Whether a small local coffee shop or a large multi-national organization, the threat of a cyber-attack has grown significantly over the past five years. Data breaches in Canada alone have grown by 160% and companies have noticed, increasing their investments on network security by over 80%. While these investments help combat the growing use of malware and ransomware, the number one cause of data breaches is still stolen or weak passwords. Passwords are becoming key components of our lives and as more services move online, the number of passwords we have to remember grows.
1 – Use a Unique Password for Every Website, Profile or App
According to The Norwegian Centre for Information Security, the average person has 17 different private password along with an additional 8 passwords for work. With almost 30 different passwords to manage this may seem like an impossible task, however 73% of online accounts are guarded by duplicated passwords. Meaning with one compromised password, a hacker could gain access to 22 of your accounts. Using a unique password for each account, can limit access to hackers and therefore reduce the chance for loss from a compromised password.
2 – The Longer, The Better
Most sites require you to use between 6-8 characters in your password, however most experts agree that your password should be more than 12 characters long. Longer passwords require more time for hackers to crack, so lengthening your password with your favourite quote or joke from a movie can increase your security.
3 – Auto Save May Not be a Good Idea
We are always looking to save time at work or home, however those convenient password save features can put your information at risk. Never use these features on a shared or public computer, as it leaves your log in information available to hackers. Typing in your password every time can also help you remember each of those 30 unique passwords.
For more information on how to manage the risks of a cyberattack, please contact one of our risk management professionals. While risk management strategies can reduce your chances for loss, in the event of a loss it is important to ensure your business has the right level of insurance coverage. Visit our Commercial Insurance page to learn how we can help protect your business.
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