Password Managers are an Essential Tool for Online Account Security.

Let’s talk about PASSWORD SECURITY

The #1 way accounts are ‘hacked’ is by using insecure passwords.
Most people understand that they should not be using short, personally identifiable passwords for their important online accounts.

You would not want to be logging into your bank account with a password set to ‘dog’.
It’s easy to understand that this would be easy to guess and compromise.

But what if I told you that every password shorter than 11 characters, that doesn’t have a mix of upper and lowercase characters, symbols, and numbers, is potentially hackable using brute force methods?
‘Brute forcing’ means using a tool to try thousands of combinations of passwords at once until a match is found.

While it’s true most online businesses implement their own proprietary methods for combatting brute force attempts at exposing a password, there is no widely accepted standard and the measures used vary from company to company.

For example, Microsoft accounts forbid your personal name to be used as a part of your password, requires a mix a of upper and lowercase letters, and at least one number.

But, take a look at this chart:

Supposing a hacker could implement a brute force mechanism to ‘guess’ your password, those requirements would not be enough.
It would just be a matter of time and processing power.

Bear in mind, that the data used in this chart is slightly dated at the time of this writing, and computing power is ever-increasing.
With the coming dawn of quantum computers, there is serious concern that no passwords will be safe in the future from this type of attack.
This is why multi-factor authentication is rising as an additional safeguard to online accounts, but that is the subject of a different post.

So what can you do now to ensure your passwords are safe?

You ABSOLUTELY need a password a manager.

How Do Password Managers Work?

Password managers are essential tools designed to store and manage your online account credentials securely. They encrypt your passwords and protect them with a master password that you create.

These tools work by securely storing all your login information for various accounts in one centralized location. They use encryption to keep your passwords safe and can generate complex, unique passwords for each account, enhancing your security. This means you only need to remember one master password to access all your accounts.

Account Takeover (ATO) Attacks are on the rise!

It is more important than ever to use a secure password manager to reduce your risk of an Account Takeover Attack.  Here are a few alarming statistics from Spycloud.com’s Cybersecurity Industry Statistics article:

• ATO attacks increased 354% year-over-year in 2023.
• Account takeover fraud resulted in nearly $13 billion in losses in 2023.
• Darknet analysis shows 74% password reuse rate for users in 2 or more breaches in 2023.

What Are the Risks?

While password managers can significantly improve online security, it’s important to be aware of potential risks. These include the possibility of a data breach, reliance on a single point of failure, and the necessity of remembering a master password.
Stay informed and use best practices to keep your passwords safe!

With all your login information in one place, the impact of a breach can be magnified.
However, most password managers have robust security measures in place to prevent cybercriminals from accessing your passwords even if a breach occurs.

Choose a password manager with strong encryption practices and multi-factor authentication (MFA).
Be aware that many password managers do not offer recovery options for forgotten master passwords, so losing this password can result in losing access to all your stored passwords.
At My Identity First, our support team can assist with recovery of your master password as needed.

What Are the Benefits?

Password managers help you store and manage all your passwords in one secure location.
Instead of remembering multiple complex passwords, you can rely on a password manager to securely store and autofill your login information. This not only saves time and frustration but also enhances your online security.

Here are some key benefits of using a password manager:

• Generate Strong Passwords: Password managers can create strong, unique passwords for each account using a built-in generator, securing sensitive information from potential cyber threats.
  Some, (Like the one offered by My Identity First) can also help identify your weak passwords, detect if they’ve been compromised on the dark web, and help you change them in an easy manner.
• Prevent Password Reuse: They can also detect the reuse of passwords across multiple accounts, and help you to change them, reducing the risk of compromised accounts. If one account is compromised, others remain secure.
• Autofill Information: Many password managers can autofill your login information on websites and mobile devices.
  Your productivity will increase by saving time when logging into sites and online accounts.

Picking a Password Manager

Not all password managers are created equal. Consider the company’s reputation, the security features offered (such as MFA), and whether it works across all the platforms you use.

Check with your organization before choosing a password manager for work accounts.
For personal accounts, research and find a password manager that fits your needs.

Overall, password managers offer a convenient and secure way to manage your online accounts and protect your sensitive information. If you’re tired of remembering multiple passwords, consider using a password manager to streamline your online security practices.

1 Cybersecurity Industry Statistics: ATO, Ransomware, Breaches

The time is now to protect yourself and your family, to safeguard against scammers.  With ATO attacks growing at an alarming rate, it is more important than ever to secure your online account credentials with a password manager.
The United States leads the world with the most scam victims per year.

Don’t become a statistic, protect yourself now with our 14-day free trial.