Published on February 26th, 2023 by Rahul Kumar Singh
I’m Are your passwords as secure as they should be? Self-created passwords make too many users vulnerable to security breaches, data breaches, identity theft, and other security risks. In the office, poor password management can issue infected computers that cannot run normally, resulting in workplace shutdowns.
Ensuring the protection of organizational and customer data is paramount to businesses. Organizations worldwide are now investing more heavily in cybersecurity solutions than ever before. In fact, recent forecasts have shown that the global cybersecurity market is expected to cross $340 billion by 2026.
Investing in security solutions is a competent approach to protecting data and maintaining its integrity. However, creating strong passwords and keeping them secure is an aspect of security that most businesses overlook. Organizations must understand cybersecurity and how to create effective passwords to ensure the security of their online data and applications.
What Is Cybersecurity?
Cybersecurity refers to a set of practices implemented to protect organizational networks, resources, and applications. Protocols pertaining to cybersecurity are designed to combat digital attacks that may occur due to various exploitable vulnerabilities. Some include a lack of access control and inefficient network endpoint security.
For an in-depth understanding, cybersecurity can be divided into six security domains: application, network, cloud, information, infrastructure, and human. Each of these domains entails specific protocols that can be found in the cybersecurity learning center. When implemented together, these protocols help businesses improve their security posture and reduce the risk of cyberthreats.
Important Of Cybersecurity For Businesses
Technological advancements have propelled business applications and security solutions to a level of unparalleled excellence. However, these advancements have also been leveraged by cybercriminals as they are able to inflict more damage using advanced techniques. Some of them include phishing and identity theft. Recent statistics have shown that the average cost of a single data breach can cross $3.80 million.
Cybersecurity protocols such as multi-factor authentication and data encryption can help organizations eliminate unauthorized access and maintain data integrity. Such protocols not only improve a business’s security posture but can also protect it from monetary and reputational damages. In addition, these protocols can also help businesses comply with legal regulations pertaining to the security and storage of sensitive information.
How Can Business Create A Strong and Secure Password
Considering the monetary and reputational implications of cyberthreats, creating a strong and secure password is the most competent initiative to safeguard organizational data. To create such passwords, businesses should:
Be Creative and Nonsensical
When creating a strong password, it’s highly important to use a creative and nonsensical combination. The combination must include letters, numbers, and characters if possible. Using personal details such as names, birthdates, or business addresses to create passwords is a common mistake that most businesses make.
Cybercriminals can gain access to such details and develop combinations to crack passwords and gain access. However, using a creative and nonsensical combination is highly effective for making passwords, as these details are not readily accessible to cybercriminals. Such an approach adds a basic layer of security and can improve data protection.
Many people assume that reusing passwords for multiple accounts facilitates everyday use. Yet, according to CEO of CPCS Cybersecurity Consultants Dodi Glenn, this could worsen your overall security, especially if the account of a single account is hacked, leaving you vulnerable to fraud. Glenn advised never to use the same password more than once for different accounts.
Avoid Recycling Password
A common mistake most businesses make is implementing older passwords that are no longer being used. Most organizations believe recycling previously used passwords is convenient and saves time. However, such an approach can pose significant security risks if the account is compromised.
In addition, another common mistake is that most businesses implement a single variation of the password across multiple digital assets. Implementing such an approach allows cybercriminals to access these assets and expand their attack surface. Therefore, organizations must use new and innovative passwords for each asset.
Create Longer Passwords
Most online services businesses use require the password to be at least eight characters. However, businesses must understand that this is a minimum requirement and doesn’t necessarily entail effective security for the asset. Considering this, it can be stated that businesses must use passwords that are longer than eight characters.
Using a longer password adds to the complexity that hackers must undergo when attempting to gain unauthorized access. However, when creating longer passwords, it’s important that businesses avoid using common phrases such as slogans or taglines. Such phrases are public knowledge and serve as a vulnerability towards an organization’s security posture.
Implement Multi-Factor Authentication (MFA)
The most critical approach for enhancing password security is to use MFA solutions. These solutions, once implemented, use multiple authentication protocols when an unauthorized source is trying to gain access. MFA authentication is based on factors that include knowledge, inherence, and possession.
Knowledge-based authentication protocols require individuals to answer security questions prior to gaining access. Inherence protocols require the use of facial identification or fingerprints to gain access. In contrast, possession and context-based protocols require using a one-time password (OTP) when gaining access to organizational applications or data.
Use A Password Manager
Password management solutions are an essential part of an organization’s security posture. They are designed to create and manage login credentials. Using such solutions allows businesses to prevent reusing passwords each time access is required. These solutions are equipped with browser plugins that can auto-fill login credentials.
In addition, they also help organizations prevent phishing attacks. Organizations that use such solutions can store all their login credentials in an encrypted format. Such a storage protocol entails that the credentials acquired by authorized sources are rendered useless if a decryption key is unavailable.
The security of business and customer information is paramount to organizations worldwide. Businesses are investing heavily in cybersecurity solutions to improve their security posture. However, they must understand a strong and secure password is the cornerstone of security in today’s environment. Using creative and nonsensical combinations and MFA solutions are some of the many ways businesses can create secure passwords.