What is the importance of password security for business
The number of websites an average person has to sign up on is mind-boggling. We trust these websites with our email IDs, passwords, and other important information like our contact information or our internet activity. You must keep in mind that at this point, our passwords are only as secure as those websites are so, if they get hacked, you get hacked as well. Hence, it is recommended to make sure that you set up a strong, random, and password for each of your accounts.
Importance of passwords for business:
Your whole business is set up on information, and like any other modern entity, all of that information is stored on your internet drives, business social media accounts or in your official website. Each of which is protected by a password. However, we as humans get lazy when setting up passwords, no matter how valuable information that account holds. This behavior is known as the ‘Security Fatigue,’ and the main reason behind this type of behavior is indifference towards the security hazard. Lack of awareness as to how a hacker operates and what type of passwords are secure enough is what causes the indifference. As a result, security fatigue promotes cybercrime and makes it a lot easier for a hacker to breach your security.
For businesses, companies and organizations, being hacked does not only mean that their privacy is being. For them, a security breach is not just about losing access to their account and email. They lose their confidentiality which can cause huge loss of reputation and assets of monetary value.
A business’s information is very important because, a weak password not only threatens the trade secrets and assets of that business but, also puts the privacy of its employers, investors, and clients into jeopardy as well.A single security breach due to having a weak password can easily cause loss worth thousands and millions of dollars. The scary part is that this is very common. You may think that this type of stuff does not happen to people like you but, you are not only wrong but, with all due respect, delusional as well. Companies and businesses cannot afford to be indifferent about their passwords or be affected by security fatigue. They have a lot to lose, and this cannot be stressed upon enough.
Assigning an employee to act as a strong and random password generator for the business accounts is a big mistake. This is because, an employee would leak out the password, or forget it, or be affected by security fatigue and jeopardize the whole business. By now it is understood that password security is highly important for a business but, the lingering question is, what should be done to maintain that security?
What is the perfect solution?
When to read a bunch of articles on how to keep your accounts secure, the most common way to do it is by updating your password on a daily. The idea does not even practical in theory and in practicality, it has shown that by updating passwords on a daily basis has caused the security to weaken. This is because a person changing passwords on a daily basis gets ‘security fatigue’ and sets up passwords which are easy to remember. Reportedly, a developer company has introduced their idea to launch a software which will allow the people to use emojis in their passwords as well.
This will prove to be very beneficial because a password full of new possibilities will be a lot harder for a hacker to crack as they cannot apply their rules collected through common password setting patterns. This sounds like the field of cyber security is going to experience a revolution. But the launch of such a software does not seem to be close.
Hence, the only solution is to use a strong and random password generator tool or a password manager. However, a strong and random password generator tool is a much better option especially if you choose to update the passwords on a daily basis as you will not have to use your brain to make up a strong password which is also unique enough so that a hacker is unable to crack.