibly so!

It is reported that 75 percent of Americans complain that they have trouble managing their passwords. But, with a password manager, your passwords will be securely stored and you may also use tools to create (and store) complex passwords, monitor password misuse.

Maintain best practices for corporate policies by reviewing and updating them!

System breaches can be caused by outdated corporate policies. There is no doubt that strong corporate policies are essential for protecting the company, according to many experts in the industry, including managed security professionals.

A diligent password management program is key to staying current. A breach could cause your business to lose the goodwill of its clients, requiring time and resources to repair.

Bottom Line: You Shouldn’t Overlook The Importance Of Strong Passwords!

Passwords are just one security measure; many more options signal to hackers that they are not welcome. Many businesses find managed security services substantially reduce their risk of data security breaches. These services are provided by managed security experts.

Yet, regardless of the best security, a business without strong password requirements will still be placed at risk. Getting an expert opinion on the security of your password policies can be hard. Consult a managed security provider if you need assistance.

The last line of defense against hackers is your employees, even if they dislike strong password requirements. Protect your company now!

Guest-Author Bio

Neha Singh is the Founder & CEO of Securium Solutions with a demonstrated history of working in the information technology and services industry. She is skilled in ECSA, Vulnerability Management, Security Information and Event Management (SIEM), Management, and Business Development. She loves traveling and trekking.