Let’s face it – most of us need to improve our online security. A weak password can mean criminals have access to your most personal information – particularly if you use the same password for multiple platforms. The number of breaches in companies is reportedly up about 27.4% each year.
The consequences of having the same password can be vast. If a company you have signed up with has had a data leak, hackers will be able to access the hacked password and try them against your other accounts. If you’re not sure whether your email address has been involved in any data leaks you can check here.
Hackers will often go after personal information such as your date of birth or your pets name. The 10 most popular passwords in the UK in 2016 would take an expert less than a second to crack. The Home Offices cyber awareness campaign recommend choosing a password that’s made up of three unrelated words (e.g “dashingfreelane”) which would take 1000 years to crack. Adding numbers ups the time to crack to 227 million years. You can play around with the security of different password combinations using this website, but I would recommend you don’t test the strength of your existing password or a password you want to use.
Password security is also a significant factor for businesses, with less than a third (31%) requiring employees to even rotate passwords monthly. Since the average cost to fix a data breach for a UK business is £2.5 million (according to an IBM Cost of Data Breach study) basic security such as rotating passwords is increasingly important. This isn’t to mention the new GDPR laws coming into effect May 2018, which, if you have been found to be negligent with your data security, can fine you up to 4% of your annual turnover or €20 million, whichever is greater.
Businesses can use methods such as:
- Multi-factor authentication
- Training against phishing emails
- Authentication methods such as OpenId Connect
To fight against data breaches. If you’d like to discuss cyber insurance as an extra security net for your business, you can call us on 01246 575625.