Data breaches have become an increasingly pervasive problem. A survey found that passwords are involved in 49% of all data breaches. Over one-third of people have been victims of data breaches caused by a weak password.
Businesses, retail, healthcare, and finance are among the most attack-prone sectors, affecting millions of people annually. Find out why using strong passwords and password managers is crucial during Cybersecurity Month in 2024.
Keeping track of several Internet accounts with secure, one-of-a-kind passwords might be difficult. By safely storing and helping you remember your passwords, a password manager streamlines this entire process.
Consider a password manager to be like a digital lockbox. You don’t need to remember your passwords because it securely saves them. It generates and saves your passwords for all your online accounts whenever you log in with a master password. You can even have your passwords automatically filled in by some password managers. There are a few more benefits of using a password manager listed below for you:
It’s a relief that employees only need to remember one master password for work, as they already struggle to remember multiple passwords for their personal devices. Passwords no longer need to be scrawled on sticky notes and stuffed into the desk drawer in the office. Additionally, avoid using the same password on multiple websites.
Although the security requirements of various websites differ, a password generator can guarantee that the passwords generated satisfy the criteria of each site. The passwords that are produced during website registration can be automatically saved for later usage, which makes it simple to log in without having to remember complicated passwords.
To access an account, users must submit multiple forms of identity, known as multi-factor authentication (MFA). In addition to the standard username and password combination, this provides an additional layer of security, increasing the difficulty for unauthorized users to obtain access.
Passwords and other stolen data are frequently sold by criminals on the dark web, a secret section of the internet. A dark web monitoring tool can notify you if your passwords have been hacked and search for fresh data breaches. This enables you to safeguard your accounts right away by doing things like changing your passwords.
The surge in hybrid and work-from-home options has increased the need for employees to access company resources from their mobile devices. Password managers make this safer by offering browser extensions for Chrome, Safari, Firefox, and Opera in addition to native apps for iOS and Android.
Growing frequency of cyberattacks, along with the complexity of password requirements, has increased demand for password management systems. According to recent studies, the deployment cloud-based business password management market is growing rapidly, with a projected CAGR of 10.9% from 2023 to 2033. This demonstrates an increasing understanding of the need of password management in preserving sensitive data and protecting against cyber-attacks.
Password managers are available in both free and paid versions. When choosing one, consider your needs and preferences. By using a suitable password manager, you can enhance security, simplify your online life, and protect yourself from the risks associated with weak or compromised passwords.
Yogesh Yagnik is the Sr. VP Information Security and Data Protection Officer at Anunta. With over three decades in the industry, he has diverse experience in Information Technology, Information Security, Infrastructure Technology Services, and Project Management across industry verticals and geographies.