5 Reasons to Review Your Team’s Password Practices in 2020

January 10, 2020

The start of a new year and a new decade is a great time to review some things that were overlooked in the midst of other, more pressing topics. You will probably agree that password storage, secure password sharing and management is a common issue that people hate thinking about. However, let us make the case why you should review your team’s password practices and why the best time to do it is right now.

If you can see the trends in cyber security changing, you’re not alone. Based on recent surveys, 68% of business leaders feel their cybersecurity risks are increasing. In 2019 security breaches increased by 11% compared to the previous year. So even though preventive security measures might seem like a burden, the alternative can potentially kill your business altogether. And one of the most overlooked cyber security measures are passwords.

Here are 5 facts that you should consider when it comes to the security of your password management solution in 2020.

Passwords are still the main frontier protecting your sensitive data.

From social media accounts that form your reputation as a business, client data, internal and external systems, sales tools, to even your financial and banking information – passwords are still the key factor protecting your sensitive information. And experts state that even though it’s not the best solution, it’s here to stay. That’s why business password manager is becoming the norm in every company in 2020.

This year the passwords used online will cross the mind-boggling threshold of 300 billion.

This means that the average person will have to find ways to manage 60 to 90 online accounts, that should all have unique and secure passwords. The weaker the passwords, and the more they’re re-used, the bigger the risk – even when considering personal accounts. When it comes to business-related accounts, the risk is magnitudes higher.

Whether your company is big or small, the risk remains.

Even though it might seem that the main target for cybercriminals are large enterprises with massive budgets, actually 43% of breaches involve small businesses.

The average cost of a data breach is $3.92 million as of 2019.

In our daily work it might seem that weak and re-used passwords are a minor issue. After all, what’s the worst that could happen? Well, a large part of hackings and breached are direct consequence of re-used and old passwords. In fact, research shows 61% of companies have over 500 accounts with non-expiring passwords and each of them is a ticking time bomb, waiting to cost you a fortune. And the most expensive part of a cyber attack is information loss at $5.9 million on average.

Now you can get test out a secure and easy-to-use password manager for free.

Not only will it secure your most sensitive data, but it will make your daily life so much easier – you won’t have to remember any of your passwords and you won’t even have to type them in – they will be automatically filled in with the help of autofill feature.

Not sure what to do once the trial ends and you are stuck, because your team got used to an easy and secure way of managing passwords? Contact us at [email protected] and we will make sure to help you setup a cost-friendly plan with additional discount.

Don’t wait for a breach to happen. Enable security and safe collaboration in your team today.

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