The importance of strong passwords

Cybersecurity measures are frequently perceived as being time- and labor-intensive. But one of the simplest and least time-consuming ways to significantly boost security is with a strong password.

According to a survey conducted by password management tool, NordPass, the most common passwords for 2022 were “password” and “123456”.

Everyone works diligently for their money. If one uses an easy-to-guess password on their banking accounts and then a malicious third party transferred money out of those accounts, it can cause a great deal of frustration and agitation. This is just one instance in which a strong password along with multifactor authentication can significantly reduce the likelihood of an account breach.

Weak Password Dangers

In 81 percent of hacking-related breaches, weak passwords were used, according to the 2022 Verizon Data Breach Investigation Report (DBIR). This figure demonstrates how frequent password-related breaches occur and why it is crucial to take the extra time necessary to create a strong password. It should come as no surprise that 73% of these breaches had a financial motivation. Creating unique passwords for each account is the best practice. Even though this may seem like a lot, at the very least, make a distinct password for each account that should be protected, like an online banking account.

How to Make a Strong Password

The phrase “strong password” may sound daunting, but it isn’t. Yes, a strong password is complex, but not so complex that it would be difficult to remember. The following are some quick methods for making difficult passwords:

Users can make a longer password by combining random phrases that are meaningful to them. Symbols can also be used instead of letters to help break up simple-to-guess statements.

Using a Password Manager

Although common, sticky notes and phone notepads are not secure places to store passwords. Password managers, however, are an excellent alternative. Using a password manager will enable users to generate complex passwords without having to remember each one individually. To access the manager, individuals will only need to remember the single master password. In light of this, they must ensure that the password chosen for the password manager is very strong.

Creating strong passwords requires minimal additional effort but can have a significant impact on whether or not accounts are compromised. To avoid a potentially major hassle in the future, users should take the time to secure their accounts right away.

Leveraging Multifactor authentication (MFA)

The most common type of authentication used nowadays is simple login and password authentication. However, this method is vulnerable to a variety of security threats, including password guessing, cracking, phishing, and other types of password attacks. Many of these issues are mitigated by implementing a common multifactor authentication system. If a password is exposed and MFA is not used, any user with the user ID and password can log in from any location and at any time. When MFA is enabled, the same exposed password used by a bad actor is secured because, after the initial authentication, the user must submit the second factor by inputting the passcode or one-time password (OTP) that is generated and supplied to a genuine second-factor channel. Bad actors who lack this second factor will be unable to log in.

MFA is based on the use of more than one type of authentication information. It is made up of something a user knows and something the user has. The first factor is a user ID and a password, passcode, or pin number, which the individual already knows. The second factor—something the user has—is often a hardware token (such as an RSA or YubiKey), a virtual token application on their phone (such as Okta Verify or Google Authenticator), or a one-time passcode provided via email or SMS. To successfully log in to a service or application, individuals must present both factors to the application’s authentication service. As a result, MFA is a great security asset to use both personally and within an organization.