In 2015, the most commonly used password was “123456”, followed by “password”. Without any variety in symbols or characters, these passwords are extremely easy to crack. In fact, 90% of employee passwords can be cracked within 6 hours. To make matters worse, the average cost for a small business to fix security issues after a data breach is $200,000. Luckily, there are many ways to ensure password security for your business.
One of the most essential tools for password security is a password manager. A password manager can generate passwords for your business and store them in a secure, cloud-based vault. It keeps your data encrypted, and can generate new passwords automatically every 90 days.
To ensure top security levels, it is recommended to never share your passwords. A recent study by LastPass found that 95% of U.S. consumers admit to sharing up to six passwords with others. Of these, 25% are work-related passwords.
Passwords should be changed every 3-4 months. However, nearly 50% of U.S. employees reuse passwords for work-related accounts, according to a study by Ping Identity. Luckily, there are ways to ensure password security for your business.
Here are some Do’s and Don’ts for password security: