A robust password strategy is the frontline defence against malicious cyber-attacks, protecting your company’s sensitive data, and ensuring long-term success in an increasingly interconnected world. According to Verizon’s 2022 Data Breach Investigations Report, more than 30% of data breaches were a result of utilising stolen login information. As passwords act as the gateway to our online existence, it is of utmost importance to guarantee their strength and security.
The importance of password security for businesses
In today’s digital age, businesses rely heavily on technology to store and manage vast amounts of sensitive information. As a result, ensuring the security of this data has become a top priority for organisations of all sizes. One of the most critical aspects of data security is the use of strong, unique passwords to limit unauthorised access to digital resources.
The consequences of weak passwords can be dire, potentially exposing your business to financial loss, brand damage, and legal liabilities. Robust password protection helps mitigate these risks by making it more difficult for attackers to gain access to your organisation’s sensitive information. Moreover, a strong password policy not only protects your business from external threats but also helps prevent insider threats, which can be just as damaging. By prioritising password security, you are taking a proactive approach to safeguard your business’s future and ensure the trust of your customers and partners.
Common password security threats
Cybercriminals are continually devising new methods of attacking businesses, and password security remains a prime target. Some of the common password security threats businesses face include:
- Brute force attacks: This is one of the most common types of attack that involves systematically attempting all possible combinations of passwords until the correct one is found. Weak passwords with simple patterns or short lengths are particularly vulnerable to brute force attacks, as they can be cracked faster.
- Credential stuffing: Attackers use previously leaked or stolen credentials to gain unauthorised access to accounts. This method is particularly effective when users reuse the same password across multiple platforms, making it easier for cybercriminals to compromise multiple accounts.
- Phishing attacks: Another common threat for UK businesses, phishing involves tricking users into revealing their passwords by posing as a legitimate entity, such as a bank or service provider.
- Keylogging: The use of malicious software or hardware to record a user’s keystrokes, including their passwords. Once an attacker has access to these keystrokes, they can use them to access the user’s accounts and steal sensitive information
What is password security?
Essentially, password security is the policies and measures put in place to protect passwords so only authorised users can access them and the data they protect. Passwords are a front-line defence measure, as they are the most commonly used form of authentication to access an organisation’s sensitive data, financial information, personal data and intellectual property. Without enforcing password security, this information can be accessed by threat actors and lead to financial loss, legal and regulatory fines, and damage to business reputation.
Best practices for password security
Password security starts with strong passwords. Business password policy best practices should be:
- Length and complexity: A strong password should be at least 12 characters long and include a mix of uppercase and lowercase letters, numbers, and special characters. This makes it more challenging for attackers to crack the password using brute force methods.
- Avoid common patterns: Passwords that use easily guessable patterns, such as “123456” or “password,” should be avoided, as they are more susceptible to being cracked. Instead, use a combination of random characters that do not form words or phrases.
- Use a passphrase: A passphrase is a sequence of words or other text that is used as a password. Passphrases can be more secure than traditional passwords, as they are typically longer and more difficult to guess. A strong passphrase should be unique and not easily guessable, such as a favourite quote or song lyric.
- Do not reuse passwords: As mentioned earlier, using the same password across multiple platforms can lead to a domino effect if one account is compromised. Always create unique passwords for each account to minimise the risk of a widespread breach.
- Update passwords regularly: Regularly updating passwords protects accounts from potential threats. It is recommended to change your passwords every 60-90 days, or immediately if you suspect a breach.
Implementing multi-factor authentication (MFA)
While strong passwords are essential, they should not be your business’s only line of defence. Multi-factor authentication (MFA) is one of the best ways to add a layer of security by requiring users to provide two or more forms of identification to access an account. This typically includes something the user knows (such as a password), something the user has (such as a security code sent to a mobile device), and something the user is (such as a fingerprint or facial recognition).
MFA can significantly reduce the risk of unauthorised access to your organisation’s sensitive information, as attackers would need to compromise multiple factors to gain access. Many popular platforms and services now offer MFA options, making it relatively easy for businesses to implement this added layer of security.
Create a password security policy for your business
To ensure consistent password security practices throughout your organisation, it is essential to create a password security policy. This policy should outline best practices and guidelines for creating, storing, and managing passwords within your organisation. The policy should also specify the consequences of failing to comply with password security requirements.
When creating your organisation’s password security policy, consider the following:
- Password complexity requirements: Specify the minimum length, complexity, and uniqueness requirements for passwords used within your organisation.
- Password expiration and change frequency: Establish guidelines for how often passwords should be changed and when they expire.
- Multi-factor authentication requirements: Determine which accounts require multi-factor authentication and specify the types of factors required.
- Password sharing and storage requirements: Establish guidelines for storing and sharing passwords, including the use of password management tools.
- Password recovery procedures: Outline the procedures for recovering lost or forgotten passwords and how to report suspected breaches.
By creating a password security policy, you are providing clear guidelines and expectations for your employees, making it easier to maintain a strong security posture throughout your organisation.
Safeguard your business with strong password security
In today’s ever-changing digital landscape, protecting your business from cyber threats is essential to ensuring its long-term success. Password security plays a critical role in this endeavour, serving as the frontline defence against malicious attacks. The cybersecurity experts at Intelliworx can help your business to create and deploy password policies and practices to fortify your business’s security posture and safeguard its future.
