Password Protection

80% of hacking-related breaches are tied to passwords, the 2019 Verizon Data Breach Report has revealed. This has highlighted the fact that a lot of businesses and companies are struggling to properly manage their passwords and avoid password-related attacks.

Passwords, especially passwords with privileged access, are a huge target for hackers since they can get so much information from just a single password. It is an easy way for hackers to get into one account and get access to a whole wealth of information that is available to take.

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Don’t Leave Your Business Vunerable


 

Businesses use passwords for almost every account. From the company email to bank accounts to payroll and HR systems, passwords serve as the gatekeeper to keep away unauthorised access. Once your password has been compromised, the consequences include financial loss and data leaks.

As a business owner, manager, CEO, or IT Manager, you have a lot more at stake than just one consumer. Studies reveal that 33% of account-compromise victims have stopped doing business with companies and websites that leaked their credentials.

 



Data Privacy Best Practices for Businesses


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The question is, are you doing everything you can to protect your business or company from an attack?

Keeping your passwords safe should be a priority.

Common Password Mistakes

Did you know that the password “123456” is still being used by 23 million account holders in 2021? Just imagine how these millions of people have made it easier for hackers to access their accounts. What’s more dangerous is that more than 50% of people use the same passwords for both work and personal accounts. Not only are they compromising their personal account, but your business or company as well. Without taking a closer look or reviewing your password policies, it is easy to overlook the crucial role that passwords play in the overall cybersecurity strategy.

Common Password Mistakes
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How to secure your company's passwords

Set up password strength requirements

Though this sounds like a given, businesses and companies don’t actually enforce password strength requirements. This means their employees are using simple, insecure passwords. Require employees to create unique and lengthy passwords with upper and lowercase letters, numbers, and characters.

Set up password strength requirements
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Require password changes

In Australia, 66% use the same password for multiple accounts, which makes password reuse one of the biggest reasons why accounts are getting hacked these days. More than half of Australians also don’t change their passwords in the past 12 months despite a breach in the news. It is critical for businesses and employees to change passwords every few months or so, especially after there has been any suspicious activity or known security issue.

Require password changes
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Have a password manager

The fear of forgetting login details is the number one reason for password reuse in Australia(60%). To avoid having to forget and reset passwords, using a password manager is the best course of action. A password manager allows you to store all of your passwords in one secure place. Some password managers also alert you when your password is compromised or if you need to use a stronger password.

Have a password manager
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Review activity reports

Monitor all activities on your company accounts and databases, especially to privileged accounts. Check which accounts were accessed, by which user, and when. If there is suspicious activity, you’ll know about it and you can implement a plan of action as early as possible.

Review activity reports
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Educate employees

Your business is only as strong as your employees, so you need to train them on correct password practices.

Educate employees
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“This project is funded by the Australian Government Department of Industry, Science, Energy and Resources through the Cyber Security Business Connect and Protect Program.”