This is a recent news article put together by Creditman that reports the ways in which technology has changed, meaning that complicated passwords are not always enough to protect you from hackers. The algorithms made up within complicated passwords can now easily be exposed using technology which is of great concern to people looking to store important and sensitive data – this is particularly important when looking at business accounts.
“Passwords are toppling like dominos. This year alone, companies such as Pinterest, LinkedIn, Tumblr and Dropbox have all been hacked. As hackers crack more and more passwords, their algorithms improve and the speed in which they breach accounts increases; instead of taking weeks or months to crack 1% of passwords, it can now only take a few days to breach 90% of passwords. This is not hacking the company, but simply running high volumes of data and potential outcomes such as passwords through big data systems.”
Any breach can cause a ripple effect. Once in, hackers can take over online banking, steal identities and locate further personal details. As soon as data is stolen and shared online, often on the dark web, it can’t be treated as a one-time event; it never truly vanishes and can spread globally fast. Previous breached data shows exactly how people at both global and individual level set passwords.
“One of the major issues is that there are only so many unique passwords that humans can cope with. It is near impossible to remember multiple passwords using combinations of letters and symbols such as 5Ge8**233!!$. Data appearing on the dark web has proven there are very few new passwords created as people are re-using the same combinations over and over again.”
“It’s difficult to determine what will actually stop this cycle. One possible answer may be for companies to introduce a second layer of authentication processing, such as device recognition, to help build the necessary barriers to keep data safe. Whatever the solution, one thing is clear; we need to act now before it is too late.”
– See more of the article here.
Using the techniques of device recognition is something that could be introduced on a wider scale which is a technique that banks now frequently use to protect their clients online banking accounts – this could be something that could do with being rolled out across more platforms, particularly when accessing online platforms.
We would also reccomend using 1password.com for storing your passwords, as well as turning on two-factor authentication for as many services as you can – this means that logging in to a service from a new device requires an SMS or other message to be sent to a preconfigured device with a code to be entered.
This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, Humber Business Resilience Forum , its directors, members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.