How Much A Bad Password Can Cost You

How Much One Bad Password Can Cost You

Anyone using a computer at work and the internet at home is likely drowning in the passwords they’re forced to maintain. With weak, stolen or reused passwords being the cause of 81% of breaches, people and the companies they work for need to ensure that there aren’t any gaps in their password management since much is at stake. So, let’s take a look at how much one bad password can cost you.

Multiple Accounts, One Password

With the average adult possessing more than 25 online accounts, it is no wonder that employees fail to maintain good password hygiene, for example having strong, unique passwords for every system they access. Instead, the same passwords are being used across multiple accounts, which exponentially increases the risk of both internal and external breaches. For example, the Dropbox data breach resulting in 60 million user credentials being compromised started with an employee reusing a work password.

The Spreadsheet Mistake

Some employers may think that storing passwords in a central location that’s easy to access will avoid password loss and keep productivity high, however, the reality is that this misstep has consequences far more extreme than the reward. The average cost of a data breach in the U.S. is $7.35 million according to IBM and the Ponemon Institute.

Cost of a Data Breach

Education, Education, Education

If businesses are relying on spreadsheets or a similar method of storing credentials, they should reconsider their security policy to ensure the best practices are being followed. Employee education, as well as introducing effective password management technology is key to reducing the threat of sensitive data being easily accessible and potentially, getting into the wrong hands. Check out our article on tips for creating a stronger password to keep your accounts secure.

Protecting your online accounts should be an ongoing priority, so make sure you know how to protect yourself. In the event that you are hacked, hopefully, it doesn’t cost you millions as it does for many companies worldwide.