People nowadays have many concerns when it comes to cybersecurity – and rightfully so. Many have been fearful about the use of their personal information from social media accounts, being scammed through phishing attacks, or even allowing cookies when visiting websites. It is generally acknowledged that creating secure passwords is a crucial element of digitally protecting information, yet many are surprisingly lax when it comes to their own password management. In 2019, Google and Harris Poll surveyed 3000 US adults regarding online security, and some results were surprising:
59% used the names or birthdays of people or pets that are close to them
27% admitted to trying to guess someone else’s password
66% used the same password for more than one online account
45% of Americans would change their password following a data breach
It would also stand to reason that IT Professionals – given the nature of their work and deeper understanding of device vulnerability – would be intent on creating secure sets of passwords. However, a survey from the Ponemon Institute revealed that 50% of those in IT owned up to reusing passwords on work accounts. The IT crowd was also less likely than other individuals to change account settings and actively manage passwords.
The information individuals have online and the number of places that information is available increases vulnerability to hackers. While certain information might be valuable on its own, the combination of details such as a name, address, and date of birth can be used to gain more information. How many of your online accounts have your address and date of birth as part of your profile – and are your passwords for all those accounts secure? Access to multiple accounts increases the amount of personal information that a scammer can compile, making passwords a prime target for gaining additional information. Maybe your credit card account has a solid password, but what about your Paypal account? Is your card stored as a payment method with Amazon? Did you forget you had created a Venmo account? Your personal information may be in more places than you realize.
If you were to ask why passwords are important, a common response would be, “To help prevent identity theft.” The term, however, is extremely broad, and it covers a range of scenarios where someone steals key personal information and uses it to commit some type of fraud. While individuals might be diligent when it comes to checking their credit card statements for anomalies, hackers can also use stolen information to access medical care through your health insurance, file falsified taxes to receive a refund in your name, rent an apartment in your name, market your information to other unsavory characters, and even change your billing address or account email to prevent you from noticing any crime.
In closing, there are a number of factors to consider when creating a password that protects you and your company. Check out our video that demonstrates the best approach to take when creating a password and the math behind it. To learn more about the industrial security solutions developed by HMS Networks, visit our webpage on Industrial IoT Security.